Where prestige postcodes promise surprising value for units as auction volumes rise

Australia's auction market is showing resilience this week, with 2,159 homes scheduled to go under the hammer nationally.

The figure represents a modest 1.4% dip from last week's 2,190 auctions, but volumes remain ahead of the same period last year, when 2,112 homes were taken to auction.

Melbourne continues to lead the charge, with 1,030 auctions slated across the city. It marks the second consecutive week that Melbourne has recorded more than 1,000 auctions - a sign of strong vendor confidence.

While slightly down on last week's 1,082, this week's figure still eclipses the 974 auctions held over the same time in 2024.

Confidence strong, but affordability still a hurdle

Despite ongoing cost-of-living pressures, clearance rates remain above 70%, reflecting solid buyer demand. However, tight supply is creating challenges in affordability, with fewer listings available compared to last year.

When demand is high but stock is low, that puts upward pressure on prices.

Lower interest rates are giving buyers more borrowing power, but an expensive house is still an expensive house.

Buyers are motivated, but vendors are equally determined to achieve strong results - and those forces don't always align.

House of the Week: Affordable Art Deco in Toorak

While prestige suburbs often feel out of reach for first-home buyers, this week's highlight property offers an affordable entry into one of Melbourne's most exclusive postcodes.

Located just behind Toorak Village, a circa-1940s one-bedroom Art Deco apartment in a boutique block of just eight is hitting the market with a guide price of $490,000 to $535,000.

The property falls comfortably under Melbourne's $950,000 First Home Buyer Guarantee cap, offering an attractive lifestyle opportunity for buyers seeking value in a blue-chip location.

Private and peaceful, the apartment combines period character with convenience, proving that opportunities still exist - even in Melbourne's most tightly held suburbs.