RP Data market preview, Melbourne; Week ending 1 June, 2014

Melbourne market preview - RP Data

There are 1,264 auctions scheduled this week in Melbourne compared to 867 for the same time last year.

The strong level of auction listings in the first 5 months of this year compared to 31.6 per cent higher last year is a reflection of two things; firstly it shows the confidence of vendors where they are willing to sell for a reasonable price, and secondly, a preference by real estate agents for auctions as a method of sale in an improving market.

The strong volumes will also mitigate price growth as buyers’ bargaining power is increased.

We saw a small rise in the average time on market for houses sold at private sale from 40 to 41 days. Vendor discounting reduced to – 5.4 per cent from -5.5 per cent the previous week.

Key data

  • Clearance rate week ending 25 May: 66.6 per cent
  • Melbourne auctions expected week ending 1 June: 1,264
  • Melbourne private sales time on market week ending 25 May: 41 days (houses)
  • Melbourne vendor discounting market week ending 25 May: -5.4 per cent (houses)

 

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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