RP Data market review, Melbourne: Week ending 27 October 2013

Victoria clearance ratesA clearance rate of 72.3 per cent was reached from 1,328 auction results so far this week. This is an exceptional outcome from what was the biggest week of auctions in the cities history.

It is notable that despite the increased number of homes on the market the number of buyers rose to ensure a very healthy outcome.

There were around 1,600 auctions held meaning more results will be added before the clearance rate is finalised later this week.

The clearance rate exceeded the year to date trend and increased compared to last week. This underscores the importance of looking past single week’s results when assessing the state of the market.

In the private sale market it is interesting to note that the days on market for houses dropped this week from 38 to 36 suggesting a tightening of the broader Melbourne residential market.

Robert Larocca
RP Data Victoria Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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