Melbourne auction market records

Melbourne auction market records - RP DataWith the first 5 months of 2014 almost complete, it is worth noting that a large number of auction records have been broken in the Melbourne market.

Highest volume of auctions ever
Taking into account the expected auctions this week there have been around 16,236 auctions already held this year which is 30 per cent more than the previous high in 2010.

Most 1,000 plus weeks ever
Once the planned auctions scheduled for this week are held, there will have been 10 weeks in the year when the volume has exceeded 1,000. This is more than three times the record of three weeks in 2010.

Most consecutive weeks over 1,000
Never before has Melbourne seen two or even three consecutive weeks with over 1,000 auctions before June.

Single week record for auctions prior to June
Melbourne has broken the 1,294 auction recorded three times this year including the peak of 1,530 in the week ending on 13 April.

Most homes sold by auction prior to June
Even if there are no homes sold at auction this week, the number sold by auction will have been reached a record high. The previous record of 9,758 from 2010 will probably be exceeded by around 1,000.
These records are impressive as they show a healthy market but they don’t mean that it has been just a sellers market. Around one third of homes offered at auction have been passed in as the vendors expectations have not been matched by the market on the day.

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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