By Robert Larocca

Melbourne market preview - RP Data

There are 922 auctions scheduled this week in Melbourne compared to 868 for the same time last year.

Auction volumes remain high despite the season.

Based on settled sales in the first quarter of this year, the suburbs with the highest number of house sales were mainly in the growth areas, suburbs with a high supply of new homes, such as Pakenham with 185 sales, Berwick with 139 sales and Frankston with 134 sales. Whilst not a growth suburb, Glen Waverley was fourth at 117; largely the result of it being a large suburb.

We also saw a contraction in the average time on market for houses sold at private sale from 39 to 35 days. This was coupled with a rise in vendor discounting to – 5.6 per cent from -5.5 per cent over the previous week.

Key data

  • Clearance rate week ending 8 June: 62.4 per cent
  • Melbourne auctions expected week ending 15 June: 922
  • Melbourne private sales time on market week ending 8 June: 35 days (houses)
  • Melbourne vendor discounting market week ending 8 June: -5.6 per cent (houses)
  • Listings being prepared for market are 1.1 per cent higher in month ending 8 June (seasonally adjusted)

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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