Written 5 November 2026. Figures are current as at that date.
On Melbourne Cup Day the Reserve Bank lifted rates again. If you were planning to sell before Christmas, you are probably wondering whether to push on or wait until next year.
There is no single right answer. But there is a clear way to decide.
The Short Answer
On 3 November 2026 the cash rate rose to 4.85%, the fifth rise of 2026. Melbourne values fell 0.8% in October and are down 7.6% over the year. Buyers have more choice and take longer to decide. Fewer sellers are listing, though, so a well-priced home still has a clear run. If you need to sell, or your next move is lined up, a short campaign before mid-December can still work. If you don't need to sell, waiting is a reasonable choice.
What changed on Melbourne Cup Day
The Reserve Bank lifted the cash rate by 0.25 percentage points to 4.85%. It is the highest cash rate since 2008. The vote was split: six board members wanted the rise and three wanted to hold.
For buyers, it means smaller loans and higher repayments. Banks are passing the rise on in the weeks after the decision. The next decision is on 8 December 2026.
Where Melbourne sits now
Cotality's figures to 31 October 2026:
- Melbourne values fell 0.8% in October, 2.7% over the quarter and 7.6% over the year.
- The median Melbourne dwelling value is $773,027.
- Melbourne values are 7.3% lower than five years ago.
- Across the capitals, homes are taking a median 39 days to sell, the longest since August 2020.
- The typical discount from first asking price is 4.7%, the largest since May 2019.
- Capital city listings are at their highest for this time of year since 2019, but new listings are running almost 18% below average.
In plain terms: buyers are fewer and more careful, and there is more stock sitting on the market. But fresh competition is thin.
Why some sellers still go before Christmas
Fewer new listings. Most of the stock on the market has been there a while. A fresh, well-presented home stands out.
The buyers left are serious. People inspecting in November usually need to buy. Many want to be settled or have a contract signed before the new year.
Your next move is lined up. If you have bought, are downsizing or are moving for work, waiting costs you too. Bridging finance at 4.85% is not cheap.
Waiting is not free. National values have now fallen for seven months in a row. Nobody knows when that stops. Holding out for a better market is a bet, not a plan.
Why waiting can make sense
You don't need to sell. If nothing forces your hand, there is no need to sell into a soft market.
Your home isn't ready. A rushed campaign with an unprepared home is the most expensive way to sell. Better to prepare properly and list in February.
Your price expectations are well above recent sales. Buyers can see every comparable sale. If the gap is large, a campaign now will mostly tell you what you already suspect.
If you sell before Christmas
- Start now. A four-week campaign that starts in mid-November finishes in mid-December. Later than that and you are selling into the holidays.
- Price from recent sales, not old highs. Buyers will compare your home with what sold nearby in the last few months.
- Set your reserve early. For an auction or fixed-date sale, the reserve must be published as a single figure at least 7 days before the sale.
- Consider a private sale. With clearance rates soft, a private sale with a set price can suit a short pre-Christmas window.
- Fix the small things. Paint, gardens and repairs that buyers will notice. Skip big renovations.
Frequently Asked Questions
What did the RBA do on 3 November 2026?
The Reserve Bank lifted the cash rate by 0.25 percentage points to 4.85%. It was the fifth rise of 2026 and the highest cash rate since 2008. Six board members voted for the rise and three wanted to hold.
When is the next rate decision?
The next decision is on 8 December 2026.
Is it too late to sell before Christmas?
Not if you start soon. A four-week campaign that starts in mid-November finishes in mid-December. Any later and you are selling into the holiday slowdown.
Do I have to publish my reserve?
Yes, for an auction or fixed-date sale. Since 16 October 2026 the reserve must be published as a single dollar figure at least 7 days before the sale, or the sale cannot go ahead.
The Bottom Line
Higher rates have made buyers careful, but they haven't gone away. If you need to sell, a well-priced, well-prepared home can still sell before Christmas. If you don't, waiting is fine. Just make it a decision, not a guess.
Not Sure Which Way to Go?
Book an appraisal with Fornieri & Azar. We will show you where your home sits against recent sales and whether now or the new year suits you better.
