Melbourne Auction Market preview for week ending 29 March

RP Data Melbourne auction preview | Robert LaroccaThere are 1,459 auctions scheduled this week in Melbourne compared to 1,414 for the same time last year. The highest volume of auctions in a single suburb will be found in Reservoir where 29 are expected. There are 26 scheduled in St Kilda and 24 in Brighton.

The compressed autumn auction market, the three weeks between Labour Day and Easter, are delivering excellent results to vendors with clearance rates tracking nearly 10 points above the same time last year while simultaneously showing high volumes.

At the end of last year the market appeared to have a slowing trend but the interest rate cut has clearly reversed that.

Citywide across the private sale market over the past week the time on market results for houses sold at private sale fell to 31 days, down from 32 days in the previous week. Overall vendor discounting contracted to -5.2 per cent from -5.4 per cent.

Key data

  • Clearance rate week ending 22 March: 77.1 per cent
  • Melbourne auctions expected week ending 29 March: 1,459
  • Melbourne private sales time on market week ending 22 March: 31 days (houses)
  • Melbourne vendor discounting market week ending 22 March: -5.2 per cent (houses)
  • Listings being prepared for market are 11.2 per cent higher in the month ending 22 March (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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