Melbourne auctions get in early to avoid AFL grand final clash: RP Data

Auction volumes were boosted last week due to the AFL Grand Final and were met with more buyers resulting in a preliminary clearance rate of 76.9% compared to 72.5% last week. This result is based on 862 auctions with more to be collected over the week. Whilst strong this is still lower that the 79.7% in the week ending June 2 from 867 auctions.

The underlying health of the market is highlighted by the fact there have now been eight consecutive weeks with a clearance rate in excess of 70%.

In the private sale market indicators were stable with time on market for houses remaining at 40 days and the average vendor discount for houses increasing from 6.2 to 6.3%.

The number of new listings being prepared for the market continues to rise with Victoria leading the nation with a 7.9% rise over the past month in seasonally adjusted terms.

Next week there are only 80 auctions in Victoria.