NDL PROPERTY

Summer 2026–27 · 12 November 2026

NDL REALTY Summer Property Update: Docklands & Melbourne

Higher rates, softer prices and steady rents. Here's what that means for Docklands and CBD owners, buyers and landlords this summer.

Victoria Harbour marina and the Docklands skyline on a clear day
Victoria Harbour, Docklands. Photo: NDL REALTY.
← Back to the blog

Summer in Docklands has a rhythm of its own. The harbour fills with walkers and diners, the city hosts some of its biggest events, and the property market slows a little over the Christmas break before picking up again in the new year.

This update brings together the latest public figures on the economy, the national market and our own patch of Docklands and the CBD, along with the summer dates worth having in your diary. Whether you own, rent out, or are thinking of buying or selling, we hope it gives you a clear picture to plan from.

The economy: rates up, confidence down

The Reserve Bank lifted the cash rate by 0.25 percentage points to 4.85% at its meeting on 3 November 2026 (effective 4 November). It was the fifth increase of 2026 and takes the cash rate to its highest level since late 2008. The decision was by majority, with six Board members in favour and three preferring to hold.

The reason is inflation. Annual CPI rose to 4.3% in the 12 months to September 2026, up from 4.0% in August, with housing and fuel the biggest contributors. Underlying (trimmed mean) inflation was 3.6%. Both sit well above the RBA’s 2–3% target band.

The jobs market has softened. The unemployment rate was 4.7% in September 2026 (seasonally adjusted), with about 39,000 fewer people employed than in August.

Households are feeling it. The Westpac–Melbourne Institute Consumer Sentiment Index fell to 78.2 in November 2026, from 80.4 in October, its lowest reading since late 2022. Anything under 100 means pessimists outnumber optimists.

For borrowers, Cotality estimates the five rate rises this year have lifted repayments on an average owner-occupier mortgage by around $600 a month since January, and cut the borrowing capacity of a median-income household by around $88,000 (about 12%).

Dates to watch: the RBA announces its next two cash rate decisions at 2.30pm on Tuesday 8 December 2026 and Tuesday 9 February 2027, the second day of its 7–8 December and 8–9 February meetings (there is no January meeting). The ABS releases October labour force figures on 19 November and October CPI on 25 November 2026.

The national market: a broad-based slowdown

Cotality’s national Home Value Index fell 1.2% in October 2026, the seventh monthly decline in a row. National values are now 6.7% below their March 2026 peak and 2.8% lower than a year ago, because values were still rising in the months before that peak. Across the combined capital cities, values have dropped 8.1% in seven months, the fastest pace of decline Cotality has recorded in 40 years.

The weakness has moved beyond Sydney and Melbourne. In October, Brisbane (−2.0%) and Perth (−1.7%) recorded the largest monthly falls, ahead of Sydney (−1.6%).

Selling conditions have changed with it. Across the capitals, Cotality reports:

  • a median time on market of 39 days, the longest since August 2020
  • average vendor discounting of 4.7%, the largest since May 2019
  • sales over the past three months about 23% lower than a year earlier
  • more total listings than at this time of year since 2019, even though fresh listings are running almost 18% below average.

Cotality expects housing conditions to stay subdued through the rest of 2026 and into 2027.

Melbourne, Docklands and the CBD

Melbourne overall

Melbourne dwelling values eased 0.8% in October and are 7.6% lower than a year ago, with a median dwelling value of around $773,000 (Cotality Home Value Index, October 2026).

Units are holding up better than houses. Over the year to October, Melbourne unit values fell 4.8% (Cotality modelled median about $621,000), compared with an 8.9% fall for houses (about $906,000).

Closer to home, the Melbourne City area, which takes in the CBD, Docklands and Southbank, has been Melbourne’s most resilient area. Its dwelling values slipped just 0.3% over the year to October, the smallest fall of any Greater Melbourne area in Cotality’s rankings (Cotality Home Value Index, October 2026).

A note on medians: Cotality, Domain and the REIV each measure prices differently, so their medians don’t match. For example, Melbourne’s September-quarter unit median is $563,199 on Domain’s measure and $634,000 on the REIV’s. We name the source beside each figure so you can compare like with like.

Rents are still rising, though more gently. Cotality shows Melbourne unit rents up 4.6% over the year to October, and gross rental yields on Melbourne units around 5.2%. SQM Research puts Melbourne’s rental vacancy rate at 1.9% in September 2026, up from 1.8% in August, so tenants have a little more choice than they did a year ago.

