Melbourne property market shows winter strength

Clearance rates climb and million-dollar homes move fast as Melbourne’s winter market proves hotter than expected.

Melbourne’s winter auction market continues to outperform expectations, with low stock and high buyer demand fuelling million-dollar sales. Picture: NewsWire / Andrew Henshaw

Melbourne’s auction market is defying seasonal expectations, with clearance rates holding strong and buyers out in force despite the cooler weather.

PropTrack recorded a 71.6 per cent clearance rate from 402 reported results this weekend, as buyers fought over a tightening pool of listings ahead of the spring rush.

Several homes sold for seven-figure sums, led by a modern family home at 9 Macedon Ave, Balwyn North, which changed hands for $2.975m.

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Other top results included 33 Barina Rd, Glen Iris ($2.91m) and 22 Wilpena Place, Vermont South ($2.41m).

In Mount Waverley, 38 Windsor Ave fetched $2.33m — well above its $2.05m reserve — after attracting six active bidders.

Heavyside Boroondara auctioneer Steven Zervas said the single-level, turnkey home stood out from a crowded local market.

This stylish Vermont South home at 22 Wilpena Place sold under the hammer for $2.41m amid strong interest from family buyers.

A rare single-level home at 38 Windsor Ave, Mount Waverley, drew six bidders and sold for $2.33m — well above its $2.05m reserve.

“There were 16 auctions in Mount Waverley on Saturday, but this was the only one of its kind,” Mr Zervas said.

“It was modern, high quality, and move-in ready, perfect for downsizers and families looking to get into a top school zone.”

Matthews Real Estate director John Matthews said confidence was returning among renovators and boutique builders as costs stabilised.

Matthews Real Estate director John Matthews says boutique builders and renovators are returning as confidence rebounds across Melbourne’s middle-ring suburbs.

One of the weekend’s biggest sales, 33 Barina Rd, Glen Iris, fetched $2.91m, reflecting strong demand for family homes in blue-chip school zones.

“We’re seeing more interest in period homes and dual occupancy projects,” Mr Matthews said.

“And some buyers are flipping again, that part of the market’s waking up.”

Mr Matthews urged buyers to build relationships with agents and stay alert.

Topping weekend results, this modern home at 9 Macedon Ave, Balwyn North, sold for $2.975m following fierce competition from multiple bidders.

Inner-city charm helped 31 Turner St, Abbotsford, notch a $2.085m result, with proximity to cafes and transport adding to buyer appeal.

“Some sellers are still hesitant to launch full campaigns, so off-market deals are happening — and we’ve seen some buyers do very well through them,” he said.

Ray White Victoria chief auctioneer Jeremy Tyrrell said that hesitancy was driving up buyer urgency.

“Many sellers are still waiting for interest rate cuts, but buyers are already making moves,” he said. “That shortfall in listings is creating real competition — and real results.”

With listings expected to pick up in August, Melbourne’s auction market could be shaping into an unusually busy winter season.

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Originally published as Melbourne property market shows winter strength