Benchmarks should prioritise sales from the last four weeks to account for the impact of February and March 2026 RBA rate hikes. While the median house auction price for the week ending 11 April 2026 was $937,500, this is a 6.3% decrease compared to the same week in 2025.
The current market is experiencing a shift in buyer urgency following recent interest rate increases. Benchmarking against late 2025 sales will likely result in an overestimation of value as market conditions have adjusted.
The impact of RBA rate hikes
Interest rate hikes in February and March 2026 have introduced new caution among buyers (Domain). This has dampened the urgency seen in late 2025, meaning sales from three to six months ago are no longer accurate indicators of current value.
Interpreting current clearance rates
The Melbourne clearance rate for the week ending 11 April 2026 fell to 59.1%, the first sub-60% result of the year. Because a balanced market typically sits between 65% and 72%, the current data suggests a shift toward a buyer-led environment.
Seasonal advantages of Autumn
Autumn remains the second-strongest selling season in Melbourne. While buyer numbers are lower than in Spring, there is generally less competition from other vendors, which can help a well-presented home stand out.
The appraisal gap
There is a growing disconnect between vendor expectations and achieved prices. Many homeowners are still benchmarking against the December 2025 period when house medians reached $1,020,000–$1,050,000, despite the current auction median sitting at $937,500.
| Metric (Week ending 11 April 2026) | Current Value | Comparison Value |
|---|---|---|
| Median House Auction Price | $937,500 | $1,021,000 (Previous Week) |
| Melbourne Clearance Rate | 59.1% | 66.8% (Same Week 2025) |
| House Clearance Rate | 57.2% | — |
| Unit Clearance Rate | 59.1% | — |
Frequently asked questions
How have the RBA rate hikes affected Melbourne house prices?
The February and March 2026 rate hikes have dampened buyer urgency (Domain). This is reflected in the Melbourne clearance rate dropping to 59.1% for the week ending 11 April 2026, the first time it has fallen below 60% this year.
Is Autumn a good time to list my property?
Autumn is Melbourne’s second-strongest season. It typically offers a balance of active buyers and lower competition from other sellers compared to the peak Spring period, though recent rate hikes have introduced more buyer caution.
What is a balanced clearance rate in Melbourne?
Industry consensus defines a balanced Melbourne market as having clearance rates in the 65–72% range. Current rates, such as the 59.1% recorded in early April, indicate the market is currently leaning in favour of buyers.
Are Melbourne property values still growing annually?
Annual dwelling value growth was approximately 5.4% to early 2026. However, more recent data shows a 0.6% drop in the March 2026 quarter, and values remain 1.3% below the March 2022 peak (Cotality).
Questions to ask your agent
- How have the February and March RBA rate hikes specifically changed buyer behaviour for properties in my street?
- What is the current gap between vendor asking prices and achieved auction results for similar homes in the eastern suburbs?
- Given the sub-60% clearance rate, what evidence supports the reserve price you are recommending?
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.