In 2014 a total of $53.7b, over one billion dollars a week, was spent on Melbourne residential real estate. Key points: Over one billion dollars a week was spent of residential real estate last year Brighton recorded the highest spend, $842m Glen Waverley recorded a $233m rise In 2014 a total of $53.7b, over one…
Articles by Robert Larocca
Robert Larocca is RP Data's Victoria Housing Market Specialist. He has built a profile over the past eight years as an expert on the Victorian residential property market. Visit www.rpdata.com
A preliminary weighted average clearance rate of 78.3 per cent was recorded this week across capital cities compared to 74.5 per cent last week and 70.8 per cent this time last year. This is the highest national clearance rate in 6 years, since 79.7 per cent was recorded in September 2009 and provides a further…
A stellar auction weekend resulted in the best figures in 5 years for the capital city auction market. A preliminary weighted average clearance rate of 77.1 per cent was recorded this week across capital cities compared to 77.3 per cent last week and 74.2 per cent this time last year. Following last weeks strong result…
Five years ago there were 3,335 homes sold for in excess of one million dollars in Melbourne – not so surprising is that the top 10 sales were in the city’s most expensive addresses. The top three, Brighton, Camberwell and Kew, saw 266, 162 and 157 houses sold for over a million dollars in 12 months. Remarkably, in the…
With dwelling values generally moving higher there are fewer opportunities for buyers on a budget below $400,000 to purchase a home. Across the combined capital cities, home values increased by 7.9% in 2014 according to the CoreLogic RP Data Home Value Index. The increase in values was very much focussed on two of our most…
One of the more interesting property market metrics tracked by CoreLogic RP Data is the average vendor discount. It shows the difference between the advertised price and sale price. It only applies to homes sold through private sale and those that had an advertised price. If the vendor discount is very high it shows that…
Historically speaking, the performance of last year’s rental market in Melbourne was relatively moderate. In the last three months of 2014 the median advertised rent for a house in Melbourne increased by a minor 0.3 per cent to $448 per week, the opposite to the -0.3 per drop in the unit market. September’s result is…
Prahran and Williamstown now join the million dollar club in Victoria. In fact Melbourne now has 52 suburbs with a median house value in excess of 1 million dollars – the data covers the 12 months ending in September. Melbourne’s most expensive suburb remains… Toorak, with a median house value of $2.92m. The median sale…
Despite the market cooling, the overall clearance rates for 2014 have surpassed those of 2013. A preliminary weighted average clearance rate of 65.2 per cent was recorded this week across capital cities compared to 63.7 per cent last week and 65.1 per cent this time last year. The market may have cooled since the start of spring…
Auction clearance rates have remained under 70% for the 10th week in a row. A preliminary weighted average clearance rate of 66.6 per cent was recorded this week across capital cities compared to 63.7 per cent last week and 64.5 per cent this time last year. High auction volumes and a market where value growth is moderating…