RP Data market preview, Melbourne: Week ending 1 December

Melbourne clearance rates - market previewWith just one month to go until the end of 2013, the auction market has started to show the impact of the record run of weekends of over 1,000 auctions. This coming weekend represents the 8th this year, which is double the 4 over the whole of 2012. Interestingly the last time there were 4 successive weeks with over 1,000 auctions, the clearance rate was pushed into the 50’s.

This weekend will be the second largest one in the city’s history.

The clearance rate may have dipped into the 60’s but due to the very high volume of auctions the actual number of sales is very healthy.

In contrast the private sale market appears to be rather stable with key metrics not changing from 34 days on market for houses and vendor discounting of -5.6 per cent.

Key data

  • Clearance rate week ending 24 November: 65.1 per cent
  • Melbourne auctions expected week ending 1 December: 1,494
  • Melbourne private sales time on market week ending 24 November: 34 days (houses)
  • Melbourne vendor discounting market week ending 24 November: -5.6 per cent (houses)
  • Listings being prepared for market are 4.7 per cent lower in month ending 24 November

 

Robert Larocca
RP Data Victoria Housing Market Specialis

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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