Exceptional outcome from biggest ever week: RP Data's Melbourne weekend auction analysis

A clearance rate of 72.3% was reached from 1,328 auction results so far this week. This is an exceptional outcome from what was the biggest week of auctions in the cities history.  

It is notable that despite the increased number of homes on the market the number of buyers rose to ensure a very healthy outcome.

There were around 1,600 auctions held meaning more results will be added before the clearance rate is finalised later this week.  

The clearance rate exceeded the year to date trend and increased compared to last week. This underscores the importance of looking past single week’s results when assessing the state of the market.  

In the private sale market it is interesting to note that the days on market for houses dropped this week from 38 to 36 suggesting a tightening of the broader Melbourne residential market.


Robert Larocca is Victorian housing market specialist for RP Data.

 

Robert Larocca

Robert Larocca

Robert Larocca is Victorian housing market specialist for CoreLogic RP Data.

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