Melbourne’s preliminary auction clearance rate reached 73% over the weekend — its highest in more than nine months — signalling renewed strength in the city’s housing market.
This sharp rebound comes despite recent volatility in global markets. As CoreLogic’s research director Tim Lawless noted, “Melbourne has taken a big bounce in preliminary clearance rates, which is all the more surprising given all the volatility and uncertainty we’ve seen through the week.”
On the ground, buyer behaviour is shifting. Cate Bakos, a local buyer’s agent, observed, “This is the hottest I’ve seen the market since 2021… Every auction has had multiple bidders,” with aggressive pre-auction offers returning as FOMO begins to take hold.
Premium homes are also seeing heightened activity. Properties like 9 Huntingfield Road in Toorak, which sold under the hammer for $11.1 million (well above the original offer of $10.18 million), point to growing demand in blue-chip areas amid global uncertainty.
Meanwhile, Sydney recorded a preliminary clearance rate of 69.1%, up from 65.5% the week prior. However, many buyers remain cautious, constrained by borrowing limits and cost-of-living pressures.
Across the combined capital cities, clearance rates hit 70.7%, the highest in six weeks — led by Adelaide (87.8%), Melbourne (73%), and Sydney (69.1%).
Whether this momentum holds will likely depend on the path of interest rates, broader economic signals, and stock levels in the weeks ahead.
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