By Robert Larocca

Melbourne market preview - RP Data

There are 1,264 auctions scheduled this week in Melbourne compared to 867 for the same time last year.

The strong level of auction listings in the first 5 months of this year compared to 31.6 per cent higher last year is a reflection of two things; firstly it shows the confidence of vendors where they are willing to sell for a reasonable price, and secondly, a preference by real estate agents for auctions as a method of sale in an improving market.

The strong volumes will also mitigate price growth as buyers’ bargaining power is increased.

We saw a small rise in the average time on market for houses sold at private sale from 40 to 41 days. Vendor discounting reduced to – 5.4 per cent from -5.5 per cent the previous week.

Key data

  • Preliminary clearance rate week ending 25 May: 61.7 per cent
  • Melbourne auctions expected week ending 1 June: 1,264
  • Melbourne private sales time on market week ending 25 May: 41 days (houses)
  • Melbourne vendor discounting market week ending 25 May: -5.4 per cent (houses)

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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