Weekend Auction Results: Melbourne & Sydney

Preliminary clearance rates fell in Sydney but rose in Melbourne, as interest rate changes and federal budget announcements shaped buyer behaviour.

Melbourne Market Overview

On the weekend of May 16, 2026, 890 auctions were scheduled in Melbourne. Domain Group reported a preliminary clearance rate of 60% from 564 reported results, with 83 auctions withdrawn. This figure was higher than the previous week's preliminary rate of 56%.

Yarraville

A three-bedroom house at 11 Gordon Parade, Yarraville, sold for $955,000 at auction. The property was a deceased estate. The price guide was listed at $850,000 to $935,000.

Bidding began with a vendor bid of $850,000. The winning offer was made by a father bidding for his daughter and her partner, both first home buyers. Two other parties also placed bids. The sale price exceeded the reserve of $880,000.

St Kilda

A two-bedroom apartment at 5/232 Barkly Street, St Kilda, sold for $830,000, exceeding its reserve of $700,000. Seven first home buyers competed for the property. The opening bid was $680,000. The unit was purchased by a young first home buyer couple.

Footscray

A two-bedroom period house at 25 Nicholson Street, Footscray, sold for $1.05 million, surpassing its reserve of $935,000. Four bidders competed, including three young couples and a buyer's advocate. The property was purchased by a first home buyer couple. The vendor sold the house to fund renovations for another property.

South Melbourne

A two-bedroom apartment at 71/88 Park Street, South Melbourne, sold for $612,000. Bidding started with a vendor bid of $575,000. Two first home buyer parties competed, with a sister pair winning. The price guide was $560,000 to $610,000.

South Yarra

A property at 9/56 Darling Street, South Yarra, passed in after a vendor bid of $800,000, with a reserve of $865,000.

Sydney Market Overview

On Saturday, May 16, 2026, 807 auctions were scheduled in Sydney. Domain Group reported a preliminary clearance rate of 51% from 445 reported results, with 168 auctions withdrawn. This was lower than the previous week's preliminary result of 55%.

Mortdale

A two-bedroom apartment at 3/35 Oxford Street, Mortdale, sold for $943,000. The guide price was $800,000. Fifteen bidders registered, with eight active. A first home buyer won the property, outbidding seven others.

Petersham

A three-bedroom house at 3 Audley Street, Petersham, sold for $2,070,000, which was $130,000 below the reserve of $2,200,000. The guide was $2,000,000. Three bidders registered, all active. A local couple with children won.

Connells Point

A three-bedroom house at 39 Condor Crescent, Connells Point, sold for $1,667,000, which was $167,000 above the reserve. The guide was $1,550,000. Seven bidders registered, with four active. A local family won.

Balmain

A three-bedroom house with a study at 2 Cardwell Street, Balmain, sold for $2,320,000, which was $70,000 above the reserve of $2,250,000. The guide was $2,000,000 to $2,200,000. Five bidders registered, all active. A young family won via a representative while on holiday in Bali.

North Bondi

A five-bedroom, two-bathroom house at 61 Clyde Street, North Bondi passed in at auction. The property had a guide price of $9.1 million. Four bidders registered, with two active. Bidding started at $8.5 million and reached a final bid of $9.15 million, which did not meet the reserve of $9.6 million. The home sold post-auction for $9.3885 million after negotiations with the highest bidder.

Ashfield

A property at 8 Margaret Street, Ashfield, sold at auction for $1.875 million, above the guide of $1.775 million.

St Marys

A three-bedroom house at 44 King Street, St Marys, sold for $1.95 million, above the reserve of $1.9 million. Seven investors registered. The buyer was an investor from Wollongong. The agent reported that interest in the suburb has grown due to its announced metro stop for the Western Sydney airport.

Pyrmont

A three-bedroom apartment at 704/18-20 Allen Street, Pyrmont, passed in on a vendor bid of $1.45 million. Two registered owner-occupiers made no offers.

Putney

A three-bedroom villa at 7/210 Morrison Road, Putney, sold for $1.75 million, $100,000 above the guide and $50,000 below the reserve. One buyer registered. The property was upsizing from Gladesville.

Glebe

A three-bedroom terrace at 3 Lombard Street, Glebe, sold for $2,965,000, above its guide of $2.6 million and reserve of $2.85 million. Four parties registered, with three making bids. The buyer will live between Bowral and Sydney.

Market Commentary

Industry participants observed that some investors who expressed interest before the federal budget did not bid in certain Melbourne auctions.

Agents reported that interest rate hikes and budget announcements may be affecting buyer behaviour, with some investors expressing confusion about how capital gains tax changes will work. Some agents noted that buyer activity appeared hesitant, while others observed competitive bidding from owner-occupiers and first home buyers.