RP Data's Melbourne weekend auction preview

Robert LaroccaDecember 7, 2020

RP Data is expecting over 1020 auctions across Victoria this week with around 930 in Melbourne alone

  • Final clearance rate week ending 15 September: 72.5%
  • Melbourne auctions expected week ending 22 September: 928

  • Melbourne private sales time on market week ending 15 September: 40 days (houses)

  • Melbourne vendor discounting market week ending 15 September:  -6.2% (houses)

  • New listings in Victoria: 6.5% higher in month ending 15 September

This is the second week in a row with in excess of 1,000 auctions in Victoria and will ensure that buyers have plenty of choice. This is important as low volumes can often make it difficult for buyers to find the special home that they have been searching for.

The highest volume of auctions is in Bentleigh East where there are 27 followed by 18 in Richmond and 17 in Glen Iris.

Time on market for private sale of houses dropped back a small degree this week which when viewed in conjunction with the softer activity in the mortgage market shows that whilst the market is more healthy than a year ago it lacks the strength of previous upswings in 2007 and 2009/10.


Robert Larocca is Victorian housing market specialist for RP Data.

 


Robert Larocca

Robert Larocca is Victorian housing market specialist for CoreLogic RP Data.

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