Spring delivering good vendor outcomes: RP Data's Melbourne weekend auction analysis

Spring continues to deliver good outcomes for vendors with a clearance rate of 73.8% from 883 auctions results so far this week and a 1.3% increase in home values in the last month. This week’s clearance rate is a moderate rise on the 71.3% last week and 70% so far this year.

The market is clearly absorbing increased volumes in the auction market with little sign of diminished demand suggesting the record weekend at the end of October, when Melbourne will see 1,500 auctions, will deliver a result on trend.

The latest market information from RP Data shows the overall time on market for houses sold at private sale stable at 39 days. The strongest demand in the house market is being recorded around the $500,000 level in the outer east where Croydon Hills, Bayswater North, The Basin, Scoresby, Croydon South, Boronia and Bayswater record the quickest sales in Melbourne.  

---

Robert Larocca is Victorian housing market specialist for RP Data.