Buyers won't see price rise by end of the year: RP Data's Melbourne weekend auction analysis

A preliminary clearance rate of 70.3% was reached from 1,119 auction results so far this week in Melbourne.

This was the third largest auction weekend this year and the seventh with over 1,000 auctions scheduled this year for the city.

As the Melbourne market heads to the end of the year it appears that buyers won’t be confronted by price rises of any significance.

After a year of ongoing moderate growth, demand seems to have found a new level. Results over the last fortnight and a recent reduction in Melbourne home values of 0.5% over the last month according to the RP Data-Rismark Daily Home Value Index suggests a pause in the current growth cycle.

Time on market for houses sold by private sale remain healthy at 34 days up only slightly from last weeks 33 days.


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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