RP Data Auction Market preview, Melbourne; Week ending 2 November, 2014

RP Data Melbourne auction preview | capital cities (Image by Domain)There are 175 auctions scheduled this week in Melbourne compared to 196 for the same time last year. The low volumes are a result of the Melbourne Cup on Tuesday and ensure that the week’s auction results will not be a useful auction market indicator.

Last week’s record volume of auctions and sales provides a clear indication that the remaining 7 weeks should provide healthy outcomes for sellers.

On a city wide basis, the time on market results for houses sold at private sale tightened again from 36 days to 33 days over the last week whilst vendor discounting remained stable at -4.8 per cent.

Key data

  • Clearance rate week ending 26 October: 71 per cent
  • Melbourne auctions expected week ending 2 November: 175
  • Melbourne private sales time on market week ending 26 October: 33 days (houses)
  • Melbourne vendor discounting market week ending 26 October: -4.8 per cent (houses)
  • Listings being prepared for market are 4.7 per cent higher in month ending 26 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.

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

No comments yet.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.