Weekend Auction Results 31 October–1 November 2026: Melbourne Climbs to 60% as Banks Align on a Cup Day Rate Hike

Melbourne's auction market reported a clearance rate of around 60% for the weekend of 31 October–1 November 2026, according to My Housing Market/PropertyUpdate, from 574 auctions — down on volume from the 838 reported the previous weekend, but an improvement on last weekend's 58.5% clearance. Of the results reported in detail, 353 properties were tracked: 301 houses clearing at 57.8% and 52 units at a stronger 61.5%, for a combined median across all reported sales of $931,000.

We'd normally lead with REIV's confirmed final numbers — our mandatory primary source for Victorian auction data. REIV's weekly results were not yet published at the time of writing, so Melbourne's REIV figure is data pending; we'll update this post once it's out. In the meantime, My Housing Market's independently collected figures tell a consistent story: Melbourne eased back on volume from last weekend's spring rebound but held its clearance rate, staying well clear of every capital except a recovering Sydney.

National Snapshot: A Cautious Lift Off a Six-Week Low

Across the five capitals tracked by My Housing Market, the combined average clearance rate rose to 44.8% this weekend — up from 43.4% the week before, but still 24.3 percentage points below the 69.1% recorded the same weekend last year. It's the second straight weekend the national average has sat below 45%, even as both Sydney and Melbourne improved on the week.

State-by-State Auction Results: 31 October–1 November 2026

Note: Melbourne's figures above are preliminary counts from My Housing Market/PropertyUpdate, pending REIV's confirmed result. Perth isn't separately tracked by this source, and its auction market is small by national standards. The national figure is an unweighted average across Sydney, Melbourne, Brisbane, Adelaide and Canberra.

Melbourne in Focus: A Two-Speed City This Weekend

Of the 353 Melbourne results reported in detail, houses cleared at 57.8% with a median of $1,060,000 — down from $1,254,000 the week before (a mix-of-stock effect rather than a genuine price fall, since a different set of properties goes to auction each week) but still 9.3% higher than the $970,000 recorded the same weekend last year. Units again outperformed at 61.5%, continuing a pattern we've flagged for months: buyers whose borrowing capacity has been squeezed by four rate rises this year are competing harder for lower-priced stock.

Regionally, Melbourne's South East led the city at a strong 73.9% clearance, while the Northern region — home to IFG's core service corridor — was the softest performer this weekend at 42.9%. That includes suburbs like Essendon, Moonee Ponds, Coburg, Keilor East and Taylors Lakes. We'd be cautious about reading too much into one weekend's regional split — a handful of large, complex or overpriced listings passing in in the same pocket on the same day can move a regional average more than any genuine shift in buyer demand, and this corridor has outperformed the city average through most of spring. Still, it's a reminder that even tightly-held, owner-occupier-driven suburbs aren't immune to a softer week, particularly with a rate decision now two days away.

What's Driving the Market Right Now

1. All four major banks now expect a Melbourne Cup Day rate rise. September-quarter inflation came in hotter than expected at 4.3%, with the RBA's preferred trimmed-mean measure running at an annualised 3.7% — above the Bank's own forecast. NAB and CBA have both switched their call from a hold to a hike for the RBA's 3 November meeting, joining ANZ and Westpac, and bond markets have moved from pricing roughly a 60% chance of a rise to above 80% since the inflation data landed. We've covered the full picture — including what each major bank is tipping and what it means for your repayments — in our Melbourne Cup Day RBA preview.

2. Listing volumes eased back from last weekend's spring peak. After 838 auctions the previous weekend — a sharp rebound from the AFL Grand Final lull — volumes settled to 574 this weekend. That's a more typical late-spring number, and the fact that clearance held up despite less stock on offer suggests buyer demand hasn't gone anywhere; it's simply being tested by a smaller pool of listings.

3. Units continue to outperform houses across every major capital. The 61.5% vs 57.8% gap in Melbourne mirrors the national pattern, where borrowing-constrained buyers are concentrating demand on lower price points. For investors weighing yield, that's a genuine market signal, though any acquisition decision should be reviewed with your financial adviser and accountant.

What This Means for Melbourne Buyers and Investors

With the RBA's decision landing this Tuesday, the practical move is to get your numbers settled before, not after. Use the IFG mortgage calculators to stress-test your repayments at the current 4.60% cash rate and at a hypothetical 4.85%, so a Cup Day rise doesn't catch your budget off guard.

If you're planning to bid this coming weekend, make sure the gap between your pre-approval and your maximum bid is one you understand — our guide to pre-approval vs unconditional approval explains exactly what a pre-approval does and doesn't guarantee you at auction. First home buyers should also check how a rate move would affect their borrowing capacity and scheme eligibility together. Investors watching the unit-over-house clearance gap can speak with our investment lending team about what that means for yield, and business owners with commercial premises on a variable rate may want to review commercial lending options, or consider refinancing, ahead of Tuesday regardless of whether you're buying.

IFG's Take

This weekend's numbers read as a market holding its nerve rather than one losing confidence. Melbourne's clearance rate improved even as volumes eased, and the unit market continues to do a lot of the heavy lifting for buyers who've been squeezed by this year's rate rises.

The real story this week isn't the auction data — it's what happens two days later. With all four majors now aligned on a Cup Day rise and bond markets pricing it at better than four-in-five, we think borrowers should plan as though it's happening rather than hope it doesn't. We won't predict the RBA's call, but we will make sure clients aren't caught out if one comes. If you'd like your position assessed across a deliberately broad panel of bank, non-bank and specialist lenders — by a director, same business day — get in touch before Tuesday.

This article is general information only and does not constitute financial or credit advice. Victorian auction data is sourced from REIV where available; REIV's results for this weekend were not yet published at the time of writing, so Melbourne figures here are drawn from My Housing Market/PropertyUpdate (week ending 31 October 2026) and will be updated once REIV's confirmed figures are published. National and other state figures are sourced from My Housing Market/PropertyUpdate. Inflation and RBA commentary is sourced from the Australian Bureau of Statistics and public reporting on bank economist forecasts. Property decisions should be made with a qualified financial adviser; tax implications should be discussed with your accountant. Past performance is not a reliable indicator of future results. Credit subject to lender approval.

Frequently Asked Questions: Weekend Auction Results

What does a "preliminary" auction clearance rate mean, and why might it change later?

A preliminary clearance rate is calculated from auction results reported to a data provider — such as My Housing Market or Domain — in the days immediately after auction, before every outcome has been confirmed. REIV's final clearance rate, Victoria's official measure, often differs because it includes results reported later, including private sales that followed a passed-in auction. Expect Melbourne's REIV figure for this weekend to be published in the days following this report.

Why are units clearing at a higher rate than houses in Melbourne right now?

Units cleared at 61.5% this weekend compared with 57.8% for houses, continuing a pattern seen across most of 2026. Four RBA rate rises this year have compressed borrowing capacity, pushing buyer competition toward lower-priced stock. For investors, that's a signal of genuine demand for income-producing property at accessible price points — though any purchase decision should be reviewed with your financial adviser and accountant.

Should I wait until after the RBA's Melbourne Cup Day decision before bidding at auction?

Waiting rarely improves your position, because the auction calendar doesn't pause for the RBA. With all four major banks now tipping a rate rise on 3 November, the better move is to confirm your maximum bid and your pre-approval now, and stress-test your repayments at both the current rate and a likely higher one, so you can bid with certainty whichever way the decision goes.