RP Data market preview, Melbourne: Week ending 2 March, 2014

melbourne-106428349-300x236Buyers will need to take last weekend’s very strong result into account at the 1228 auctions scheduled this week. A clearance rate in the mid 70’s indicates that they will face more competition when bidding for the homes at auction and this may translate into higher prices being paid.

That result came after a new peak house price was recorded in January suggesting many buyers still see a lot of value in the Melbourne residential market. The February RP Data–Rismark Home Value index will be released on Monday and it will indicate if the new peak was maintained.

In a continuation of the trend this year the number of homes listed for auction this week is 25 per cent higher than the 984 this time last year. It is also the highest for this weekend on record.

The highest volume of auctions is in South Yarra with 21. There are 19 scheduled in Port Melbourne, Reservoir and Richmond.

Key data

  • Clearance rate week ending 23 February: 73.5 per cent
  • Melbourne auctions expected week ending 2 March: 1228
  • Melbourne private sales time on market week ending 23 February: 64 days (houses)
  • Melbourne vendor discounting market week ending 23 February: -5.6 per cent (houses)
  • Listings being prepared for market are 4.5 per cent higher in month ending 23 February

Source: Research Blog

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