Vendor confidence drives record stock: RP Data's Melbourne weekend auction preview

Vendor confidence continues to drive record listings in the Melbourne auction market and this week features again very high listings in historical terms. This is not just confined to Melbourne, last week there were 3,400 auctions nationwide compared to 2,165 last year.

In what shapes as a repeat of last weekend we are expecting 1,457 auctions this week against a background of a 2.1% drop in dwelling prices over the past month.

The level of supply is proving beneficial for buyers in the lead up to Christmas with improved conditions, less prevalent price growth and more choice in the auction market.

Conditions continue to be stable in the private sale market, days on market for houses remain stable and vendor discounting has contracted slightly this week to -5.5%.

Key data

• Final clearance rate week ending December1 : 67.9%

• Melbourne auctions expected week ending December 8: 1,457

• Melbourne private sales time on market week ending December 1: 34 days (houses)

• Melbourne vendor discounting market week ending December 1: -5.5% (houses)

• Listings being prepared for market are 7% lower in month ending December 1