Vendor patience wears thin as days on market stretch and discounting deepens across Melbourne

Melbourne's winter property market is sending a clear message to vendors: patience is no longer a virtue. Properties are sitting on the market significantly longer than they did 12 months ago, and many sellers are responding by slashing asking prices to close the sale before spring.

Real estate data shows median days on market across greater Melbourne has stretched to approximately 38–42 days, up from around 28 days at the same time last year. The shift is most pronounced in outer growth corridors, where the Frankston precinct and suburbs along the Dandenong ranges are experiencing the slowest clearance rates.

In Frankston itself, stock averaging $580,000 is now spending 45+ days on market, with discounting reaching 5–7 per cent below initial asking price. Similarly, suburbs like Pakenham and Officer—traditionally hot property—are seeing vendors negotiate harder. Meanwhile, blue-chip bayside suburbs such as Brighton and Black Rock remain more resilient; properties there rarely exceed 25 days, though asking prices have softened modestly.

"Winter auctions and sales campaigns are grinding longer," says one Bayside agent specialising in family homes near Dendy Park. "Vendors who came to market at $950,000 are now accepting $920,000. It's real."

Inner East pockets tell a different story. Bentleigh, Camberwell, and Hawthorn are holding firm—particularly for well-positioned properties under $1 million. Days on market in these suburbs average 26–32 days, and vendor discounting remains modest (2–3 per cent). The disparity reflects sustained demand from upgraders and downsizers keen to access quality schools, parkland, and walkable villages.

Units present their own challenges. Across the Victorian median unit price of $620,000, vendor discounting has intensified. Inner-city stock near Fitzroy Gardens and South Yarra is holding value, but outer and middle-ring units—particularly in sprawling developments around Southbank and Docklands—are seeing deeper cuts and longer hold periods.

Market observers attribute the shift to migration-driven demand plateauing seasonally, competition from spring selling campaigns looming, and first-home buyers retreating into caution. The winter auction market, while still robust, is culling weak stock ruthlessly.

For vendors deciding whether to list now or wait for spring, the data is sobering: properties launched before July face a 40+ day average, while those holding for August onwards may avoid the heaviest discounting. However, agents warn that spring's volume could be equally punishing if economic uncertainty persists.

This article was compiled by AI from the sources linked above and screened before publishing. See our editorial standards.