David Bonaddio, Real Estate Reporter
First published 24 Oct 2026, 9:00am
Melbourne has 774 homes scheduled for auction this week, down 56 per cent from a year ago, but still more than any other capital city.
Melbourne homebuyers are being urged to act before November’s election, with one buyers advocate claiming early buyers could save $80,000 on an $800,000 home.
The warning comes as new REA Group figures show just 774 Melbourne homes are set for auction this week, down 56 per cent from a year ago.
Melbourne still has more auctions scheduled than any other capital city, ahead of Sydney’s 694.
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It is the second weekend under Victoria’s new auction rules, which require sellers to reveal their reserve prices at least seven days before auction.
MR Advocacy founder Madeleine Roberts said interstate investors were already looking at Melbourne’s cheaper properties ahead of the November 28 election.
“I see the level of inquiries. I see the level of buyers looking to sign on,” Ms Roberts said.
“If we have a change of government, they’re not waiting for anything to happen.”
Buyers could be missing out on huge savings, with MR Advocacy founder Madeleine Roberts reporting discounts of up to $400,000 on some $2m Melbourne properties.
Ms Roberts warned that buyers who waited for everyone else to return risked missing out on substantial savings.
“You can save yourself 10 per cent off the price if you act six months prior to everyone else.”
On an $800,000 property, that would be an $80,000 saving. Her estimate is not a prediction that Melbourne prices will rise 10 per cent immediately after the election.
Ms Roberts said some properties around the $2m mark were being discounted by $300,000-$400,000 compared with last year, but buyer inquiries were picking up.
She also questioned whether Labor could win back investors after introducing the taxes it was now promising to remove.
“Do we believe them? I wouldn’t,” she said.
Both major parties have pledged to restore Victoria’s $300,000 land tax-free threshold for investment properties.
Premier Ben Carroll has promised to do so over six years, while Opposition Leader Jess Wilson has proposed five years.
The Coalition has also pledged to scrap stamp duty for eligible first-home buyers purchasing properties worth up to $1m.
Alba founder Tom Mifsud says rising costs are forcing Victorian developers to walk away from projects because they can no longer make enough money.
Alba founder Tom Mifsud said Victoria’s property taxes had damaged its reputation among interstate investors and made new developments harder to justify.
He said some developers were walking away from projects because they could no longer make enough money.
“There’s costs everywhere. There’s a clip here. There’s a surcharge there,” Mr Mifsud said.
“It’s the cost to do business. It’s black and white as that.”
OpenCorp director Cam McLellan and his wife are building another Melbourne investment property rather than waiting to see who wins November’s election.
But OpenCorp director Cam McLellan said the land tax increases themselves had not been enough to deter investors.
He said a typical client with $400,000 in taxable land value had seen their annual bill rise from $575 to $1650, an extra $1075 a year, or about $21 a week.
“For the average investor, it was a storm in a teacup, and that’s exactly what we were telling our clients,” Mr McLellan said.
“It was never the money that scared people off. It was the noise.”
Premier Ben Carroll has promised to restore Victoria’s $300,000 land tax-free threshold over six years, a year longer than the Coalition. Picture: NewsWire/Ian Currie. Picture: NewsWire/Ian Currie
Labor says its land tax changes would eventually remove more than 250,000 property owners from the system.
Mr McLellan said he and his wife Felicity were already building another Melbourne investment property rather than waiting for the election.
He said Melbourne’s relatively low prices offered an opportunity for investors willing to buy ahead of a market recovery.
But he also warned the Coalition’s proposed stamp duty exemption could push prices higher by allowing more first-home buyers to compete for properties without increasing the number of homes available.
Under the current rules, eligible first-home buyers pay no stamp duty on properties worth up to $600,000, with a concession available up to $750,000.
“Scrapping stamp duty for first home buyers up to $1m means more people competing for what’s already not enough homes,” Mr McLellan said.
“When that frenzy happens, prices go up.”
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