Melbourne has just experienced its busiest weekend of property auctions in almost four years, with 1835 homes going under the hammer as vendors looked to beat the usual pre-summer and Spring Racing Carnival lull. The city’s clearance rate settled at 71.8% which remains above the ten-year average but is still the lowest result in the past three weeks. This is prompting questions around how long current seller confidence can continue.
This spike in auctions marks the highest level seen in Melbourne since December 2021 and reflects growing buyer urgency in a softening market. Data from property analytics group Cotality suggests more sellers are keen to make the most of relatively stable conditions before a possible slowdown. Real estate agencies across Melbourne reported strong activity, with owner-occupiers leading the bidding at many auctions. One standout sale saw a south-east Melbourne home fetch $3.83 million, significantly above expectations.
Across the country, auction activity also increased, with 3253 homes listed for sale. Yet the national clearance rate fell to 70.5%, the lowest level since mid-June. Results varied between cities. Brisbane led with a 73.5% clearance rate from 190 auctions while Sydney recorded a sharper decline in activity and sales, ending with a 68.2% clearance rate from 959 auctions.
The robust auction figures in Melbourne point to continued seller confidence, supported by recent interest rate stability and new first-home buyer incentives introduced by the Victorian government. However, with another estimated 3200 auctions scheduled nationally following the Melbourne Cup, many will be watching closely to see if demand can remain strong.