Docklands and CBD snapshot

Both markets are almost entirely apartments, and there are too few house sales in either suburb for a reliable median, so we haven’t quoted one.

Units Docklands (3008) Melbourne CBD (3000) Source and period
Median unit price about $575,000 (+0.9% on the quarter) about $476,000 (+1.2% on the quarter) REIV suburb pages, current quarter (likely Sep qtr 2026), viewed 12 Nov 2026
Median weekly unit rent $700 $680 REIV, same period
Gross rental yield, units about 6.3% about 7.4% REIV, same period (metro Melbourne units: 4.8%)
Two-bedroom unit median about $621,000 about $510,000 Domain suburb profiles, last 12 months, viewed 12 Nov 2026
Average days on market, two-bedroom units 53 days 51 days Domain, last 12 months
Rental vacancy rate 2.57% 4.36% SQM Research, October 2026

A few things stand out. Yields in both suburbs sit well above the metro Melbourne average, which keeps them on investors’ radar. Two-bedroom apartments are taking around seven to eight weeks to sell on average, so patience and realistic pricing matter. Rental vacancy is higher than across Melbourne as a whole, particularly in the CBD, where SQM’s monthly figures show vacancy has tended to be highest around December and January. For landlords, that makes good presentation and sensible rent-setting over summer especially important.

Auctions

Auction clearance rates have been soft across the capitals this spring. In the week ending 8 November 2026, Melbourne’s final clearance rate was 51.7% across 594 auctions, up from 44.3% the week before but well below the 65.9% recorded a year earlier (Cotality final results, published 12 November 2026). Melbourne held 57.2% fewer auctions than in the same week last year.

One reason is a significant rule change. Since 16 October 2026, agents in Victoria must publish the seller’s reserve price, as a single dollar figure, at least seven days before an auction or fixed-date sale. A new Property Price Statement has also replaced the old Statement of Information (Consumer Affairs Victoria). Cotality links the drop in Melbourne auction numbers to these rules, as some sellers rethink how they run their campaigns.

What buyers are looking for

From the numbers above and the conversations we are having with buyers and investors, a few themes stand out:

  • Value and evidence. Buyers know they have more choice and more time. They want a price that matches recent comparable sales, and the new Property Price Statement makes those comparisons easier to see.
  • Budget-conscious borrowing. With borrowing capacity lower, many buyers are setting firm limits, so realistic pricing from day one matters more than ever.
  • Well-located, well-presented apartments. One- and two-bedroom units close to transport, the waterfront and the CBD continue to draw interest, particularly where the building is well run.
  • Investors looking at income. With Docklands unit rents around $700 a week and REIV yields of about 6.3% in Docklands and 7.4% in the CBD, investors are asking for clear rent, lease and outgoings information up front.

Summer in the city: December 2026 to February 2027

Melbourne puts on a big summer, and plenty of it is right here in Docklands, with a run of major concerts at Marvel Stadium. The rest is mostly a short tram ride or walk away. Dates below are from the official event pages. Please check closer to the day, as programs can change.

When What’s on
Now to 5 Jan 2027 Myer Christmas Windows, Bourke Street Mall. This year’s 71st windows tell a Toy Story Christmas tale, on display daily from 7 November 2026 until the evening of 5 January 2027.
November–December City of Melbourne Christmas Festival. Decorations, family activities and festive events across the city through November and December.
2 & 4 Dec 2026 Harry Styles, Marvel Stadium, Docklands (“Together, Together” tour).
8 Dec 2026 RBA cash rate decision, 2.30pm.
11 Dec 2026 Guns N’ Roses, Marvel Stadium, Docklands.
21 Dec 2026 – 27 Jan 2027 Victorian school summer holidays. Government school students return on Thursday 28 January 2027.
26–30 Dec 2026 Boxing Day Test, Australia v New Zealand, MCG. Play starts at 10.30am each day.
31 Dec 2026 New Year’s Eve. The City of Melbourne’s 2026 program had not been announced at the time of writing. Last year Docklands was one of the free family Celebration Zones. Check nye.melbourne.vic.gov.au for details.
11–31 Jan 2027 Australian Open, Melbourne Park. Opening Week runs 11–16 January, the main draw starts on 17 January, and the singles finals are on 30 and 31 January.
17 Jan – 7 Feb 2027 Midsumma Festival. Midsumma Carnival on Sunday 17 January, Pride March on Sunday 31 January and Victoria’s Pride Street Party on Sunday 7 February.
27 Jan 2027 Faith No More / System Of A Down, Marvel Stadium, Docklands.
6–7 Feb 2027 Lunar New Year. The Year of the Goat begins on Saturday 6 February 2027, and the Melbourne Chinatown Lunar New Year Festival is listed for Sunday 7 February on Little Bourke Street.
9 Feb 2027 RBA cash rate decision and Statement on Monetary Policy, 2.30pm.
10, 12 & 13 Feb 2027 BTS, Marvel Stadium, Docklands (“Arirang” world tour).
19, 20, 23 & 24 Feb 2027 Bruno Mars, Marvel Stadium, Docklands (“Romantic” tour).

