Melbourne Auction Market preview; Week ending 30 November 2014

Melbourne auctions preview | Robert LaroccaThere are 1,426 auctions scheduled this week in Melbourne compared to 1,598 for the same time last year. The highest volume of auctions will be in Reservoir and Richmond, each are expecting 23 auctions.

The state election may be on this Saturday but it does not have a significant affect on the market, buyers are able to vote and bid with ease as polling places are open from 8am to 6pm.

With only four weeks to go for auctions this year one of the features of the year – more auctions – is clearly apparent. So far this year there have been more homes sold at auction, 26,402, than there was over the whole of 2013. In 2013 there were 25,350 home sold at auction.

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 eased slightly to -4.8 per cent.

Key data

  • Clearance rate week ending 23 November: 66.1 per cent
  • Melbourne auctions expected week ending 30 November: 1,426
  • Melbourne private sales time on market week ending 23 November: 31 days (houses)
  • Melbourne vendor discounting market week ending 23 November: -4.8 per cent (houses)
  • Listings being prepared for market are 3.5 per cent higher in month ending 23 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.

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