Is this the biggest week ever in Melbourne real estate history?

Melbourne Auction Blog | RP Data | Robert LaroccaThis week will be a record for the Melbourne auction market with 1,641 auctions scheduled. This exceeds the previous record of 1,619 on the same weekend last year.

Will it be the biggest auction week ever? That may depend on your perspective. After all, is ‘big’ defined as the volume of auctions, the number sold or the clearance rate?

In the past 6 years there have been 45 weeks with more than 1,000 auctions while the vast majority in the past few years, for instance in both 2008 and 2009, there were just two.

In recent times, the symbolic barrier of 1,000 has been regularly exceeded, 1,500 auctions is probably a more useful indicator of very high listings; it was  only exceeded five times before this weekend.

That occurred in the following instances;

  • 1,619, in week ending 27 October 2014
  • 1,616, in week ending 15 December 2014
  • 1,598, in week ending 1 December 2013
  • 1,535, in week ending 8 December 2013
  • 1,530, in week ending 13 April 2014

 

A high volume of auctions is an interesting market indicator but for many the number sold is probably more important. In that case there has only been five weeks with more than 1,000 home sold at auction, they were;

  • 1,163, in week ending 27 October 2013
  • 1,085, in week ending 1 December 2013
  • 1,050, in week ending 15 December 2013
  • 029, in week ending 23 February 2014
  • 1,021, in week ending 2 March 2014

 

The final statistic that may prove useful in analysing this week’s auctions is the top 5 clearance rates over the 45 weeks with more than 1,000 auctions. All are likely to be higher than what is recorded this week.

  • 7% in week ending 28 March 2010 from 1,111 auctions
  • 8% in week ending 28 February 2010 from 1,124 auctions
  • 4% in week ending 13 December 2009 from 1,189 auctions
  • 6% in week ending 29 November 2009 from 1,185 auctions
  • 6% in week ending 2 March 2014 from 1,334 auctions

 

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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