By Robert Larocca

Melbourne auction preview, RP Data (image by AFR)

There are 573 auctions scheduled this week in Melbourne compared to 600 for the same time last year. This is a rare but minor 4.5 per cent fall which does not reflect the fact that in the first 8 months of the year there have been 29.5 per cent more auctions than the same time in 2013.

The current regional variation in auction numbers should be taken into account when analysing the auction market as many sellers in the inner east appear to avoiding winter.

The main auction activity in Melbourne remains outside the inner eastern suburbs with 16 homes scheduled to go under the hammer in Reservoir, 11 in St Kilda and 10 in Essendon, Melbourne and Preston. For buyers looking in the more expensive inner east volumes are rising slowing with 6 expected in Camberwell, Kew and Hawthorn East.

The average time on market for houses sold last month rose slightly from 43 to 44 days. Vendor discounting contracted from -5.2 per cent the previous week to -5 per cent last week.

Key data

  • Clearance rate week ending 27 July: 68.5 per cent
  • Melbourne auctions expected week ending 3 August: 573
  • Melbourne private sales time on market week ending 27 July: 44 days (houses)
  • Melbourne vendor discounting market week ending 27 July: -5 per cent (houses)
  • Listings being prepared for market are 0.7 per cent higher in month ending 27 July (seasonally adjusted)

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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