In short: Spring is when Melbourne's listings peak, which means more choice and more competition at the same time. Buyers who win in spring have a written pre-approval before the first open, a fixed walk-away price for each auction, inspections and Section 32 reviews done in advance, and a clear view of the calendar: the RBA decided rates yesterday, and the Victorian off-the-plan duty concession ends on 20 October 2026, so an apartment or townhouse contract needs to be signed before then.
Key takeaways
- More listings in spring means you can be selective, but more buyers at each auction means you need a hard ceiling.
- A written pre-approval is the entry ticket; agents in Craigieburn and Mernda can tell within a minute who has one.
- Auctions in Victoria have no cooling-off period, so all due diligence happens before the day.
- The off-the-plan duty concession applies to contracts signed by 20 October 2026; after that, duty on apartments and townhouses bought off the plan reverts to the full price basis.
- Settlement timing, not just contract timing, can be negotiated to suit your finance and your current lease.
The first weekend of October is when the northern suburbs' for-sale boards multiply. For buyers, that is an opportunity that rewards preparation. Here is how to use the next eight weeks.
Week one: get finance-ready before the stock arrives
A pre-approval sets your ceiling, confirms the lender's appetite for your property type, and lets you bid or offer with confidence. It typically lasts around three months, so getting it now covers the whole spring season. What you need:
- Payslips, tax returns if self-employed, and three months of statements.
- Evidence of deposit and genuine savings.
- A borrowing figure tested at your rate plus 3 percentage points; check yours with the borrowing power calculator.
- A clear list of what the lender will and will not accept: some restrict small apartments, some restrict certain postcodes, most restrict high-density off-the-plan.
Read our pre-approval guide for the full list, our home loans service handles the application, and remember that pre-approval is conditional on the property valuing up. Budget to your comfortable repayment, not the maximum.
Rates: what yesterday's decision means
The RBA held the cash rate at 4.35% in August and met again yesterday, 29 September. Whatever the board decided, the practical point for spring buyers is the same: variable-rate offers on the table today may shift within weeks, and lenders re-run serviceability at the time of formal approval. If you are close to your borrowing limit, a rate move between pre-approval and contract can trim your ceiling. Ask your broker to test your position at a slightly higher rate before you bid. Our RBA cash rate guide explains the lag between a decision and your lender's rate.
Auction strategy
Most spring stock in Melbourne's established suburbs goes to auction. The Victorian rules are strict:
- No cooling-off period at auction, or for a contract signed within three clear business days before or after a publicly advertised auction.
- The contract is unconditional on the fall of the hammer. Subject-to-finance does not apply.
- A 10% deposit is usually payable on the day.
That means everything happens before Saturday:
| Before the auction | Why |
|---|---|
| Section 32 reviewed by your conveyancer | Title, easements, owners corporation, planning overlays; our Section 32 page lists what to check |
| Building and pest inspection completed | No opportunity to make the contract conditional on it |
| Pre-approval confirmed for this specific property | The lender's valuation risk is yours after the hammer falls |
| Contract terms negotiated in advance | Settlement period and deposit amount can often be varied before the day |
| Walk-away price written down | Decided in a calm room, not in a driveway |
On the day, bid clearly and early if you want to establish yourself, or hold back until the property is on the market if you prefer, but never exceed the number you wrote down. Our buying at auction guide covers tactics, and our underquoting laws page explains how to read the price guide. Consumer Affairs Victoria publishes the auction rules and the underquoting regime.
Worked example: setting a walk-away price
A couple pre-approved for $720,000 on a $650,000 target in Roxburgh Park works backwards. For illustration, at 6.00% p.a. over 30 years, a $650,000 loan is $3,897 a month and a $700,000 loan is $4,197. They decide $4,000 a month is their comfortable ceiling, which supports a loan of roughly $667,000. With their $80,000 deposit and about $12,000 of costs, their walk-away price is about $735,000 on paper but $700,000 on comfort. They write down $700,000.
Private sales: use the cooling-off period well
Private sales give you three clear business days of cooling-off after signing, with a penalty of $100 or 0.2% of the price, whichever is greater, if you withdraw. They also allow a subject-to-finance clause. Use both:
- Sign with a subject-to-finance clause and a realistic finance date, usually 14 to 21 days.
- Order the building and pest inspection immediately if it was not done before signing.
- Have your broker lodge for formal approval on the day of signing.
Our cooling-off period page and subject to finance clause page explain the mechanics.
The 20 October deadline for off-the-plan buyers
Victoria's temporary off-the-plan duty concession, which applies to apartments and townhouses for all buyers including investors, ends on 20 October 2026. The concession deducts construction costs incurred after the contract date from the dutiable value, which can cut duty substantially on a new build. It applies to contracts entered into by that date, so:
- If you are considering an off-the-plan townhouse in Kalkallo or an apartment closer in, the contract must be signed on or before 20 October 2026.
- Settlement can be much later; it is the contract date that matters.
- Your pre-approval needs to cover an off-the-plan purchase, which some lenders limit, and a valuation will happen at completion, not at contract.
For illustration, a $600,000 off-the-plan townhouse with $300,000 of construction still to occur after contract is assessed on $300,000 under the concession. The general duty on $300,000 is $13,070 rather than $31,070 on the full price. A first home buyer under $600,000 pays nothing either way, so the concession matters most to upgraders and investors. Our buying off the plan guide covers the risks, and the State Revenue Office publishes the concession terms.
Timing settlement
Spring purchases often settle in December or January. Consider:
- Your lease. Line up settlement with your notice period to avoid double rent.
- Lender processing. December is busy; allow extra time for formal approval and documents.
- Long settlements of 90 to 120 days give you time to sell an existing home without bridging, and vendors sometimes prefer them.
Our settlement process page walks through what happens between contract and keys, and the upfront costs calculator totals what you need on the day.
Frequently asked questions
Is spring a good time to buy or just a busy one?
Both. More listings mean more choice and a better chance of finding the right home, but more buyers mean auction competition. Prepared buyers benefit from the choice; unprepared buyers get swept up in the competition.
How long does a pre-approval last?
Typically around three months, though this varies by lender. If yours expires mid-season, your broker can usually refresh it with updated payslips and statements. Any change in your income, debts or the rate environment can change the figure, so do not treat an old pre-approval as current.
Can I still use the off-the-plan concession if settlement is after 20 October?
Yes, provided the contract was entered into on or before 20 October 2026. The concession is tied to the contract date, not the settlement date. Confirm the exact terms with the State Revenue Office and your conveyancer before relying on it.
What if I win at auction and my finance falls through?
You are bound by the contract. If you cannot settle, the vendor can keep the deposit and pursue you for losses on resale. This is why finance must be genuinely settled before you bid, including a lender that will accept the property. Our what happens if finance falls through page explains the consequences.
Talk to GNT Finance
Get pre-approved before the first weekend of October and Gorakh Timilsina will set your auction ceiling with you, in English, Nepali or Hindi. There is no cost to you for our home-loan service in most cases. Book a free consultation or call 0426 403 703.
This page is general information only and not legal, tax or financial advice. Laws change — confirm current rules with the State Revenue Office, the ATO or a licensed professional.
Written by Gorakh Timilsina
Founder, CEO & Senior Mortgage Consultant at GNT Finance. Gorakh started as a broker assistant, spent years as a senior credit officer assessing loan applications, and now helps Melbourne families get the right loan approved. English, Nepali and Hindi spoken.