These are some of the best buying conditions that I’ve seen in 18 years. My negotiating power at the top end of the market is more prominent than ever before.
Buyer agent Andrew Date shares what he’s seeing across Melbourne’s property market, including auctions, buyer demand, off-market opportunities and where the best value exists today.
Buyer numbers at opens have softened.
Open homes are generally quieter than they were 12 to 18 months ago.
Higher interest rates, ongoing uncertainty and affordability pressures have made buyers more selective. Many are taking longer to make decisions rather than feeling pressured to act immediately.
Auctions are no longer as popular.
Clearance rates between 35-50% are low; this fuels negative headlines, even though they don’t always reflect what’s happening at the premium end of the market. With fewer active buyers, many agents are choosing private sales, Expressions of Interest and off-market campaigns over auctions.
Overpriced Homes are sitting idle.
Since the three rate hikes in 2026, buyers have adjusted quicker than sellers. This is typically when a market softens. We have seen more properties launched with price expectations above where buyers actually see value.
A high quote in a declining market means from day one, you will have fewer buyers interested. This is a recipe for disaster for a vendor; it’s even worse when a selling agent has provided a higher quote just to win the business.
Days on market are blowing out, especially for homes above 5M that are not priced accurately.
Buyers prefer renovated, new or turnkey homes.
One of the biggest shifts has been buyers’ reluctance to take on major renovations or major building work. Construction costs remain high, timelines are unpredictable, and many buyers are not prepared to upgrade and then renovate.
That has created opportunities in the homes that need renovating. Well-located homes that need cosmetic or structural improvement often attract less competition than they would have a few years ago.
A perfect scenario was a property we recently secured at 12 Kerferd Street in the Gascoigne Estate in Malvern East. We secured this home off-market for clients in July at $3,800,000, well below what this home would have sold for earlier in the year.
For long-term family buyers, this can be an excellent time to buy, provided the fundamentals are strong. Position, land size, orientation and lifestyle can’t be renovated into a property later.
More quality homes off market than ever before.
We’re seeing a significant increase in off-market and pre-market opportunities. That’s fairly typical leading into spring, with many vendors prepared to sell quietly if the right buyer appears.
At the same time, experienced agents are telling us that their August and September pipelines aren’t as strong as expected. This is no surprise to me, as many owner-occupiers are going to sit on their hands and wait for prices to stabilise or rise.
From what we’re seeing every day, A-grade homes remain tightly held and highly competitive when priced correctly. A good case study was Central Park Road, Malvern East, which sold for over $6,200,000 with 3 bidders.
It’s tempting to take falling-price headlines at face value. But the on-the-ground reality is more balanced than the headlines suggest. Quality properties remain genuinely difficult to secure. What has changed is buyer conditions: more choice, more time to make decisions, and stronger negotiating power than we’ve seen in several years.
I’m Andrew Date, the founder and Senior Advisor at Industry Insider Property, Toorak. Industry Insider Property acts exclusively for buyers, advisors and sellers in Melbourne’s prestige and luxury residential market.
