Australia’s housing market has hit its seasonal stride, with auctions across the country surging to springtime highs after the traditional Melbourne Cup lull. The latest My Housing Market figures show 67.6 per cent of homes sold under the hammer last week, down slightly from 69.1 per cent the week before but well above the 59.6 per cent recorded this time last year.
The rebound comes as the Reserve Bank’s decision to leave rates unchanged in November helps steady buyer confidence. Despite record-high listings, demand remains robust, especially for family homes in well-connected suburbs.
Sydney led the way again, recording a clearance rate of 73.6 per cent from 1,534 auctions, up from 1,483 the previous week. The city’s median house price lifted to $1.957 million, reflecting enduring depth in buyer competition. The Inner West and Canterbury Bankstown stood out, with clearance rates above 79 per cent and typical homes fetching around $1.6 million. The Central Coast, however, lagged, with clearances at 56.3 per cent as higher stock levels began to test affordability.
The week’s standout sale was a waterfront property at 39 Darook Park Road, Cronulla, which sold for $8.75 million through the Alex Pitsis Group. At the other end of the spectrum, a Cabramatta unit sold for $430,000.
Melbourne’s market also returned to full momentum following the Cup Day pause, with auction numbers more than doubling to 1,345. Clearance rates dipped slightly to 70.5 per cent, but agents say the result signals a return to normal trading conditions. The city’s median house price climbed to $1.108 million, up 21 per cent from a year earlier.
Melbourne’s South East was the standout performer, with an 83.3 per cent clearance rate and a median price of $967,500, while the Inner East remained softer at 61.8 per cent as higher-end buyers took a more cautious stance. The top sale for the week was in Essendon, where a family home at 37 McCarron Parade changed hands for $4.315 million.
Elsewhere, Adelaide once again proved the most resilient capital, with an 80.4 per cent clearance rate and rising medians. Canberra held firm at 64.2 per cent, while Brisbane’s rate cooled to 49.6 per cent after several buoyant months.
The data confirms November as the busiest month of 2025 for property auctions. Analysts say turnover will likely remain strong through late November before tapering in December as the market enters its summer slowdown. Stable rates and pent-up demand for quality mid-range homes continue to anchor prices, suggesting sellers still hold the upper hand heading into year’s end.
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