RP Data Auction Market preview, Melbourne; Week ending 29 June, 2014

RP Data Melbourne Market previewThere are 728 auctions scheduled this week in Melbourne compared to 719 for the same time last year. The highest number of auctions are expected in the northern suburbs of Melbourne this week with 14 scheduled in Preston and 13 in neighbouring Reservoir.

The Melbourne auction market appears to be improving with the clearance rate being close to 70 per cent last fortnight. That is compared to the clearance rate of 67.6 per cent this year from 18,657 auctions whilst last year the comparative number was 68.45 per cent from 14,226 auctions.

The average time on market for houses sold at private sale tightened from 35 to 34 days. Vendor discounting softened slightly over the week, to -5.6 per cent, compared to -5.5 per cent over the previous week.

Key data

  • Clearance rate week ending 29 June: 69.1 per cent
  • Melbourne auctions expected week ending 29 June: 728
  • Melbourne private sales time on market week ending 22 June: 34 days (houses)
  • Melbourne vendor discounting market week ending 22 June: -5.6 per cent (houses)
  • Listings being prepared for market are 1.8 per cent higher in month ending 22 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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