Spring carnival hiatus won't linger: RP Data's Melbourne November 2 weekend auction preview

RP Data is expecting 162 auctions in Melbourne this week and 243 across Victoria.  

There is a small hiatus in the auction market this week due to Derby Day and the Melbourne Cup but last weekend’s strong results shows that this won’t negatively impact the results between now and Christmas.  

There are seven weekends for auctions this year after this weekend and we expect volumes to remain high.  

Whilst there is less action in the auction market the private sale market continues to record healthy results with a drop in the days on market for houses from 38 to 36 days.  

Stock being prepared for market is beginning to reduce due to the proximity to the end of the year. Many vendors will be starting to plan for sales campaigns next year.  

Key data  

• Clearance rate week ending 27 October: 71.9%

• Melbourne auctions expected week ending 3 November: 162

• Melbourne private sales time on market week ending 27 October: 36 days (houses)

• Melbourne vendor discounting market week ending 27 October: -6.4% (houses)

• Listings being prepared for market are 3.8% higher in month ending 27 October