Buyers spoilt for choice: RP Data's Melbourne November 23 weekend auction preview

Melbourne buyers will be spoilt for choice again this weekend with another 1,000 plus weekend. At the conclusion of this weekend Melbourne will be in the remarkable position of having only had two weeks in the past two months with less than 1,000 homes offered at auction.

RP Data is expecting 1,089 auctions in Melbourne this week and 1,252 across Victoria.

The last fortnight has shown that conditions are very balanced between buyers and sellers in the auction market. After a very strong result from the largest weekend of auctions ever there have been two weeks with more moderate levels of demand. At the same time in the private sale market conditions are tightening with reducing days on market and lower levels of discounting.

The market remains susceptible to any negative factors in the broader economy.

Key data

• Clearance rate week ending November 17: 69%

• Melbourne auctions expected week ending November 24: 1,089

• Melbourne private sales time on market week ending November 17: 34 days (houses)

• Melbourne vendor discounting market week ending November 17: -5.6% (houses)

• Listings being prepared for market are 4.7% higher in month ending November 17

Robert Larocca is Victorian housing market specialist for RP Data.