By Robert Larocca

Melbourne auction preview, RP Data (image by AFR)

There are 590 auctions scheduled this week in Melbourne compared to 519 for the same time last year. The highest number of auctions is expected in the northern suburbs where 16 are expected in Reservoir.

Seasonally low volumes are not only a factor in the auction market with the overall level of new listings also being lower than a year ago. In Melbourne there were 4.9 per cent fewer homes listed for sale over the last month and 8.8 per cent fewer homes overall on the market.

Fewer homes on the market than a year ago is a positive sign, especially from a sellers’point of view, however the lower number of new listings may put pressure on prices if it persists and buyer numbers remain at current levels

The average time on market for houses sold last month rose slightly from 40 to 41 days. Similarly, vendor discounting increased from -5.3 per cent the previous week to -5.4 per cent last week.

Key data

  • Clearance rate week ending 13 July: 66.4 per cent
  • Melbourne auctions expected week ending 20 July: 590
  • Melbourne private sales time on market week ending 13 July: 41 days (houses)
  • Melbourne vendor discounting market week ending 13 July: -5.4 per cent (houses)
  • Listings being prepared for market are 1 per cent lower over the month ending 13 July (seasonally adjusted)

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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