Healthy results pushing more vendors into market: RP Data's Melbourne weekend auction preview

Auction volumes continue to exceed this time last year with 1,035 expected in Melbourne this week. This weekend last year saw 929 auctions held.

The healthy results recorded last year and again this year is encouraging more vendors into the market as they are confident of a good sale outcome. This trend of increasing listings is confirmed by the most recent data that shows that over the past month listings being prepared for sale are now higher by 9%, the number of active new listings is 2% higher and auction volumes are also at record levels.

Vendors at private sale are now seeing a tightening of market conditions with selling days down to 42, and vendor discounting at -5.6%.

The highest volume of auctions this week is in Reservoir and St Kilda, each of which has 19 listed.

Key data

• Clearance rate week ending 9 March: 67.3%

• Melbourne auctions expected week ending 16 March: 1,035

• Melbourne private sales time on market week ending 9 March: 42 days (houses)

• Melbourne vendor discounting market week ending 9 March: -5.6% (houses)

• Listings being prepared for market are 9% higher in month ending 9 March