Melbourne auction clearance rates surge to shock new levels
As the city's housing market heads into the final month of winter, PropTrack data shows about 73 per cent of homes that test the market using the auctions to snare a sale — a whopping 15 percentage points up from November in 2024.
As PropTrack also revealed Melbourne's seventh straight month of home price growth yesterday, helping the city to a $24,000 price boost in the past year, two of Victoria's top auctioneers have shared their tactics for success.
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Now economists have forecast both could be set for further growth, with each of the nation's big four banks anticipating a 0.25 per cent cut to interest rates when the Reserve Bank of Australia meets on August 12.
It's good news for both sellers and buyers of the 748 Victorian homes set to go under the hammer this week.
PropTrack senior economist Anne Flaherty said in addition to borrowing and mortgage repayment costs coming down when rate cuts were implemented, demand and confidence increased in the property market.
Ms Flaherty pointed to the latest Westpac Melbourne Institute Consumer Sentiment Survey which asked participants for their expectations around future home price growth.
'Three quarters of the people that they surveyed in July believed that prices are going to be higher in 12 months' time,' Ms Flaherty said.
'So I think there's a strong sense that it's better to get into the market sooner than later, because of those reasons.'
Auction clearance rates are also sitting at their highest level in years with Victoria recording a 73 per cent clearance rate last week, according to PropTrack figures.
'So properties are selling well and buyers are more likely to be putting in an offer at auction than risk missing out,' Ms Flaherty added.
PROFESSIONAL AUCTIONEERS' AUCTION TACTICS' TIPS:
A three-time winner of the Real Estate Institute of Victoria's Senior Auctioneer of the Year Award, Paul Tzamalis – who took out the gong in 2025 – said homeowners should be open to post-auction settlement terms that were longer, or even a little different to, industry norms.
'That way, you can encourage more participants on auction day,' Mr Tzamalis said.
His other piece of advice for sellers was to listen to their agent and auctioneers' advice on when to put a property on the market.
'It may lead to a better upside (result) under competition as opposed to under private negotiation,' he added.
Mr Tzamalis' suggested tactics for buyers include:
+ On auction day, come out of the starting block with strong bids to hopefully reduce competition from other buyers straight away.
+ If you have not already done so, in the 30 minutes prior to the auction build a rapport with the home's agents and auctioneer to understand what is going to happen once the auction starts.
+ If a home does not look like it will sell under the hammer, do your best to get in the box seat for post-auction negotiations. This means being the highest bidder so you will be first in line.
Apollo Auctions Victoria director Andy Reid, who won the 2020 REIV Senior Auctioneer of the Year, said that smart bidding could 'spook out the competition and save you money'.
'It's not about bidding as little as possible, sometimes one $10,000 bid can save you 14 $1000 bids – which happens a lot,' Mr Reid said.
His other tips are:
+ Make sure you have all of your questions about the property answered well.
+ Visualise how you're going to act if the auction is slow at the beginning and also if it takes off, visualise how you are going to get involved.
+ If you're too nervous about either the auction or acting in public, get either a confident friend to bid on your behalf or hire an advocate for their bidding services.
+ Connect with the auctioneer, we're humans too!
A house set to go under the hammer today is a former police station at 1082 Nepean Highway, Highett, with $1.2m-$1.3m price expectations.
Now a five-bedroom home, the backyard features an original jail cell complete with a concrete toilet and barred door.
Ray White Carnegie director Tom Grieve said the ex-station, decommissioned in the 1990s, had been inspected by renovators and builders.
'The house needs quite a bit of work but it's a solid brick upstairs and downstairs, it's going to stand forever,' Mr Grieve said.
The 724sq m block could also be developed with townhouses subject to council approval, he added.
Also going to auction on Saturday is a Mulgrave house with views across the iconic Waverley Park grandstand.
BigginScott's Ming Xu and Jing Chen star in a Hawks-themed online listing video showcasing the four-bedroom home at 60 Waverley Park Drive that's priced at $1m-$1.1m.
The property also has views of an oval at the Waverley Park complex that served as Hawthorn's base from 2006 until recently when the club sold the site to the AFL ahead of its move to a new base in Dingley.
To celebrate the residence's connection to the sporting complex, Mr Xu dons a Hawthorn uniform and tosses a footy to Ms Chen who is standing on one of the abode's two balconies, in the listing clip.
The three-level abode has an indoor entertainers' area with its own kitchen and a gas log fire.
Mr Xu said more than 40 groups had inspected the property, mostly young families.
'They like the uniqueness of the floorplan, the low-maintenance garden and pretty good size,' he added.
In Melbourne's northern suburbs, a three-bedroom house at 72 William St, Fawkner, will head under the hammer with a $740,000-$790,000 asking range.
Owned by the same family for six decades, the circa-1965 home features a large front garden, triple-fronted facade, undercover patio and a garage with a storeroom, toilet, kitchen and two car spaces.
Ray White Coburg's Hamza Ali said first-home buyers, upsizers and investors, including some from interstate, were among the potential buyers.
'A total of 101 groups have been through,' Mr Ali said.
'People like how original it is, how strong the build is and the location and also having two bathrooms.'
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