For Docklands residents and sellers: Marvel Stadium says extra traffic management applies on concert nights, with Bourke Street and La Trobe Street closed after events and Harbour Esplanade used for drop-off and pick-up. Events finish before 11pm. If you’re selling or leasing nearby, it’s worth avoiding inspection times that clash with a concert.

Five tips for selling this summer

1. Plan around the holiday lull. School holidays run from 21 December to 27 January, and many buyers switch off over Christmas. If you want to sell before the break, aim to launch in early December. Otherwise, prepare over the holidays and launch from late January, when buyers return.

2. Price on evidence, not hope. With buyers watching their borrowing limits and more stock to choose from, the most reliable path to a good result is a price backed by genuine recent sales. Under Victoria’s new rules, that evidence sits in the Property Price Statement, and for auctions the reserve is published a week ahead, so set it carefully from the start.

3. Show off summer living. Long evenings suit Docklands. Make the most of balconies, water and city views, natural light and building amenities. Photos taken in the golden evening light, and inspections timed for the cooler end of the day, can help buyers picture the lifestyle.

4. Get your paperwork ready early. Have the Section 32 vendor statement, owners corporation details and any recent building or maintenance records ready before you launch. Buyers who are borrowing carefully appreciate a complete picture, and it helps keep a sale on track.

5. Make the numbers easy for investors. If your property is tenanted, or has been, set out the current rent, lease end date and outgoings clearly. Investors comparing yields across Docklands and the CBD will move faster when the figures are ready to check.

Let’s plan your summer move

Whatever this summer holds for you (selling, buying, leasing or simply checking where your property stands), we are happy to talk it through. As a Docklands-based independent agency, NDL REALTY knows these buildings, these streets and the buyers and tenants who want to live here.

Call us on 03 9670 7705, email info@ndlrealty.com.au or visit our office at 353 Docklands Drive, Docklands VIC 3008. You can also contact our team at https://www.ndlrealty.com.au/contact.

General information only. This article does not take into account your objectives, financial situation or needs and is not financial, legal, tax or investment advice. Figures are from the public sources listed below, for the periods shown, and may be revised. Past performance is not a reliable indicator of future results. Please seek independent professional advice before making property or finance decisions.

Sources

All sources accessed 12 November 2026, Australia/Melbourne.

Economy

  1. Reserve Bank of Australia, "Statement by the Monetary Policy Board: Monetary Policy Decision", media release 2026-30, 3 November 2026. https://www.rba.gov.au/media-releases/2026/mr-26-30.html (cash rate 4.85%; 6–3 vote)
  2. Reserve Bank of Australia, Cash Rate Target table, last change effective 4 November 2026. https://www.rba.gov.au/statistics/cash-rate/ (five increases in 2026; highest level since late 2008)
  3. Reserve Bank of Australia, Board Meeting Schedules 2026 and 2027. https://www.rba.gov.au/schedules-events/board-meeting-schedules.html (meetings 7–8 Dec 2026 and 8–9 Feb 2027; decisions are announced at 2.30pm on the second day)
  4. Australian Bureau of Statistics, "CPI rose 4.3% in the year to September 2026", released 28 October 2026. https://www.abs.gov.au/media-centre/media-releases/cpi-rose-43-year-september-2026 (CPI 4.3%; trimmed mean 3.6%)
  5. Australian Bureau of Statistics, Labour Force, Australia, September 2026, released 15 October 2026. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release (unemployment 4.7%; employment −39,300; next release 19 Nov 2026)
  6. ACT Treasury, CPI summary for September 2026 (lists the next ABS CPI release as 25 November 2026). https://www.treasury.act.gov.au/__data/assets/pdf_file/0009/399978/CPI.pdf
  7. Westpac IQ, "Consumer sentiment sinks to new low", Westpac–Melbourne Institute Consumer Sentiment, November 2026 (released 10 November 2026). https://www.westpaciq.com.au/economics/2026/11/consumer-sentiment-november-2026 (78.2, from 80.4)

