National Snapshot: Spring Acceleration Across the Capitals
The weekend of 12–13 September 2026 delivered the clearest signal yet that Australia's spring auction season is gaining momentum. The national combined capital city clearance rate lifted to 51.9% for the week ending 12 September — up from 46.1% the previous week and the strongest national reading since before the May 2026 federal budget. Every capital except Sydney recorded a week-on-week improvement.
Melbourne continues to lead the nation convincingly. According to My Housing Market data (Dr Andrew Wilson), 768 properties were scheduled for auction across greater Melbourne for the week ending 12 September — up 17.4% from 654 the previous week — and the clearance rate held firm despite that volume increase. That's the key signal: supply is arriving and demand is absorbing it.
| Capital City | Auctions (Sched.) | Clearance Rate | Prev. Week | Same Week 2025 |
|---|---|---|---|---|
| Melbourne (VIC) | 768 | 64.2% | 63.4% | 73.4% |
| Sydney (NSW) | 706 | 57.8% | 62.6% | 77.1% |
| Brisbane (QLD) | 159 | 33.3% | 19.4% | 55.8% |
| Adelaide (SA) | 94 | 51.5% | 46.2% | 77.8% |
| Canberra (ACT) | 59 | 52.7% | 38.8% | 71.4% |
| National Average | — | 51.9% | 46.1% | 71.1% |
Source: My Housing Market / Dr Andrew Wilson. National average is a combined capitals figure.
Melbourne in Focus: REIV Records 73% for Second Consecutive Week
The Real Estate Institute of Victoria recorded a 73% auction clearance rate for the week ending 12 September 2026 — matching last week's result and extending Melbourne's longest run above 70% since early 2025. From 414 auctions reported, 301 recorded confirmed sales.
The full REIV breakdown for the week ending 12 September 2026:
- Auctions reported: 414 (vs 419 last week, 930 this time last year)
- Clearance rate: 73% (vs 72% last week, 85% this time last year)
- Total confirmed sales: 301 — 213 sold at auction, 88 sold before auction
- Passed in: 113 — Withdrawn: 20 — Postponed: 15
- Total sales volume: $354 million
- Units clearance rate: 75% from 101 auctions reported; median $733,000
- Private sales: 537 reported; 72% clearance; $1.3 million median
Units clearing at 75% is the standout sub-metric. For buyers who need to stay under the $950,000 First Home Guarantee property price cap, Melbourne's unit market is delivering both strong clearances and — at a $733,000 REIV median — genuine scheme eligibility for many buyers. This trend has been consistent since July and is worth watching as listing volumes grow.
Melbourne's Top Auction Result: Essendon Leads at $4,300,000
The standout Victorian result for the week was 38 Brewster St Essendon, which sold at auction for $4,300,000 through McDonald Upton. For buyers and investors watching Essendon's property market, this result reflects the ongoing depth of demand for premium family homes in Melbourne's inner north-west — properties within 10 km of the CBD with land and a quality home continue to command exceptional prices even in a rate-constrained environment.
Other top Victorian auction results for the week:
- 28B Sussex St Brighton — $4,250,000
- 128 Victoria Rd Hawthorn East — $3,950,000
- 83 Mitchell St Northcote — $3,400,000
- 3 Glassford St Armadale — $2,900,000
The most affordable reported auction result for the week was 1A Paulka Ct Epping at $488,000 — a two-bedroom house and a useful reminder that Melbourne's auction market spans a wide and accessible price range for buyers who are finance-ready and searching in the right suburbs.
