RP Data market preview, Melbourne: Week ending 27 April, 2014

Melbourne market preview with RP Data

There are 349 auctions scheduled this week in Melbourne. Whilst higher than last weekend volumes are lower than usual due to Anzac Day. RP Data captured 43 auction results across Melbourne last week with 25 successful sales recorded; however, due to the very low volume a clearance rate would not be statistically reliable.

The number of active buyers and sellers is clearly higher than it was over the past three years however as first home buyers are at record lows the improved demand is coming from other segments.

Data shows that there are a proportionally higher numbers of ‘upgraders’ and ‘investors’ that was the case in the last rising market in 2009. This highlights a fundamental difference to the last few cycles in the market as not only is this one shallower so far but there is a different mix of buyers.

Key data

  • Clearance rate week ending 20 April: NA due to low volumes
  • Melbourne auctions expected week ending 27 April: 349
  • Melbourne private sales time on market week ending 20 April: 33 days (houses)
  • Melbourne vendor discounting market week ending 20 April: -5.6 per cent (houses)
  • Listings being prepared for market are 19.4 per cent higher in month ending 20 April (seasonally adjusted)

 

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.