RP Data market preview, Melbourne: Week ending 17 November

Victoria clearance ratesRP Data is expecting 1,178 auctions in Melbourne this week and 1,328 across Victoria.

This is the seventh week this year with in excess of 1,000 auctions. Bentleigh East has the most with 19 followed by 18 in Brighton and Reservoir.

Last week may have seen a small reduction in the clearance rate but at this stage it does not indicate a substantial change in market conditions.

There is certainly no reduction in demand in the private sale market with time on market for houses dropping again, this week from 34 to 33 days. There was also a commensurate reduction in vendor discounting to -5.8 per cent suggesting buyers are spending more in this competitive market.

This data reflects the overall situation which is seeing new residential listings increase compared to a year ago whilst the overall number of home for sale has reduced.

Key data

  • Clearance rate week ending 10 November: 68.1 per cent
  • Melbourne auctions expected week ending 17 November: 1,178
  • Melbourne private sales time on market week ending 10 November: 33 days (houses)
  • Melbourne vendor discounting market week ending 10 November: -5.8 per cent (houses)
  • Listings being prepared for market are 5.1 per cent higher in month ending 10 November

 

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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