RP Data Auction Market preview, Melbourne; Week ending 24 August, 2014

Melbourne auction preview |RP Data

There are 689 auctions scheduled this week in Melbourne compared to 712 for the same time last year. It is encouraging for sellers that for each of the last 5 weeks the clearance rate has risen in the lead up to spring.

As the market has appreciated over the past year it has resulted in some new suburbs joining the ranks of those with million dollar median values for houses. The new suburbs were Aberfeldie, Caulfield South, Fitzroy North, McKinnon, Ormond, Park Orchards, Princess Hill, South Melbourne and South Yarra. This is particularly noteworthy as Aberfeldie is the first suburb from the western region of Melbourne to upgrade to the million dollar median value ranks while Fitzroy North and Princess Hill are the first in the north. These changes underscore just how much the structure of the housing market has changed in the last decade.

Time on market results for houses sold at private sale was essentially stable with a small rise from 43 to 44 days over the last week whilst vendor discounting fell from -5.3 per cent the previous week to -5.1 per cent.

Key data

  • Clearance rate week ending 17 August: 73.3 per cent
  • Melbourne auctions expected week ending 24 August: 689
  • Melbourne private sales time on market week ending 17 August: 44 days (houses)
  • Melbourne vendor discounting market week ending 17 August: -5.1per cent (houses)
  • Listings being prepared for market are 1.2 per cent higher in month ending 17 August (seasonally adjusted)

Robert Larocca
RP Data Auction Market Specialist
0409 198 350

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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