RP Data market preview, Melbourne: Week ending 24 November

Melbourne buyers will be spoilt for choice again this weekend with another 1,000 plus weekend. At the conclusion of this weekend Melbourne will be in the remarkable position of having only had two weeks in the past two months with less than 1,000 homes offered at auction.

Victoria clearance ratesRP Data is expecting 1,089 auctions in Melbourne this week and 1,252 across Victoria.

The last fortnight has shown that conditions are very balanced between buyers and sellers in the auction market. After a very strong result from the largest weekend of auctions ever there have been two weeks with more moderate levels of demand. At the same time in the private sale market conditions are tightening with reducing days on market and lower levels of discounting.

The market remains susceptible to any negative factors in the broader economy.

Key data

  • Clearance rate week ending 17 November: 69 per cent
  • Melbourne auctions expected week ending 24 November: 1,089
  • Melbourne private sales time on market week ending 17 November: 34 days (houses)
  • Melbourne vendor discounting market week ending 17 November: -5.6 per cent (houses)
  • Listings being prepared for market are 4.7 per cent higher in month ending 17 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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