In Victoria, buyers in a private sale have a three-day cooling-off period after signing the contract. This window allows the buyer to withdraw from the purchase. This provision does not apply to properties purchased at auction. Private sales offer vendors and buyers more flexibility regarding deposits and settlement terms than auctions. In the current market, […]
The choice between Expressions of Interest (EOI) and auction depends on property value and location. Auctions are effective in the eastern suburbs for broad-appeal homes, whereas EOI is better for prestige properties over $2 million. With Melbourne clearance rates currently at 59.1% (CoreLogic/Cotality, Domain, PropTrack, REIV, RBA, and ATO), private sales are increasingly favoured when
The reserve price is the minimum amount a vendor is willing to accept, which must be set before bidding opens under Victorian law. If bidding reaches this figure, the property is “on the market” and sells unconditionally to the highest bidder. If the reserve is not met, the property is “passed in,” and the highest
Setting a price guide is currently more effective for attracting serious buyers who have become more price-sensitive following February and March 2026 RBA rate hikes (LJ Hooker). While selling without a guide can drive competition, buyer urgency has dampened (Domain), and well-priced properties are selling faster than those requiring negotiation. Deciding on a pricing strategy
A typical Melbourne auction campaign runs four weeks from listing to auction day. Given that properties are currently selling marginally faster than the decade average (Cotality, March 2026), extending this window is generally not recommended for properties in the eastern suburbs. The auction culture remains strong across Melbourne’s eastern suburbs, but the window for peak
You can switch to an auction, but it is most effective for properties with broad buyer appeal in suburbs with clearance rates above 65%. With current Melbourne clearance rates in the low-to-mid 60%, there is a 35–40% risk of a property passing in, which may lead buyers to anchor their offers below the reserve (CoreLogic/Cotality/PropTrack/REIV).
A typical Melbourne auction campaign runs for 4 weeks from the initial listing to the auction date. Following a successful auction, settlement usually occurs within 30 to 90 days, with 60 days being the most common timeframe for residential transactions. While the 4-week window is the standard, the actual time to a contract depends on
Private sale involves negotiating directly with buyers, offering flexibility in price and terms, and is becoming increasingly competitive with auction, particularly as clearance rates hover in the low-to-mid 60s (Cotality, March 2026). While auctions provide a definitive timeframe, the current market sees approximately 35–40% of properties passed in, often leading to a private negotiation period
In Melbourne’s current auction market, approximately 35–40% of properties are passed in, meaning they don’t sell on auction day (CoreLogic/Cotality, April 2026). While this can be disappointing, it’s a common outcome. Most passed-in properties do sell within a few weeks via private negotiation, with the highest bidder having the first opportunity to negotiate. Vendors should
Auction remains a viable strategy for many Melbourne vendors in April 2026, particularly in the eastern suburbs where a strong auction culture exists. However, with clearance rates tracking in the low-to-mid 60% range, approximately 35–40% of properties are currently passed in (REIV). Vendors should carefully consider their property’s appeal, location, and establish a clear post-auction
