property
Essendon Auction Clearance Rates Drop as Buyers Grow Selective on Pricing
Clearance figures from the past month show buyers targeting specific properties while holding back on broader price gains.
How we reported this
Essendon auctions last weekend cleared at 64 percent, the lowest rate recorded since March 2025, as 22 of 34 listed properties found buyers.
The drop arrives as sellers test higher reserves after a strong first quarter. Local agents note that properties passing in often carried expectations 8 to 12 percent above recent comparable sales, leaving bidders unwilling to stretch further. This pattern matters now because interest rates have held steady for three consecutive meetings of the Reserve Bank, removing the urgency that drove earlier bidding wars.
Street-Level Results
Along Buckley Street near Essendon Station, three of five auctioned homes sold on the day, with a three-bedroom terrace at number 47 reaching $1.39 million. Two blocks away on Napier Street, a four-bedroom house listed at $1.65 million passed in after one bid, later selling privately two days later for $1.52 million. The Essendon Traders Association reported that foot traffic to open homes on Keilor Road rose 15 percent last month, yet registered bidder numbers at each auction averaged only 28, down from 41 in April.
Figures released by the Essendon Real Estate Association on 7 July show the median price for detached houses reached $1.41 million in the June quarter, up 3.2 percent from March but below the 6.1 percent quarterly gain seen in late 2025. Clearance rates for the same period averaged 71 percent across 118 auctions, compared with 82 percent twelve months earlier.
Next Steps for Buyers and Sellers
Properties under $1.3 million continue to attract multiple bids when they sit within 400 metres of Lincoln Park or the Essendon Community Hub. Sellers planning campaigns in the next six weeks are advised to set reserves no more than 5 percent above the most recent street sale and to schedule inspections on weekday evenings to capture commuter interest. Agents expect clearance rates to stabilise near 68 percent through August if no further rate movement occurs.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.