RP Data market review, Melbourne: Week ending 17 November 2013

Victoria clearance ratesA preliminary clearance rate of 70.3 per cent was reached from 1,119 auction results so far this week in Melbourne.

This was the third largest auction weekend this year and the seventh with over 1,000 auctions scheduled this year for the city.

As the Melbourne market heads to the end of the year it appears that buyers won’t be confronted by price rises of any significance.

After a year of ongoing moderate growth, demand seems to have found a new level. Results over the last fortnight and a recent reduction in Melbourne home values of 0.5 per cent over the last month according to the RP Data-Rismark Daily Home Value Index suggests a pause in the current growth cycle.

Time on market for houses sold by private sale remain healthy at 34 days up only slightly from last weeks 33 days.

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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