Australia’s two biggest property markets moved in different directions last week, with Sydney’s auction scene holding firm while Melbourne eased under the weight of record listings.
According to data from My Housing Market and CoreLogic, both cities remain in robust shape heading into November, but rising stock levels are beginning to test buyer appetite and vendor confidence.
Melbourne hosted its busiest auction weekend since 2021, with 1,835 homes going under the hammer. The city recorded a clearance rate of 69.4%, down from 74.1% a week earlier, though still well above last year’s 65.1%. The median auction sale price rose to $1.17 million, up sharply from $1.03 million the week before and nearly 9% higher than a year earlier.
Cotality’s Tim Lawless noted that national auction numbers reached their highest level since March, yet clearance rates remained resilient at over 70%—a mark consistently maintained since mid-June. “Another 3,200 auctions are scheduled nationally for the weekend following the Melbourne Cup,” Lawless said, pointing to continued momentum before the summer lull.
On the ground, agents reported solid crowds despite the intense competition among listings. Marshall White’s group sales director John Bongiorno described conditions as “stable and balanced”, adding, “I think the pendulum is just a touch in favour of sellers at the moment.” Across the firm’s 109 weekend auctions, nearly 350 bidders participated, with some homes selling hundreds of thousands above reserve.
In Prahran, a three-bedroom Victorian home sold for $3.83 million—about $680,000 over reserve—while at the top end, a four-bedroom house in Middle Park fetched $4.76 million through Jellis Craig Port Phillip.
Sydney, by contrast, continued to display striking consistency. The city posted a 75.1% clearance rate, only slightly below the previous week’s 76.1%, and well ahead of the 65.2% seen a year earlier. A total of 1,231 auctions were held—down modestly from 1,334 the week before, reflecting a pause after a busy October run-up to peak spring trading.
The median auction price for Sydney houses was $1.95 million, 18% higher than this time last year. Units saw a median of $1.03 million and a 70.5% clearance rate. The West was the standout performer, recording an 84.8% clearance rate, followed by the South and Lower North at 81.4% and 77.9% respectively.
Top-end sales reflected the strength of buyer demand. A four-bedroom luxury residence at 53 Crows Nest Road, Waverton, sold for $10 million through McGrath Crows Nest, while the most affordable reported sale was a two-bedroom apartment in Auburn for $583,000.
McGrath agents noted that buyer confidence has been buoyed by stable interest rates and growing migration-driven demand. With population inflows supporting rental markets and supply remaining tight, well-presented family homes in established suburbs continue to attract multiple bidders.
Market watchers suggest Sydney’s stability could continue through November, while Melbourne’s short-term trajectory will hinge on whether buyers can absorb the record number of listings before the traditional December slowdown.
Buyers remain active, confident, and ready to compete, even as the market shifts from spring’s frenzy toward the year’s final stretch.
Support independent community journalism. Support The Indian Sun.
Follow The Indian Sun on X | Instagram | Facebook
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
