RP Data market preview, Melbourne; Week ending 25 May, 2014

Melbourne market preview - RP DataMelbourne auction volumes remain high as there are 1,137 auctions scheduled this week in Melbourne, compared to 823 at the same time last year. This will be the ninth week with more than 1,000 auctions in Melbourne.

The highest number of auctions this week is in Glen Iris with 24 followed by Northcote and South Yarra, both with 19.

The Melbourne auction market continues to record reasonable clearance rates in light of the very strong volumes.

Volumes in the auction market are consistent with those across the residential market which is seeing more new homes being listed and more sold. In Melbourne there are 31,604 homes listed for sale, 8.7 per cent lower than a year ago. At the same time new listings have been consistently higher than a year ago, over the month ending 18 May there was 15.7 per cent more new listings.

Key data

  • Clearance rate week ending 18 May: 68.5 per cent
  • Melbourne auctions expected week ending 25 May: 1,137
  • Melbourne private sales time on market week ending 18 May: 40 days (houses)
  • Melbourne vendor discounting market week ending 18 May: -5.5 per cent (houses)
  • Listings being prepared for market are 1.3 per cent lower over the month ending 18 May (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.

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