Solid end to busiest six weeks on record: RP Data's Melbourne weekend auction analysis

A preliminary auction clearance rate of 66.6% was reached from 1,244 auctions this week in Melbourne.

 
This is a solid outcome after the busiest six weeks in Melbourne’s auction market history. Over this time there has been an average of 1,380 auctions a week, a record for any single week in any other year which underscores how remarkable this spring and summer selling season has been.

 
Buyers who are still in the market will find good buying opportunities over the next month as vendors of homes passed in look to sell.

 
Prices appear to have stabilised over the past week after the falls of November with a 0.5% rise in the home value index over the last week.

 
Time on market for houses sold by private sale remain tightened from 34 days to 33 days of the last week.

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Robert Larocca is Victorian housing market specialist for RP Data.