Melbourne Auction Market preview; Week ending 22 March, 2015

Melbourne auction preview | CoreLogic RP Data | Robert LaroccaThere are 1,202 auctions scheduled this week in Melbourne compared to 1,160 for the same time last year. The highest volume of auctions in one suburb is 21 in both Reservoir (VIC) and Thornbury

Auction volumes are higher than last year and on track to exceed last years volumes when there were more auctions and  a higher proportion of homes sold at auction. Our latest data shows that a record 33.6 per cent of sales were by auction in Melbourne last year, up from 29.4 per cent in 2013 and a mere 20.3 per cent in 2012. Remarkably the 30,079 sales at auction last year was near twice the 15,640 recorded in 2012.

The increase in use of auctions is a market feature, especially when prices rise as they can deliver better outcomes in competitive markets.

In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 32 days, down from 33 days in the previous week. Overall vendor discounting was stable at -5.4 per cent.

Key data

  • Clearance rate week ending 15 March: 78%
  • Melbourne auctions expected week ending 22 March: 1,202
  • Melbourne private sales time on market week ending 15 March: 32 days (houses)
  • Melbourne vendor discounting market week ending 15 March: -5.4% (houses)
  • Listings being prepared for market are 7.6 per cent higher in the month ending 15 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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