There are 1,412 auctions scheduled this week ending 13 April 2014 in Melbourne compared to 626 this time last year. With 1,400 also scheduled in Sydney this weekend will provide a rare opportunity to compare the two capital city auction markets.
The unprecedented increase in the number of auctions is part of a wider rise in homes on the market over the last month. There are now 22 per cent more new listings compared to last year across Victoria which ensures a high level of choice for buyers. This high level of volumes should also keep the clearance rate in the mid 60′s.
In the month ending 6 April, there were 60,820 homes on the market in Victoria of which 33,209 were in Melbourne. The total number of homes on the market is reducing due to the higher number of buyers compared to a year ago. This is also evident in the level of vendor discounting recorded for homes for private sale. Vendor discounting for houses was 6.1 per cent compared to 6.7 per cent in February a year ago.
- Clearance rate week ending 6 April: 63.6 per cent
- Melbourne auctions expected week ending 13 April: 1412
- Melbourne private sales time on market week ending 6 April: 34 days (houses)
- Melbourne vendor discounting market week ending 6 April: -5.5 per cent (houses)
RP Data Victoria Housing Market Specialist