RP Data market preview, Melbourne: Week ending 22 December

clearance preview  - photo by news.domainThis is the last auction weekend for 2014. I expect that after this weekend a majority of activity in the real estate market will be for private sales and the odd auction in a coastal area.

By the end of this weekend Melbourne will have seen approximately 36,000 auctions compared to around 28,000 last year and 30,000 in 2011. This represents a substantial 28.5 per cent rise in volume.

As evidenced in the rise in the clearance rate results, there can be no doubt that 2013 was a healthy year for auctions in Melbourne with more vendors selling their home.

The clearance rate for 2013 will be 69 per cent compared to 56 per cent last year. This is the highest recorded in Melbourne since 79 per cent in 2009.

There was also a rise in private sale transactions; however, it was not to the same degree. The final results available early next year will confirm this.

Key data

  • Clearance rate week ending 15 December: 64.9 per cent
  • Melbourne auctions expected week ending 22 December: 505
  • Melbourne private sales time on market week ending 15 December: 33 days (houses)
  • Melbourne vendor discounting market week ending 15 December: -5.8 per cent (houses)
  • Listings being prepared for market are 0.6 per cent higher in month ending 15 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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