By Robert Larocca

Melbourne Auction Market preview

There are 497 auctions scheduled this week in Melbourne compared to 453 for the same time last year.

Across the city, the number of homes listed for auction is temporarily impacted by the school holidays, especially in the eastern suburbs. Interestingly, the private sale market in those suburbs is recording very healthy results.

Eastern suburbs comprises of a majority of the top 10 suburbs ranked by vendor discounting for houses sold by private sale over the most recent 12 month period. For example, Oakleigh, Bayswater North, Box Hill, Ashwood and Box Hill South all recorded an average vendor discount of less than 3 per cent, well below the majority of other suburbs in Melbourne.

This is reflective of the city-wide private sale market more recently.

The average time on market for houses sold over the last month may have risen slightly to 35 from 34 days, however, vendors did not suffer as their average discounting contracted to -5.3 from -5.6 per cent over the previous week.

Key data

  • Clearance rate week ending 29 June: 68.3 per cent
  • Melbourne auctions expected week ending 6 July: 497
  • Melbourne private sales time on market week ending 29 June: 35 days (houses)
  • Melbourne vendor discounting market week ending 29 June: -5.3 per cent (houses)
  • Listings being prepared for market are 0.8 per cent higher in month ending 29 June (seasonally adjusted)

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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