Weekly Property Update
5th of October, 2026
School holidays are over and kids are back at school across the state today. And everyone might be feeling a little extra tired today with daylight saving starting yesterday. For us it means an extra hour of daylight to inspect properties, which we always prefer.
Weekend results
A clearance rate of 69 per cent was recorded this weekend, compared to 71 per cent last weekend and 82 per cent this time last year. Of the 360 auctions reported to the REIV, 247 sold and 113 were passed in. A further 535 properties sold via private sale.
Interest rates
Last week the Reserve Bank met for the sixth time this year and lifted the cash rate target from 4.35 to 4.6 per cent, the fourth rise this year. The latest increase is unlikely to push buyers out of the market altogether, but it is changing what many can afford to pay. Buyers are becoming increasingly conscious of their borrowing limits and future repayments.
What it means for buyers
For those who can finance a purchase, the Melbourne market is increasingly favouring buyers.
Properties are taking longer to sell and competition has eased. That doesn’t mean every property is negotiable. Apartments and homes in the $2 to $5 million range have seen the biggest slowdown in growth, due to either excess stock or limited borrowing capacity. Whilst well-located, well-presented and correctly priced properties (under $1.5m) can still attract strong competition.
The opportunity for buyers is to be patient, selective and ready to negotiate when a property doesn’t draw the competition the vendor was hoping for.
New state laws
Three new state laws came into effect on October 1st:
- The Statement of Information is replaced by the Property Price Statement
- The sold price must be published once a sale becomes unconditional
- The vendor’s reserve must be published at least seven days before an auction or any type of fixed-date sale (starting for properties with an auction or set date sale of the 16th of October)
We recommend reading more on the Consumer Affairs website.
Auctions Source: realestate.com.au