Reservoir homes go under the hammer: Melbourne's weekend auction preview

There are 1,324 auctions scheduled this week in Melbourne compared to 1,616 for the same time last year.

The highest volume of auctions will be in Reservoir, which has 33 expected.

Last week was the second largest weekend for auctions in the city's history with 1,733 auctions compared to 1,837 in late October. The clearance rate dropped from 71% to 66%; this comparison between the two almost identical weeks provides a very clear summary of the change in the market over two months.

There are only two weekends for auctions now until Christmas.

On a citywide basis, the time on market results for houses sold at private sale contracted from 32 to 31 days over the last week and vendor discounting eased slightly to -5%.

Key data:

• Clearance rate week ending 7 December: 66%
• Melbourne auctions expected week ending 14 December: 1,324
• Melbourne private sales time on market week ending 7 December: 31 days (houses)
• Melbourne vendor discounting market week ending 7 December: -5% (houses)
• Listings being prepared for market are 0.4% higher in month ending 7 December (seasonally adjusted)