2 days ago
Melbourne auction market ends financial year on high
Melbourne's auction market has wrapped up the financial year in fiery form, recording a 67.3 per cent clearance rate and outpacing all other capitals for volume and momentum.
PropTrack data shows 338 of 502 reported results ended in a sale under the hammer, led by standout results in Camberwell, $3.4m, Canterbury,$3.24m, and Box Hill South,$3.05m.
Ray White Gladstone Park director and auctioneer Malek Younan said confidence was back, and Melbourne was 'ready to reclaim its crown'.
Why Sydney buyers are flocking to Melb
'Sydney and Queensland had their run, now it's Melbourne's time to shine again,' Mr Younan said.
'We're overdue for a rebound. Low stock and rising demand are pushing prices up, especially in that $700,000-$800,000 sweet spot.'
Among the notable sales to round out the financial year was a Greenvale home at 32 Ventura Way, which sold for $850,000.
Mr Younan said July and August were shaping up well, with momentum building across the outer north and west.
'There's a lot of confidence returning to the market, it's not just whispers anymore,' he said.
In the prestige sector, Industry Insider Property director Andrew Date said off-market deals above $10m were 'still ticking over', particularly in Melbourne's most exclusive precincts.
'Prestige buyers are watching the market closelym but when the right property comes along, they're ready to strike,' Mr Date said.
'These aren't impulse buys, they're calculated lifestyle moves backed by serious capital.'
A recent off-market deal in South Yarra saw a property go under offer for about $33m, highlighting renewed strength at the top end.
Melbourne Property Advocates director Simon Murphy said demand was also running hot in value-packed growth corridors.
'Frankston North is booming, it's no longer the Frankston of ten years ago,' Mr Murphy said.
'Infrastructure upgrades and rezoning are transforming it into a mini city.'
Mr Murphy also pointed to Carrum Downs, Langwarrin and Glenroy as rising stars for affordability and future growth.
With more listings expected to hit the market in spring, agents say FY26 is shaping up as Melbourne's long-awaited comeback, with the city ready to retake its title as the nation's auction powerhouse.
