Melbourne Auction Market preview; Week ending 21 December, 2014

Victoria auction preview | Robert LaroccaThere are 565 auctions scheduled this week in Melbourne compared to 531 for the same time last year. This is the last week for the year in which there are expected to be a substantial volume of auctions. Until early February next year there will be a small number of auctions weekly, mostly outside of the metropolitan area.

With one week to go this year the auction market has seen more homes sold by more people. The clearance rate for 2014 is likely to be marginally lower, around 68.6 per cent, than 2013 when it was 69.2 per cent. With one week to go there have been 43,298 auctions held, 17.8 per cent more than last year and 29,632 homes selling.

Weeks with over 1,000 auctions used to be a rarity but with 22 occurring this year they are now a regular feature of the market.

In the private sale market conditions continue to be healthy for sellers. On a citywide basis, the time on market results for houses sold at private sale was stable at 31 days over the last week and vendor discounting was also stable at -5 per cent.

Key data

  • Clearance rate week ending 14 December: 68.6%
  • Melbourne auctions expected week ending 21 December: 565
  • Melbourne private sales time on market week ending 14 December: 31 days (houses)
  • Melbourne vendor discounting market week ending 14 December: -5 per cent (houses)
  • Listings being prepared for market are 1.3 per cent lower in month ending 14 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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