RP Data Auction Market preview, Melbourne; Week ending 31 August, 2014

Melbourne auction preview, RP Data (image by AFR)There are 809 auctions scheduled this week in Melbourne compared to 837 for the same time last year. The highest number of auctions are expected in the South Yarra with 21 expected.

The auction market is gathering strength with an average clearance rate of 70.6 per cent over the past 4 weeks.

This is the last week before spring officially starts and the latest research from RP Data shows that there have been, including last week, 26.7 per cent more homes sold at auction than the same time last year.

Importantly there have been almost as many extra sales with 24.7 per cent more sales at auction in Melbourne.

At this stage conditions are well balanced between buyers and sellers across the market.

Time on market results for houses sold at private sale was stable at 44 days over the last week whilst vendor discounting rose from -5.1 per cent to -5.2 per cent.

Key data

  • Clearance rate week ending 31 August: 70.7 per cent
  • Melbourne auctions expected week ending 31 August: 809
  • Melbourne private sales time on market week ending 24 August: 44 days (houses)
  • Melbourne vendor discounting market week ending 24 August: -5.2per cent (houses)
  • Listings being prepared for market are -0.2 per cent lower in month ending 24 August (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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