Unprecedented run of 1,000 plus auction weekends: RP Data's Melbourne auction preview

Unprecedented run of 1,000 plus auction weekends: RP Data's Melbourne auction preview
Unprecedented run of 1,000 plus auction weekends: RP Data's Melbourne auction preview

This week RP Data is expecting 1,320 auctions in Melbourne. This weekend last year was during Easter so does not provide a useful comparison.

This is the third week in a row with over 1,000 auctions and that is unprecedented in Melbourne. The highest volume of auctions is in Reservoir with 26 followed by St Kilda with 23 and Armadale with 21.

All current indicators show signs of a market that is picking up strength with volumes increasing, days on market falling and vendor discounting reducing.

Over the last week the measure of days on market for a house to sell at private sale has dropped from 37 to 35 days in Melbourne. Strengthening demand also leads to vendors at private sale discounting from their advertised price to a lessor degree – this has dropped from -5.5 to -5.4% over the last week.

These market indicators can prove to be volatile on a weekly basis but the trend is clear and is likely to be confirmed in increased values when the RP Data home price index is released in the next week.

Key data

  • Clearance rate week ending 23 March: 69.4%
  • Melbourne auctions expected week ending 30 March: 1,320
  • Melbourne private sales time on market week ending 23 March: 35 days (houses)
  • Melbourne vendor discounting market week ending 23 March: -5.4% (houses)
  • Listings being prepared for market are 13.1% higher in month ending 23 March

Robert Larocca

Robert Larocca

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

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