The number of buyers attending Victorian auctions has risen despite the RBA increasing rates in February.
Victoria’s property market is defying this month’s interest-rate rise with buyer numbers rising in the following weeks, compared to the same time a year ago.
Data from Australia’s largest real estate company, Ray White, shows an average 3.4 registered bidders at auctions across the state in February’s first two weeks – higher than the average 3.1 figure from the same period for 2025.
There were also typically 2.6 active bidders at each auction in both time frames, despite the Reserve Bank raising rates to 3.85 per cent after its meeting on February 3 this year.
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Realestate.com.au’s research arm PropTrack is expecting 831 auctions across Victoria this week after the state recorded a 61 per cent clearance rate last week.
Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis said while it was natural to expect the rate rise to have taken the wind out of the Victorian market’s sails, the story on the ground was different.
Mr Banitsiotis said part of the state’s resilience came down to the fact that buyers were still prepared to compete when the right home came along.
“There’s also a sense among buyers that quality listings are still limited, which keeps pressure on well-presented homes,” he added.
“While rate rises may shape behaviour, they haven’t stopped Victorians from buying.”
This three-bedroom house at 13 Plume Drive, Mernda, sold for $795,000 on Thursday after three bidders competed for the keys. Ray White’s Chloe Topouzis had the listing.
Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis says that Victoria’s auctions are still drawing genuine crowds and real competition.
The Ray White data also pointed to an average 3.7 buyers attending each Greater Melbourne open home last week, compared to 3.2 buyers 12 months earlier.
Ray White Group’s chief economist Nerida Conisbee said Australia recorded an average 3.3 people for each open home held in the week of the RBA’s rate announcement, down 0.2 per cent on the same week in 2025.
The suburb of Craigieburn has 24 auctions scheduled for this week, Preston 13 auctions, and Glen Waverley, Kew and Greenvale 11 auctions each. Picture: NewsWire/Andrew Henshaw.
Ray White chief economist Nerida Conisbee says the agency’s 8774 open homes across Australia attracted 34,816 attendees during the week when the RBA raised interest rates.
“The open home data now indicates that once policy tightened, activity responded quickly even if underlying supply constraints continue to limit the potential for sharp price falls,” Ms Conisbee said.
The rate increase means a household with the nation’s average $694,000 home loan, according to Australian Bureau of Statistics data, will now be spending $4233 on their mortgage every month rather than the previous $4337.
This adds up to an extra $1248 a year.
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