RP Data Auction Market preview, Melbourne; Week ending 19 October, 2014

Melbourne auction preview | RP DataThere are 1,043 auctions scheduled this week in Melbourne compared to 1,124 for the same time last year. The highest volume of auctions is in St Kilda with 23 expected followed by Reservoir with 22 and Kew with 19.

In the auction market the increased volume has shifted the market in favor of buyers with a lower clearance rate resulting from the almost 2,000 auctions held over the past fortnight.

In the private sale market however sellers are seeing a peak in demand with lower days on market and reduced discounting prevalent.

On a city wide basis, the time on market results for houses sold at private sale tightened from 40 days to 37 days over the last week whilst vendor discounting fell from -5.1 per cent to -4.9 per cent.

Key data

  • Clearance rate week ending 12 October: 70 per cent
  • Melbourne auctions expected week ending 19 October: 1,043
  • Melbourne private sales time on market week ending 12 October: 37 days (houses)
  • Melbourne vendor discounting market week ending 12 October: -4.9 per cent (houses)
  • Listings being prepared for market are 4.3 per cent higher in month ending 12 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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