Melbourne Auction Market preview; Week ending 14 December 2014

Melbourne housing market commentary | RP DataThere are 1,324 auctions scheduled this week in Melbourne compared to 1,616 for the same time last year. The highest volume of auctions will be in Reservoir which has 33 expected.

Last week was the second largest weekend for auctions in the city’s history with 1,733 auctions compared to 1,837 in late October. The clearance rate dropped from 71 to 66 per cent; this comparison between the two almost identical weeks provides a very clear summary of the change in the market over two months.

There are only 2 weekends for auctions now until Christmas.

On a citywide basis, the time on market results for houses sold at private sale contracted from 32 to 31 days over the last week and vendor discounting eased slightly to -5 per cent.

Key data

  • Clearance rate week ending 7 December: 66%
  • Melbourne auctions expected week ending 14 December: 1,324
  • Melbourne private sales time on market week ending 7 December: 31 days (houses)
  • Melbourne vendor discounting market week ending 7 December: -5% (houses)
  • Listings being prepared for market are 0.4 per cent higher in month ending 7 December (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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