Market easily absorbing increased volume: RP Data's Melbourne weekend auction analysis

A preliminary auction clearance rate of 70.9% was reached from 650 auctions this week in Melbourne. This compares to 64.4% for the same time last year when there were around 30% fewer auctions.

 
The market is easily absorbing the increased volume of homes being offered for auction. This result suggests the upcoming weekends, each with very high numbers of auction, will see the current performance continued.

 
There may be a higher number of auctions compared to this time a year ago but there are not a larger number of homes on the market. New listings are only 0.4% higher than a year ago and the overall stock on market is 5.9% lower. Significantly there are just over 11,000 more homes on offer in Melbourne than Sydney right now.

 
Many parts of the Melbourne dominated by private sales are seeing sales campaigns as short as those for an auction with the citywide time on market for houses at 38 days. Many of the city’s quickest selling suburbs are in the outer east; Kilsyth South, Upper Ferntree Gully, Bayswater North, Tecoma, Croydon Hills, Croydon South and the Basin. 

Robert Larocca is Victorian housing market specialist for RP Data.

Robert Larocca

Robert Larocca

Robert Larocca is Victorian housing market specialist for CoreLogic RP Data.

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