Melbourne Regional Breakdown: North East Leads, West Remains Value Territory
| Region | Auctions | Clearance Rate | Median Price |
|---|---|---|---|
| North East | 80 | 70.0% | $766,250 |
| Outer East | 50 | 66.0% | $970,000 |
| South East | 25 | 64.0% | $828,000 |
| West | 72 | 63.9% | $917,000 |
| Inner Urban | 62 | 62.9% | $1,465,000 |
| Inner South | 83 | 62.7% | $1,375,000 |
| Northern | 55 | 61.8% | $845,000 |
| Inner East | 88 | 56.8% | $1,394,000 |
| Melbourne Total | 515 | 64.2% | $995,500 |
Source: My Housing Market. Houses: 453 auctions, 63.4% clearance, $1,092,500 median. Units: 62 auctions, 62.9% clearance, $741,500 median.
The North East led all regions at 70.0% clearance from 80 auctions — consistent with the strength IFG has observed in this corridor through our work with buyers around Essendon and Moonee Ponds. The West region (63.9%, $917,000 median) remains the most accessible corridor for buyers seeking room-to-grow family homes, with suburbs like Keilor East and Taylors Lakes offering a materially different price-per-square-metre proposition compared to the inner east.
The Northern region (61.8%, $845,000 median) — which includes IFG's home ground around Coburg and Coburg North — cleared at a level consistent with the broader metropolitan trend, reflecting balanced conditions rather than the extreme competition seen in the inner north during the 2021 peak.
What's Driving Melbourne's Sustained Spring Clearance?
Demand is growing faster than supply. The 17.4% week-on-week increase in scheduled Melbourne auctions (654 to 768) would normally suppress clearance rates as buyers spread across more properties. Instead, the REIV rate held at 73% and the My Housing Market rate lifted from 63.4% to 64.2%. That divergence — more supply, same or higher clearance — is the clearest evidence yet that buyer demand is building through September. Our spring property market guide covers the seasonal dynamics in detail.
Units are outperforming the overall market. At 75% clearance (REIV) and a $733,000 median, Melbourne's unit market is delivering conditions that suit both first home buyers and yield-seeking investors. For buyers who need to stay under the $950,000 First Home Guarantee cap, the unit corridor covering inner-north suburbs and the western ring offers the best combination of eligibility and auction competition that is still manageable with proper preparation.
The RBA's August hold is in its final weeks. The cash rate has held at 4.35% since the August 11 meeting, and the next RBA decision falls on 29 September 2026. With NAB forecasting a possible 25bp increase and trimmed mean inflation still at 3.6% — above the 2–3% target band — buyers with confirmed pre-approvals are acting now to lock in their current borrowing capacity before the September outcome. Those without pre-approval are taking a genuine risk heading into the peak auction weeks of October and November.
Melbourne's relative value to Sydney is widening. Sydney's clearance rate fell to 57.8% this week (from 62.6%) while Melbourne held. Sydney's median auction house price was $1,875,000 compared with Melbourne's $1,092,500 — a 71.7% premium for Sydney. Increasingly, interstate investors and buyers with flexible location requirements are looking at Melbourne's combination of clearance stability and relative affordability as a more compelling entry point than any other Australian capital city.
What This Means for Melbourne Buyers, Investors and Refinancers
If you're buying at auction this spring: A 73% REIV clearance rate is a seller's market reading. It means the majority of properties that reach auction are selling on the day, which limits your room to negotiate post-pass-in. Before you bid, you need unconditional finance confirmation — not just a pre-approval — because auction contracts are unconditional from the hammer fall. No cooling-off period, no finance clause. If your lender hasn't formally valued the property you're targeting before auction day, you are taking on risk. Speak with a director-level broker who can expedite the lender's process.
If you're an investor: The West region's $917,000 median and 63.9% clearance represents the best risk-adjusted entry point in Melbourne right now in terms of price-vs-clearance balance. The unit market (75% clearance, $733,000 median REIV) is attracting serious investor attention, particularly in suburbs where rental vacancy remains near historical lows. All investment decisions should be discussed with your accountant, particularly in light of the negative gearing changes that apply to established property purchases made after 7:30pm on 12 May 2026. Your tax adviser is the right starting point; IFG handles the finance structure.
