Auction season to kick-off after January lull: Melbourne February 8 weekend auction preview

Listings have already begun to pick up after the January lull, according to RP Data's Victorian housing market specialist Robert Larocca.

"Recent house price data showing very strong growth over January will encourage more vendors into the market as they seek to capitalise on recent market movements," Larocca said.

RP Data expects to see 309 auctions across Melbourne this weekend.

RIEV CEO Enzo Raimondo suggests that auction number projections are indicative of vendor confidence. Raimondo is confident that we may even see the first Super Saturday of the year within the next fortnight.

“Historically, the last two weeks of February before the Labour day weekend usually have high numbers of auctions. Our early projections indicate that this year, volumes are looking higher than what we have seen in recent years which is a sign that some of the momentum from late last year is continuing on to the new year,” Raimondo said.

The REIV expects Preston to see the most auction action this weekend, with six homes set to hit block. Moonee Ponds and Bentleigh East will feature five auctions each.

In somewhat of a surprise, the good early February weather will play host to an unlikely amount of auctions in the Gippsland Lakes town of Metung; an irregular occurrence.

Key data for Melbourne's February 8 weekend auctions

• Final clearance rate week ending February 2: 74.7%

• Melbourne auctions expected week ending February 8: 309

• Melbourne private sales time on market week ending February 2: 62 days (houses)

• Melbourne vendor discounting market week ending February 2: -5.7% (houses)

• Listings being prepared for market are 18.7% higher in month ending February 2

Source: RP Data  

jrobinson@propertyobserver.com.au