RP Data Market preview, Melbourne: Week ending 23 February, 2014

Melbourne clearance rates - market previewThe first two weeks of auctions for the year suggest that the improvements recorded over the course of 2013 will be lasting.

This will be the first weekend with more than 1,000 auctions this year. Last year there was a record 11 weekends with in excess of 1,000 auctions.

The next two weeks are significant, as they will see a return to auction volumes last seen in the 4th quarter of 2013 and the next update of the RP Data Rismark Home Value Index. The index will show if the new peak house value reached in January will be affected by the rise in volumes in February.

In the private sale market vendor discounting tightened from -5.6 to -5.2 per cent in the last completed week indicating that the good start to this year is not confined to the more inner and middle city auction market.

Key data

  • Clearance rate week ending 16 February: 69.2 per cent
  • Melbourne auctions expected week ending 23 February: 1,275
  • Melbourne private sales time on market week ending 16 February: 67 days (houses)
  • Melbourne vendor discounting market week ending 16 February: -5.2 per cent (houses)
  • Listings being prepared for market are 9.4 per cent lower in month ending 16 February

 

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.