The Melbourne property market continues to favour buyers, as we close out the first month of the spring selling season.
Property values across Melbourne fell 1.1% during August 2026 and auction clearance rates remained unimpressive at between 45 and 55 per cent.
As seen nationally, it is the high-end suburbs that are experiencing the greatest price drops, while values in Melbourne’s inner-city apartments are also declining. Brighton median house prices fell 6.6% during the quarter, and South Yarra dropped 8.2% to a median of $1.855M.
Annually, Toorak is down 26.6%, Deepdene and Balwyn dropped around 14%, Canterbury and Mont Albert are down around 12-13%, and South Yarra home values fell 11% over the past year.
In the rental market, annual rent growth is up 5.0% across Melbourne with gross rental yields improving to an average of 4.0%.
On a positive note, Melbourne has seen an uptick in buyer enquiries from interstate investors during September.
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By Wendy Chamberlain
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