RP Data market review, Melbourne: Week ending 15 December 2013

Melbourne clearance rates - market previewA preliminary auction clearance rate of 66.6 per cent was reached from 1,244 auctions this week in Melbourne.

This is a solid outcome after the busiest six weeks in Melbourne’s auction market history. Over this time there has been an average of 1,380 auctions each week; a record for any single week in any other year which underscores just how remarkable the spring and summer selling seasons have been.

Buyers who are still in the market will find good opportunities over next month as vendors of homes passed in auction look for a buyer.

Prices appear to have stabilised over the past week after the falls of November with a 0.5 per cent rise in the home value index over the last week.

Time on market for houses sold by private sale remain tightened from 34 days to 33 days of the 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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