Mixing Real Estate and Politics. Melbourne’e Election.

Again a large amount of auction activity took place before auction day, with about a third of auction sales (100 homes) sold before auction day. Of the 124 properties passed in, 59 were passed in on a vendor’s bid, a reminder that some sellers are still holding out for more than buyers will pay.

On Politics is now part of the picture too.

The Victorian state election will be held on Saturday 28 November 2026, and housing is shaping up as a major issue.

Everything is on the table. Land tax, stamp duty, the activity centres program, planning controls at council or state level, the cost of construction, labour shortages in the building industry and the future of public housing.

Both Labor and the Coalition have pledged to lift the general land tax threshold from $50,000 back to $300,000 if they win, though it will happen progressively over a number of years.  On stamp duty, the Coalition has pledged to scrap it for first home buyers on homes up to $1 million, the Greens want to abolish it for owner-occupiers up to $1.1 million, and Labor’s current settings remain in place.

A word of caution.  These are promises, not policy. And sometimes a government gives with one hand and takes with the other, so look at the whole package, including what new or higher taxes might pay for it. Expect plenty of debate between now and polling day, and the outcome could shape the market for years.

Spring Racing Lull

Meanwhile, Melbourne is busy preparing for spring racing season and the race that stops a nation. Cup Day falls next Tuesday, and with the city’s attention on the carnival, many vendors choose not to compete with the festivities. Expect auction activity to slow this weekend, and fewer homes to hit the market than usual. For buyers, a quieter weekend could  mean less competition, so it’s worth keeping an eye on what does come up.