Buyer competition surged across Melbourne this week as clearance rates held strong and older homes with solid bones attracted fierce bidding, with Buxton’s Peter Serafino noting many buyers are now prioritising quality construction over flashy new builds.
Melbourne’s auction market is showing no signs of slowing down this winter, with buyers pressing ahead despite a pause in interest rate cuts and a seasonal dip in listings.
The city recorded a solid 69.3 per cent clearance rate from 322 reported auctions, with 223 homes selling under the hammer, according to PropTrack.
Several standout results helped drive momentum, including a $3.75m sale at 8-10 Maltravers Rd, Eaglemont, and $2.22m deal at 47 Belford Rd, Kew East.
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A character home at 44 Victoria Grove, Brunswick fetched $1.99m, while 3/8 Stewart St, Pascoe Vale sold for $850,000 following a short and competitive campaign.
Ray White Victoria chief auctioneer Jeremy Tyrrell said school holidays and the Reserve Bank’s interest rate hold didn’t dampen demand.
“Competition continued to dominate across the state,” Mr Tyrrell said.
“We saw midweek auctions really firing too — our Ballarat team sold nine of 10 properties on Tuesday night alone.”
This move-in ready two-bedroom townhouse at 3/8 Stewart St, Pascoe Vale sold for $850,000 after a tightly run three-week auction campaign attracted strong first-home buyer interest and eight registered bidders.
A $2.22m sale at 47 Belford Rd, Kew East highlighted buyer appetite for established homes in tightly held family pockets, with strong bidding pushing the price well beyond reserve
Buxton Mount Waverley director Peter Serafino said buyers were showing a renewed appreciation for quality construction.
“Older homes are proving their worth,” Mr Serafino said.
“Buyers are realising they often offer better land, better locations and far better build quality than many new estates,” Mr Serafino said.
Across Melbourne’s suburbs, agents reported high energy among first-home and second-home buyers looking for move-in ready properties with long-term potential.
Apollo Auctions Victoria director Andy Reid says classic family homes are winning the day, with “straight-up and down” three-bedroom suburban stock outperforming high-spec new builds in today’s confidence-driven market.
This elegant Eaglemont residence at 8–10 Maltravers Rd fetched $3.75m under the hammer, reinforcing demand for prestige properties in Melbourne’s most exclusive leafy enclaves.
Apollo Auctions Victoria director Andy Reid said straightforward family homes — not flashy architect-designed builds — were performing strongest in today’s market.
“It’s the ‘boring’ stuff that’s going well — and I mean that in the best way,” Mr Reid said.
“Three-bed, two-bath, single-storey homes in suburbia — they’re easy to understand and easy to buy.
“Meanwhile, high-spec two-storey homes and some developer stock are struggling.”
Mr Reid said timing of the auction day mattered less than expected.
44 Victoria Grove, Brunswick sold for $1.99m at auction as buyers vied for move-in ready homes in inner-city locations offering lifestyle, charm and future upside.
Buyers drove the $1.841m result at 3 Bradshaw St, Essendon, snapping up the four-bedroom home in a blue-chip school zone just minutes from local parks and transport.
“One of my best results came from a 9.30am auction last Saturday,” he said.
“We smashed the quoted range by $150,000.
“Later auctions that day struggled.”
Looking ahead to FY26, Mr Reid predicted a steady market unless multiple rate cuts reignite urgency.
“The first cut didn’t move much, the second one started to. But with rates now on hold, we risk losing that momentum,” he said.
“Unless the next cut lands soon, it might feel like we’re starting from scratch.”
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