RP Data's Melbourne November 9 weekend auction preview

RP Data is expecting 1,048 auctions in Melbourne this week and 1,172 across Victoria.

With October now ended and with just six selling weeks remaining for the year, it is timely to compare the year to date performance of the auction market.

So far this year there has been just over 27,500 auctions with a clearance rate of 70%. This compares very favourably to this time last year when there had been fewer – 22,000 in total – auctions and a much lower clearance rate of 56%.

The increased demand has caused prices to rise by 8.1% over the year according to the October RP Data-Rismark House Price Index released last week. The rise in values has been welcomed by vendors and it will have also encouraged more vendors into the market which is why listings are higher than this time last year.

These factors combine to create a vibrant property market in Melbourne.

Key data

• Clearance rate week ending November 3: 70.8%

• Melbourne auctions expected week ending November 10: 1,048

• Melbourne private sales time on market week ending November 3: 34 days (houses)

• Melbourne vendor discounting market week ending November 3: -6.1% (houses)

• Listings being prepared for market are 5.2% higher in month ending  November 3