Election no dampener on auction market: Melbourne weekend auction preview
There are 1,426 auctions scheduled this week in Melbourne compared to 1,598 for the same time last year.
The highest volume of auctions will be in Reservoir and Richmond, each are expecting 23 auctions.
The state election may be on this Saturday but it does not have a significant affect on the market, buyers are able to vote and bid with ease as polling places are open from 8am to 6pm.
With only four weeks to go for auctions this year one of the features of the year – more auctions – is clearly apparent. So far this year there have been more homes sold at auction, 26,402, than there was over the whole of 2013. In 2013 there were 25,350 home sold at auction.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting eased slightly to -4.8%.
Key data
- Clearance rate week ending 23 November: 66.1%
- Melbourne auctions expected week ending 30 November: 1,426
- Melbourne private sales time on market week ending 23 November: 31 days (houses)
- Melbourne vendor discounting market week ending 23 November: -4.8% (houses)
- Listings being prepared for market are 3.5% higher in month ending 23 November (seasonally adjusted)
Source: CoreLogic RP Data.