Buyers continue to have the upper hand: RP Data's Melbourne weekend auction analysis

A preliminary clearance rate of 64.1% was reached from 1,315 auctions this week in Melbourne.  

After an unprecedented five consecutive 1,000 plus weekends it is not a surprise that the clearance rate has continued to cool. This is especially as the current rise in auction listings is outstripping the broader rise in transactions in the residential market.  

It is also having an impact on prices with the more expensive segment of the market is now performing worse than the more most affordable one in contrast to the equal growth over the past year.  

There are only two weekends for auctions left this year and buyers will continue to have the upper hand.  

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