Clearance rate evidence of cooling market: RP Data's Melbourne weekend auction analysis

A preliminary clearance rate of 66.7% was reached from 1,161 auctions this week in Melbourne.  

For three consecutive weeks the clearance rate has been below 70% highlighting the cooling of conditions in the residential auction market. With a few more weekends of over 1,000 auctions – including around 1,500 next week – buyers will be able to drive a better bargain.  

The growth cycle over the past year has stopped according to the dwelling price index. The index has dropped again this week and is also down, by 0.7%, over the last month.  

Time on market for houses sold by private sale remain stable at 34 days compared to last weeks 34 days.