Melbourne market review for week ending 10 November

A preliminary clearance rate of 69.2 per cent was reached from 996 auction results so far this week.

This was the sixth week with more than 1,000 auctions scheduled for Melbourne. The market delivered a result that is lower than trend for the past few months and suggests balanced conditions for buyers and sellers for the last few selling weekends this year.

RP Data’s latest release provides an update on overall transactions numbers this year and shows that for the Melbourne market the number of sales is 7 per cent higher than last year but 21 per cent below the peak of 2007. These numbers are based on sales that have been settled.

Improved conditions this year will clearly result in both higher prices and sales volumes.

Robert Larocca is Victorian housing market specialist for RP Data.