High level of choice for buyers: RP Data's Melbourne October 19 weekend auction preview

Last week saw Melbourne record the 11^th consecutive weekly clearance rate in excess of 70%.  

RP Data is expecting 1,046 auctions in Melbourne this week and 1,168 across Victoria.  

This week will be followed by the largest for auctions in the state’s history with 1,628 expected, 1,500 of those in Melbourne and 1,396 on Saturday alone.  

These conditions will provide a high level of choice for buyers and will not only provide favorable negotiating conditions but also help with the often difficult task of finding the special home that they have been searching for. It is often forgotten that low stock levels can act to dampen the market as buyers can’t find the home that meets their needs.

RP Data quarterly results show that across the Melbourne metro area, over onethird of sellers doubled their original purchase price. The highest profits were found in Flinders and Armadale.

Key data

• Clearance rate week ending October 13: 74%

• Melbourne auctions expected week ending October 20: 1,046

• Melbourne private sales time on market week ending October 13: 39 days (houses)

• Melbourne vendor discounting market week ending October 13: -6% (houses)

• Listings being prepared for market are 7.1% higher in month ending October 13