Melbourne auction data shows surprising market shift

Victoria is slated for its busiest auction week of the year with almost 2000 homes set to test the market next week.

PropTrack numbers show 1966 properties across the state are scheduled to go under the hammer, following a preliminary 71.5 per cent clearance rate from 650 early auction results this week.

Melbourne-based Buyers’ advocate Cate Bakos said the weekend before the Melbourne Cup was often one of the year’s busiest, with August’s rate cut also helping to stimulate buyers.

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“We’re also finding that vendors and agents are less inclined to sell prior to auction, they’re wanting to have their day in the sun because they’ve got assurance that competition is healthy and vendors have a higher likelihood of getting a pleasing result,” Ms Bakos said.

“We’ve got a sellers’ market.”

She noted the Reserve Bank’s multiple rate cuts throughout 2025, higher borrowing levels and increased competition were causing some buyers to become fearful that more homes would become unaffordable to them.

“So we’re seeing a lot of motivated buyers,” Ms Bakos said.

Marble benchtops and Miele appliances including a dishwasher feature in the kitchen of 33 Ford St, Newport.

11A Charles St, Cheltenham, had six bidders register for its auction on Saturday.

Real Estate Institute of Victoria director and Compton Green Inner West director Adrian Butera said Melbourne’s traditionally busy spring market felt like it had started a little later this year but the amount of stock available for sale was now starting to rise.

“I feel like September was quieter than usual, and now it’s kicking into what I would typically describe as spring,” Mr Butera said.

He said the end of October was poised to be a busy period, while November “is also going to be very strong”.

Mr Butera’s colleagues Gerard Hannan and Dee Gibson had a four-bedroom townhouse listing at 33 Ford St, Newport, which went under the hammer with a $1.25m-$1.35m asking range on Saturday.

Out of two bidders, a young family bought it for $1.37m.

The apartment at 703/32 Bosisto St, Richmond, have five bidders vie for the keys.

In Melbourne’s south east, a three-bedroom house at 11A Charles St, Cheltenham, advertised with $1.15m-$1.25m price hopes fetched $1.378m.

Ray White Bayside Group’s Kevin Chokshi said a first-home buyer couple won the keys out of six registered bidders, of whom four participated in the bidding.

“The sellers were a young couple who were upsizing and hoping to get settled somewhere before the new year,” Mr Chokshi said.

And in the inner city, a two-bedroom apartment at 703/32 Bosisto St, Richmond, sold for $775,000.

Listed with The Agency’s Luke Saville, it had a $710,000 reserve and was purchased by a first-home buyer returning from overseas to Australia. Five bidders contested the auction.

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