RP Data's Melbourne weekend auction preview

There are 999 auctions scheduled this week in Melbourne compared to 1,123 for the same time last year.

The most auctions will be found in Mount Waverley with 20, followed by 19 in St Kilda and 16 in Glen Waverley.

With just under two months remaining in the year it is worth noting that October was a relatively good month for sellers with the growth in home values increasing more strongly than in August and September.

The release this week of the RP Data CoreLogic Home Value Index showed that Melbourne house values rose by 2.1% over the month and by 1.8% over the last three months. Units saw a small rise of 0.5% in the month and 2.2% in the quarter. Over the more important longer term, the house value index outpaced units with a 9.5% rise over this year compared to 3.1%.

Auction market conditions are similar to those in the private sale market. On a citywide basis, the time on market results for houses sold at private sale tightened again from 33 days to 31 days over the last week whilst vendor discounting remained stable at -4.8%.

Key data

• Clearance rate week ending 2 November: 69.6%
  
  
• Melbourne auctions expected week ending 9 November: 999
  
  
• Melbourne private sales time on market week ending 2 November: 31 days (houses)
  
  
• Melbourne vendor discounting market week ending 2 November: -4.8% (houses)
  
  
• Listings being prepared for market are 5.2% higher in month ending 2 November (seasonally adjusted)