Expressions of Interest (EOI) are more effective for prestige properties valued at $2M+, commercial assets, or when a vendor prioritises control over buyer selection and timing. This method is a strategic alternative to auctions when a property lacks the broad buyer appeal needed to secure a result in a market where clearance rates currently track in the low-to-mid 60% (Cotality March 2026).
The choice between EOI and auction depends on the asset value and the specific buyer pool available in the eastern suburbs, Mornington Peninsula, or Bellarine Peninsula. While auctions offer transparency and speed, EOI removes the public risk of a pass-in for high-value homes.
Prestige and commercial assets
EOI is the preferred method for prestige residential properties priced above $2M and commercial assets. These properties often attract a smaller, more specific pool of buyers who prefer submitting written offers by a closing date rather than bidding in a public forum.
Clearance rates and buyer appeal
Auctions are typically favoured in suburbs with clearance rates above 65%. With Melbourne clearance rates currently in the low-to-mid 60% (Cotality March 2026), properties that do not have broad buyer appeal may perform better under an EOI campaign to avoid a public failure to meet reserve.
Vendor control and timing
EOI provides the vendor more control over the timing of the sale and the selection of the buyer compared to a public auction. The vendor reviews all written offers and chooses whether to proceed with a specific bidder or enter further negotiations.
The reserve gap
Buyers in the current market often anchor their offers below the reserve price if a property passes in at auction. This happens because buyers perceive the vendor’s position to be weaker than the agent’s framing suggests, making the initial price discovery of an EOI campaign more attractive for some vendors.
Frequently asked questions
When should I choose an auction over EOI?
Auctions are best for properties with broad buyer appeal in suburbs with clearance rates above 65%, particularly in the eastern suburbs. They are ideal for sellers who require the certainty of a definite sale date and a transparent, unconditional contract with no cooling-off period.
What happens if my property passes in at auction?
Approximately 35–40% of Melbourne properties do not sell on auction day (Cotality March 2026). Under CAV rules, the highest bidder has the first right to negotiate privately, though buyers often anchor their offers below the reserve price during these negotiations.
How long does a typical Melbourne auction campaign take?
A standard auction campaign runs for four weeks from the initial listing to the auction day. Settlement in Victoria typically occurs 30–90 days after the contract is signed, with 60 days being the most common timeframe for residential transactions.
Who is an Expression of Interest campaign best for?
EOI is best for vendors of prestige properties ($2M+) and commercial real estate. It allows the vendor to set a closing date for written offers, providing more control over buyer selection and timing than the public and unconditional nature of an auction.
Questions to ask your agent
- Based on current clearance rates in my specific suburb, what is the statistical probability of my property passing in if we go to auction?
- If we use EOI, how will you maintain a sense of urgency among buyers without the fixed deadline of an auction date?
- What is the specific walk-away price we should establish to prevent buyers from anchoring below the reserve during post-auction negotiations?
This article contains general market information based on data current as at April 2026. It does not constitute financial, legal, or real estate advice specific to your property or circumstances. For an appraisal and tailored advice, speak with a Fletchers agent in your area.