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Preliminary clearance rates of 56% in Melbourne and 51% in Sydney reflected a market reacting to federal budget announcements and recent cash rate increases, with 1,811 auctions scheduled across both cities on the weekend of May 16-17, 2026.
National Auction Overview
Melbourne
- Total auctions scheduled: 921 (May 17) and 890 (May 16); combined with "Super Saturday" events, 1,764 auctions were scheduled before Easter.
- Preliminary clearance rate: 56% from 628 reported results (May 17), with 121 withdrawn. A separate report for May 16 recorded 60% from 564 reported results, with 83 withdrawn. All withdrawn auctions are counted as unsold.
- Previous week's preliminary rate: 56% (May 17 data) and 56% (May 16 data).
Sydney
- Total auctions scheduled: 807 (May 16).
- Preliminary clearance rate: 51% from 445 reported results, with 168 withdrawn.
- Previous week's preliminary rate: 55%.
Notable Property Sales
Melbourne Region
Yarraville
- Address: 11 Gordon Parade
- Type: Three-bedroom house (deceased estate)
- Sale price: $955,000 (above reserve of $880,000)
- Winner: First home buyer couple (bid placed by a father on their behalf)
- Bidding: Opened with a vendor bid of $850,000; two other parties also bid.
Essendon
- Address: 70 Cooper Street
- Type: Three-bedroom bungalow on 893-square-metre block
- Sale price: $1,845,000 (above reserve of $1.75 million)
- Winner: Developer planning to construct two townhouses
St Kilda
- Address: 5/232 Barkly Street
- Type: Two-bedroom apartment
- Sale price: $830,000 ($130,000 above reserve of $700,000)
- Winner: Young first home buyer couple
- Details: Seven first home buyers competed for this property.
Footscray
- Address: 25 Nicholson Street
- Type: Two-bedroom period house
- Sale price: $1.05 million (above reserve of $935,000)
- Bidders: Four bidders, including three young couples and a buyer's advocate.
South Melbourne
- Address: 71/88 Park Street
- Type: Two-bedroom apartment
- Sale price: $612,000
- Winner: Two sisters (first home buyers)
- Bidding: Opened with a vendor bid of $575,000.
South Yarra
- Address: 9/56 Darling Street
- Type: No details specified
- Result: Passed in after a vendor bid of $800,000; reserve was $865,000.
Fitzroy
- Address: 183 George Street
- Type: Two-bedroom terrace (sold as part of an estate)
- Sale price: $1,332,000 ($207,000 above reserve of $1,125,000)
- Winner: Local buyer.
Strathmore
- Address: 37-39 Bournian Avenue
- Type: Five-bedroom, five-bathroom mansion with 10 car parks
- Sale price: $5.3 million (post-auction; $200,000 below reserve)
- Bidding: Opened at $5.2 million, stalled at $5.25 million, and was passed in.
Elsternwick
- Address: 3/33 Nepean Highway
- Type: Two-bedroom brick townhouse
- Result: Passed in at $950,000 ($125,000 below price guide floor).
Sydney Region
Mortdale
- Address: 3/35 Oxford Street
- Type: Two-bedroom apartment
- Sale price: $943,000 ($143,000 above reserve)
- Winner: First home buyer
- Bidders: 15 registered, 8 active.
Petersham
- Address: 3 Audley Street
- Type: Three-bedroom house
- Sale price: $2,070,000 ($130,000 below reserve)
- Winner: Local couple with children.
Connells Point
- Address: 39 Condor Crescent
- Type: Three-bedroom house
- Sale price: $1,667,000 ($167,000 above reserve)
- Bidders: Seven bidders registered; four were active.
Balmain
- Address: 2 Cardwell Street
- Type: Three-bedroom house with study
- Sale price: $2,320,000 ($70,000 above reserve)
- Winner: Young family on holiday in Bali (represented by a proxy).
North Bondi
- Address: 61 Clyde Street
- Type: Five-bedroom, two-bathroom house
- Result: Passed in at auction; sold post-auction for $9.3885 million (below reserve of $9.6 million)
- Bidding: Started at $8.5 million, rose to $8.85 million, then a vendor bid of $9.1 million, followed by a final bid of $9.15 million.
Ashfield
- Address: 8 Margaret Street
- Sale price: $1.875 million (above guide of $1.775 million)
St Marys
- Address: 44 King Street
- Type: Three-bedroom house
- Sale price: $1.95 million ($50,000 below reserve)
- Details: An investor from Wollongong won the property. Seven investors registered, but bidding quickly stalled.
Pyrmont
- Address: 704/18-20 Allen Street
- Type: Three-bedroom apartment
- Result: Passed in on a vendor bid of $1.45 million. Two registered owner-occupiers made no bids.
Putney
- Address: 7/210 Morrison Road
- Type: Three-bedroom villa
- Sale price: $1.75 million ($100,000 above guide; $50,000 below reserve)
Glebe
- Address: 3 Lombard Street
- Type: Three-bedroom terrace
- Sale price: $2,965,000 (above guide of $2.6 million and reserve of $2.85 million)
- Bidders: Four parties registered; three made bids.
Market Context
Multiple agents reported changes in buyer behavior following the federal budget and three cash rate increases.
Specific observations from industry participants include:
- Investor activity: Several agents noted a decline in investor bidding at auctions, with some registered investors choosing not to participate after the budget announcement.
- Buyer sentiment: Agents reported that some buyers expressed nervousness and confusion regarding federal budget changes to tax concessions, while others noted that committed owner-occupiers remained competitive.
- Auctioneer commentary: Clarence White (Menck White Auctions) stated that two of four registered bidders at a North Bondi auction did not bid, which he described as a common occurrence in the current market. He said it was too early to link the trend to the budget announcement.
- The "flat" market: Alexander Phillips (PPD Real Estate) described the market as "flat" and noted a 5% to 10% price drop that has leveled out. John Zheng (LJ Hooker) stated that new budget rules made buyers nervous. George Agostino (McGrath Ryde) reported that investors expressed confusion about capital gains tax changes.
- Selective confidence: Hanna Kim (BresicWhitney Inner West) said the Glebe auction process felt organic without buyer hesitation.
- Record low rates: Dr. Diaswati Mardiasmo (PRD) stated that the 51% clearance rate is one of the lowest recorded and reflects both the rate hike and federal budget changes.