Melbourne is witnessing two major events this week: the launch of the Grand Prix and a rapidly moving housing market, with a growing number of suburbs experiencing strong demand for homes and quick sales.
The real estate market appears to be preparing for a highly active period, with home prices accelerating as 546 properties are scheduled for auction this week, marking the first real test of the city’s autumn auction season.
According to the latest reports from PropTrack, the number of suburbs where houses or apartments are sold within 30 days or less has nearly doubled, jumping from 122 suburbs last February to 432 by 2026.
Anne Flaherty, Chief Economist at PropTrack, believes that this noticeable increase in the speed of sales may indicate rising home prices in the coming period. She explained that Melbourne is still considered undervalued, making it an attractive option for first-time homebuyers, especially with the expansion of the First Home Guarantee program, which could increase competition within the market.
During the first weekend of the autumn auction season, with more than 500 homes entering auctions this week—coinciding with the Monday public holiday and thousands of other auctions expected soon—sellers have shown greater confidence in achieving their desired deals.
Some experts expect Melbourne’s clearance rates to stabilize between 60% and 65% in the coming period, as buyers remain the key factor determining the final outcomes of sales.
Amid ongoing debate about the possibility of the Reserve Bank raising interest rates again this month, and increasing speculation about potential tax policy changes from the federal Labor government, forecasts suggest that the autumn season could be promising for buyers seeking good opportunities to purchase homes.
