RP Data market preview, Melbourne: Week ending 23 March, 2014

Melbourne market preview with RP DataAuction volumes remain strong this week with 1,076 expected in Melbourne and 1,154 across Victoria. This is the first time there has been consecutive weekends with over 1,000 auctions in March.

The healthy demand that is present in the auction market is also apparent in the private sales market. Days on market for houses in Melbourne dropped again this week to 37 from 42 last week. This is consistent with last year’s trend which saw days on market contract from the mid 40’s to 39 in December. Vendor discounting also dropped again to -5.5 per cent last week. Time on market and vendor discounting metrics are important as they provide a measure of demand in the private sale market.

Buyers will find increased choice over the next few weeks as the listings being prepared for sale were 10 per cent higher in seasonally adjusted terms compared to last year. As this is common to both private and auction property market segments, it will provide a greater test for the market than a weekend of 1,000 auctions.

The highest volume of auctions is in Reservoir where 26 are listed followed by 23 in Brighton and 20 in Richmond.

Key data

  • Clearance rate week ending 16 March: 67 per cent
  • Melbourne auctions expected week ending 23 March: 1,076
  • Melbourne private sales time on market week ending 16 March: 37 days (houses)
  • Melbourne vendor discounting market week ending 16 March: -5.5 per cent (houses)
  • Listings being prepared for market are 10 per cent higher in month ending 16 March

 

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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  1. Melbourne Auction Market preview; Week ending 15 March, 2015 - Real Estate News - March 12, 2015

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