RP Data market review, Melbourne: Week ending 24 November 2013

Victoria clearance ratesA preliminary clearance rate of 66.7 per cent was reached from 996 auctions this week in Melbourne.

For three consecutive weeks the clearance rate has been below 70 per cent highlighting the cooling of conditions in the residential auction market. With a few more weekends of over 1,000 auctions – including around 1,500 next week – buyers will be able to drive a better bargain.

The growth cycle over the past year has stopped according to the dwelling price index. The index has dropped again this week and is also down, by 0.7 per cent, over the last month.

Time on market for houses sold by private sale remains stable at 34 days, which is the same as last week.
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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