RP Data market preview, Melbourne: Week ending 20 April, 2014

Melbourne clearance rates - market previewThere are 49 auctions scheduled this week in Melbourne; the total volume of auctions is affected by the upcoming Easter and Anzac Day public holidays.

The lower volume of auctions does not reflect the broader level of supply with overall volumes continuing to rise. The high level of supply is having an impact on prices with a slight depreciation being recorded so far this month in the Melbourne Home Price Index.

The key issue for the Melbourne property market after Anzac Day will be the supply of homes. The RP Data Mortgage market activity shows that so far, the number of buyers has risen to match the higher levels of supply with mortgage activity events higher than a month ago in Victoria. As activity is generally reduced over winter the high level of supply will be a challenge for the market.

Key data

  • Clearance rate week ending 13 April: 64.4 per cent
  • Melbourne auctions expected week ending 20 April: 49
  • Melbourne private sales time on market week ending 13 April: 34 days (houses)
  • Melbourne vendor discounting market week ending 13 April: -5.6 per cent (houses)
  • Listings being prepared for market are 3.5 per cent higher in month ending 13 April

 

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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