Melbourne's new million dollar median suburbs: RP Data's weekend auction preview

There are 689 auctions scheduled this week in Melbourne compared to 712 for the same time last year.

It is encouraging for sellers that for each of the last five weeks the clearance rate has risen in the lead up to spring.

As the market has appreciated over the past year it has resulted in some new suburbs joining the ranks of those with million dollar median values for houses. The new suburbs were Aberfeldie, Caulfield South, Fitzroy North, McKinnon, Ormond, Park Orchards, Princes Hill, South Melbourne and South Yarra.

This is particularly noteworthy as Aberfeldie is the first suburb from the western region of Melbourne to upgrade to the million dollar median value ranks while Fitzroy North and Princess Hill are the first in the north. These changes underscore just how much the structure of the housing market has changed in the last decade.

Time on market results for houses sold at private sale was essentially stable with a small rise from 43 to 44 days over the last week whilst vendor discounting fell from -5.3% the previous week to -5.1%.

Key data

• Clearance rate week ending 17 August: 73.3%
• Melbourne auctions expected week ending 24 August: 689
• Melbourne private sales time on market week ending 17 August: 44 days (houses)
• Melbourne vendor discounting market week ending 17 August: -5.1% (houses)
• Listings being prepared for market are 1.2% higher in month ending 17 August (seasonally adjusted)