Victoria market preview for week ending 27 October

Victoria clearance ratesRP Data is expecting 1,563 auctions in Melbourne this week and 1,734 across Victoria. There are 1,454 expected in Melbourne on Saturday itself.

This is the most significant weekend for the auction market in Melbourne’s history with a record number of homes being offered for sale under the hammer.

The very high level of listings is a sign of confidence from vendors, many of whom decided around 6 to 8 weeks ago to list for sale. They would have been influenced by the improved market and reported price rises. A clearance rate for the weekend of 70 per cent or more would be considered a good outcome.

Latest housing finance data from the ABS showed that the number of first home buyers in Victoria is 9 per cent below the average over the past two years.

Key market facts

  • Clearance rate week ending 20 October: 68.6 per cent
  • Melbourne auctions expected week ending 27 October: 1,563
  • Melbourne private sales time on market week ending 20 October: 38 days (houses)
  • Melbourne vendor discounting market week ending 20 October: -6.4 per cent (houses)
  • Listings being prepared for market are 6 per cent higher in month ending 20 October

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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