Prices steady as market stabilises.

Late surge in winter auctions to power through spring.

Prices are holding steady as the property market stabilises across Melbourne and regional Victoria.

Transaction volumes remain strong and there are affordable buying opportunities in some coastal towns and regional cities, according to the Real Estate Institute of Victoria. 

This stability is expected to continue through the second half of the year.

August saw an upsurge in auction activity as the weeks progressed, with the last week the busiest since before Easter, according to CoreLogic data.

More than 1000 homes in Melbourne were taken to auction, up 24.3 per cent compared to the week before. At the same time last year, 832 auctions were held across the city.

Many auctions were well attended across Melbourne and regional Victoria, with multiple bidders driving up prices, some well beyond expectations. 

The outer-east and south-east regions recorded the highest preliminary clearance rates of 80 per cent, followed by the Mornington Peninsula, north-east and inner-east suburbs.

Buxton offices reported impressive auction results, with several offices achieving 100 per clearance rates during the winter months and 10 recording a perfect score in the last week of August. 

In the 12 months to August, the Buxton Group achieved  a 90 per cent clearance rate across all offices. 

As momentum builds, auction activity is expected to rise in the first weeks of spring, traditionally a popular selling season.

With gardens at their best and an uplifting vibe around, many outstanding properties are expected to come on the market in the coming months.

If inflation slows down and interest rates continue to hold, this will impact positively on the confidence levels of both buyers and sellers.

Appraisals and listing volumes are predicted to increase as sellers begin to place their properties on the market. 

A spike in the number of enquiries and a jump in attendances at open inspections indicate buyer activity is growing from strength to strength. 

The rental market was strong in winter, with low vacancy rates and quick turnarounds.

There was a high demand from renters, including those who were relocating from regional Victoria to Melbourne, and people from moving in from overseas as international borders re-opened.

A limited supply of properties available for rent placed pressure on prices, which increased. However, more properties should be available for rent in the coming months as investors gain confidence to buy and list their properties for lease.