AFL Grand Final auction rush hits Melbourne property market

Melb auctions roar before AFL grand final

Melbourne sellers are rushing to beat the siren this weekend, with more than 1200 homes scheduled to go under the hammer before the city takes its annual AFL Grand Final breather.

PropTrack figures show 1212 auctions slated, about 10 per cent fewer than the same week last year.

Next week volumes fall sharply to 208, down 21 per cent year-on-year, as agents avoid the traditional long weekend lull.

Reservoir leads the charge with 25 auctions, followed by Glen Waverley (22), Craigieburn (21), Bentleigh East (18) and Mickleham (17).

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Melbourne sellers are rushing to beat the siren this weekend. Picture: Nicki Connolly

More than 1200 homes scheduled to go under the hammer before the city takes its annual AFL Grand Final breather. Picture: Michael Klein

PropTrack senior economist Eleanor Creagh said the surge in spring activity underlined how far the market had bounced back after a subdued 2024.

“When we measure buyer demand through enquiries per listing on realestate.com.au, the data is really clear, Melbourne is back,” Ms Creagh said.

“Almost 90 per cent of suburbs are seeing rising demand, confidence is returning, competition is intensifying, and momentum is building into spring.
“Lower interest rates have boosted borrowing power, reduced mortgage costs, and re-accelerated price growth.”

Prop Track senior economist Eleanor Creagh

Ms Creagh said the expansion of the federal First Home Guarantee from October would add fuel to the fire.

“Melbourne already will lead the country in the take-up of this scheme, and removing the income test will only supercharge that trend,” Ms Creagh said.

“With stock levels tight, more buyers competing for fewer homes inevitably pushes prices higher.”

Frame Finance director and principal broker Imogen Alexy said many investors were already moving before the scheme changes kick in.

“A lot of my clients are trying to secure properties now — particularly in that $700,000 to $950,000 price bracket — before first-home buyers flood in and create extra competition,” Ms Alexy said.

“There’s also a renewed sense of confidence. Buyers know Melbourne passed its trough some time ago, and while price growth is gradual, the trend is upward.”

Frame Finance director and principal broker Imogen Alexy.

Jellis Craig Richmond director Jodie McCarthy.

Jellis Craig Richmond director Jodie McCarthy said interest rate uncertainty had not slowed activity in her patch in the Melbourne’s inner east.

“Most buyers have accepted the ‘new normal.’ They’ve spoken with their banks, they know what they can borrow, and they’re ready to act,” Ms McCarthy said.

“Even if another cut doesn’t come immediately, the sentiment shift is powerful.

“Positive headlines around first-home buyer incentives and stamp duty reform don’t necessarily apply directly to this price range, but they lift confidence across the board. Buyers are tired of waiting and want to move forward.”

The latest REA Group Listings Report shows Melbourne’s new listings in August were down 7 per cent year-on-year, while total stock was 12 per cent lower.

Analysts say the shortage of homes for sale is magnifying auction competition and fuelling momentum as spring heats up.

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david.bonaddio@news.com.au

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