RP Data market preview, Melbourne: Week ending 15 December

clearance preview  - photo by news.domainLast weeks clearance rate of 63.3 per cent was both on trend and the lowest since April this year. The weekly clearance rate is now more than 10 points lower than the high of 76.2 per cent in late August and shows that high stock numbers are having an impact on the market.

This week we expect 1757 auctions in Victoria with 1543 in Melbourne. This would make it the third largest ever after the 1619 at the end of October and 1598 at the end of November and start of December.

This week will be an interesting challenge for the market in light of the trend. It is the sixth in a row above 1,000 and the last of this year’s record run of large weekends. Analysis of the last month suggests that buyers will have the upper hand.

Listing of homes being prepared for market is now reducing as the year ends. The private sale market remains stable with a small increase in vendor discounting for houses but stable time on market.

From value perspective the falls recorded in November have not continued over the last week suggesting that the key reason for the drop last month was related to volume.

Key data

  • Clearance rate week ending 8 December: 63.3 per cent
  • Melbourne auctions expected week ending 15 December: 1543
  • Melbourne private sales time on market week ending 8 December: 34 days (houses)
  • Melbourne vendor discounting market week ending 8 December: -5.7 per cent (houses)
  • Listings being prepared for market are -1.6 per cent lower in month ending 8 December

 

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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