CoreLogic RP Data Melbourne Auction Market preview; Week ending 23 November, 2014

Melbourne Auction Blog | CoreLogic RP Data | Robert LaroccaThere are 1,187 auctions scheduled this week in Melbourne compared to 1,172 for the same time last year. The most auctions are expected in Reservoir with 24 expected followed by 23 in both Bentleigh East and Glen Waverley.

The clearance rate over the past few weeks has provided further confirmation that the market is healthy but not booming.

This is also obvious when the home values are both corrected for inflation and then compared to the previous peaks. At the end of September house values in Melbourne were 3 per cent below their peak in real terms and units 5.4 per cent lower. In many parts of Melbourne buyers have better purchasing power than they did in 2010.

Clearance rates may have dropped but the private sale market continues to tighten.

On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting dropped to -4.7 per cent.

Key data

  • Clearance rate week ending 16 November: 68.9 per cent
  • Melbourne auctions expected week ending 23 November: 1,187
  • Melbourne private sales time on market week ending 16 November: 31 days (houses)
  • Melbourne vendor discounting market week ending 16 November: -4.7 per cent (houses)
  • Listings being prepared for market are 4.3 per cent higher in month ending 16 November (seasonally adjusted)

 

Robert Larocca
CoreLogic 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.