If you're refinancing: With the 29 September RBA decision approaching and clearance rates confirming that Melbourne property values are holding, your current loan-to-value ratio is likely more favourable than when your loan was written. That means better access to sharper rates. If you're on a variable rate that hasn't been reviewed since mid-2025, a refinancing assessment could identify meaningful monthly savings before a potential rate hike changes the calculation. Enquiries answered the same business day — by a director.
IFG's Take: Two Consecutive Weeks at 73% Changes the Conversation
A single week at 73% is an event. Two consecutive weeks at 73% while listings rise 17.4% is a trend — and from our perspective working with buyers and refinancers across Melbourne's north, west and outer-west, it feels like one. The clients who came to us in August uncertain about whether to act before the 29 September RBA decision are now, almost universally, moving.
The first weekend of September delivered 73%. This weekend delivered 73% again on higher volume. If that pattern extends through October — and seasonally, October is Melbourne's highest-volume auction month — we'll be looking at clearance rates on 800+ weekly auctions, which is a materially different market than the 414-auction weeks of today. Being finance-ready now, before that peak, is exactly the advantage a director-level broker can deliver.
From our office in Coburg North, we service buyers across the northern and western corridors where the most competitive conditions typically emerge in October and November. If you're planning to buy, invest or refinance before the RBA meets on 29 September, we're available for same-business-day conversations. Call Brian on 0401 333 636.
- What does Melbourne's 73% REIV clearance rate mean for buyers in September 2026?
- A 73% REIV clearance rate means more than 7 in 10 properties reaching auction in Melbourne are selling. The fact this rate held steady while spring listings jumped 17.4% week-on-week is a particularly strong signal — demand is absorbing new supply rather than being diluted by it. For buyers, this means competitive bidding is the norm, not the exception. Having finance confirmed and a clear bidding limit before you attend any campaign is essential. Speak with a broker before you bid.
- Why is Melbourne's auction clearance rate stronger than every other Australian capital city?
- For the week ending 12 September 2026, Melbourne recorded 73% (REIV) or 64.2% (My Housing Market) — well above Sydney's 57.8%, Adelaide's 51.5%, Canberra's 52.7% and Brisbane's 33.3%. Melbourne's relative strength reflects deep owner-occupier demand in the $800,000–$1.2 million range, a large and liquid auction market, and suburbs across the North East and West where buyer competition remains concentrated. Melbourne also entered 2026 from a lower price base than Sydney, giving buyers more accessible entry points.
- Should I get pre-approved before the RBA's 29 September 2026 decision?
- Yes — this is one of the clearest near-term action points for Melbourne buyers right now. NAB has forecast a possible 25 basis point rate rise to 4.60% at the September meeting. Under APRA's serviceability buffer, a 25bp increase reduces your assessed borrowing capacity, which could lower the maximum purchase price your lender will support. Pre-approvals typically remain valid for 90 days, so confirming your finance before 29 September preserves your current assessed capacity through the October and November peak auction months. Contact IFG for a same-business-day response from a director.
Finance-Ready Before the 29 September RBA Decision?
Melbourne's REIV clearance rate has held at 73% for two consecutive weeks — and October historically brings the highest auction volumes of the year. If you're planning to buy, invest or refinance this spring, the window to lock in your current borrowing capacity closes on 29 September.
☎ Call 0401 333 636 Free Strategy CallGeneral information only. This article does not constitute financial, investment or mortgage advice. Individual circumstances vary — always seek personalised advice from a licensed credit representative before making any finance decision. Auction clearance rate and property data sourced from the Real Estate Institute of Victoria (REIV) and My Housing Market / Dr Andrew Wilson (PropertyUpdate.com.au). REIV data is for the week ending 12 September 2026. Figures are subject to revision as further results are reported. Any discussion of government policies (e.g. negative gearing changes) is general information only — speak with your accountant for advice specific to your situation.