The state election may be on this Saturday but it does not have a significant affect on the market, buyers are able to vote and bid with ease as polling places are open from 8am to 6pm.
With only four weeks to go for auctions this year one of the features of the year – more auctions – is clearly apparent. So far this year there have been more homes sold at auction, 26,402, than there was over the whole of 2013. In 2013 there were 25,350 home sold at auction.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting eased slightly to -4.8 per cent.
- Clearance rate week ending 23 November: 66.1 per cent
- Melbourne auctions expected week ending 30 November: 1,426
- Melbourne private sales time on market week ending 23 November: 31 days (houses)
- Melbourne vendor discounting market week ending 23 November: -4.8 per cent (houses)
- Listings being prepared for market are 3.5 per cent higher in month ending 23 November (seasonally adjusted)
Robert Larocca, CoreLogic RP Data Victoria Housing Market Specialist