RP Data Auction Market preview, Melbourne; Week ending 22 June, 2014

RP Data Melbourne PreviewThere are 834 auctions scheduled this week in Melbourne compared to 820 for the same time last year.

Last week was the eleventh time this year that there were more than 1,000 auctions in a week. The latest data shows the use of auctions as a sales method is consistent with last year. In the first three months of this year 30.6 per cent of sales were by auction. This is consistent with last year but is expected to rise as data for April and May is compiled following the settlement of sales.

There was a rise of 7.9 per cent in new residential listings in Victoria over the last month with 9,616 homes being newly listed for sale.

The average time on market for houses sold at private sale remained stable and tight at 35 days. Vendor discounting improved slightly over the week, at -5.5 per cent, compared to -5.6 per cent over the previous week.

Key data

  • Clearance rate week ending 15 June: 69.2 per cent
  • Melbourne auctions expected week ending 22 June: 834
  • Melbourne private sales time on market week ending 15 June: 35 days (houses)
  • Melbourne vendor discounting market week ending 15 June: -5.5 per cent (houses)
  • Listings being prepared for market are 2.4 per cent higher in month ending 8 June (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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