RP Data Auction Market preview, Melbourne; Week ending 26 October, 2014

RP Data Melbourne auction market preview | Robert LaroccaThere are 1,641 auctions scheduled this week in Melbourne compared to 1,619 for the same time last year. This is an all time record for the Melbourne auction market.

This highest volume of auctions will be found in Brighton and Richmond where 27 are expected followed by 25 in Hawthorn, 24 in Reservoir and 23 in both Brunswick and St Kilda.

Prior to this week, the previous record number of auctions was the same week last year. Over the past few years this week in October has regularly featured the peak number of auctions for each of the years as sellers avoid the following week due to Derby Day and the Melbourne Cup.

On a city wide basis, the time on market results for houses sold at private sale tightened from 37 days to 36 days over the last week whilst vendor discounting fell from -4.9 per cent to -4.8 per cent.

Key data

  • Clearance rate week ending 19 October: 71.2 per cent
  • Melbourne auctions expected week ending 26 October: 1641
  • Melbourne private sales time on market week ending 19 October: 36 days (houses)
  • Melbourne vendor discounting market week ending 19 October: -4.8 per cent (houses)
  • Listings being prepared for market are 4.7 per cent higher in month ending 19 October (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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