RP Data market review, Melbourne: Week ending 8 December 2013

clearance preview  - photo by news.domainA preliminary auction clearance rate of 64.1 per cent was reached from 1,315 auctions this week in Melbourne.

After an unprecedented five consecutive 1,000 plus auction weekends it is not a surprise that the clearance rate has continued to cool. Especially once you consider that the current rise in auction listings is outstripping the broader rise in transactions across the residential housing market.

The high volume of auction listings is also having an impact on values with the more expensive segment of the market now recording lower levels of capital growth than the most affordable segment in contrast to the equal levels of growth over the past year.

There are only two weekends for auctions left this year and buyers will continue to have the upper hand.

Time on market for houses sold by private sale remain stable at 34 days compared to 34 days 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.

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

No comments yet.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.