Housing market

  1. Cotality, "Housing markets set to weaken further as RBA hikes again in November", press release, 3 November 2026. https://www.cotality.com/au/press-releases/housing-markets-set-to-weaken-further-as-rba-hikes-again-in-november (repayments about $600/month higher; borrowing capacity about $88,000 or 12% lower)
  2. Cotality, "Housing downturn broadens as Brisbane and Perth lead the decline", Home Value Index for October 2026, published 2 November 2026. https://www.cotality.com/au/insights/articles/housing-downturn-broadens-as-brisbane-and-perth-lead-the-decline (national −1.2%; 6.7% below March peak; capitals −8.1% in seven months; city monthly changes; 39 days on market; 4.7% vendor discount; sales −23%; listings; outlook)
  3. Cotality Home Value Index, November 2026 report (results to 31 October 2026), PDF. https://discover.cotality.com/hubfs/COTALITY%20HVI%20NOV%202026%20FINAL.pdf (national −2.8% over the year; Melbourne −0.8% month, −7.6% year, median $773,027; houses −8.9%, $906,067; units −4.8%, $620,996; unit gross yield 5.2%; unit rents +4.6%; Melbourne City SA3 −0.3%, the smallest fall in Greater Melbourne)
  4. Domain, House Price Report, September quarter 2026. https://www.domain.com.au/research/house-price-report/september-2026/ (Melbourne unit median $563,199)
  5. Real Estate Institute of Victoria, September quarter 2026 media release, 11 October 2026. https://reiv.com.au/our-industry/news/regional-victoria-leads-property-growth-as-more-affordable-homes-outperform (metro Melbourne unit median $634,000)
  6. SQM Research, "National Vacancy Rate Rises to 1.4%", September 2026 data, released 13 October 2026. https://sqmresearch.com.au/uploads/13-10-26-National-Vacancy-Rates-September-2026-2042.pdf (Melbourne vacancy 1.9%, from 1.8%)

Docklands and CBD

  1. Real Estate Institute of Victoria, Docklands 3008 suburb insights, current-quarter data, viewed 12 November 2026. https://reiv.com.au/market-insights/suburb/docklands (unit median $575k, +0.9% quarter; unit rent $700/week; yield 6.3%)
  2. Real Estate Institute of Victoria, Melbourne 3000 suburb insights, current-quarter data, viewed 12 November 2026. https://reiv.com.au/market-insights/suburb/melbourne (unit median $476k, +1.2% quarter; unit rent $680/week; yield 7.4%)
  3. Domain, Docklands VIC 3008 suburb profile, last 12 months, viewed 12 November 2026. https://www.domain.com.au/suburb-profile/docklands-vic-3008 (2-bed unit median $620.89k; 53 average days on market; too few house sales for a median)
  4. Domain, Melbourne VIC 3000 suburb profile, last 12 months, viewed 12 November 2026. https://www.domain.com.au/suburb-profile/melbourne-vic-3000 (2-bed unit median $510k; 51 average days on market; too few house sales for a median)
  5. SQM Research, residential vacancy rates by postcode, October 2026, viewed 12 November 2026. https://sqmresearch.com.au/property/vacancy-rates?postcode=3008 (Docklands 2.57%) and https://sqmresearch.com.au/property/vacancy-rates?postcode=3000 (Melbourne CBD 4.36%)

Auctions and selling rules

  1. Cotality, "Final Clearance Rates – week ending 8 November 2026", published 12 November 2026. https://www.cotality.com/au/press-releases/final-clearance-rates-week-ending-8-november-2026 (Melbourne final 51.7% across 594 auctions; 44.3% the previous week; 65.9% a year earlier; volumes 57.2% lower year on year)
  2. Consumer Affairs Victoria, "New changes to property sales and underquoting laws", last updated 22 October 2026. https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/new-changes-to-property-sales-and-underquoting-laws (reserve price published 7 days ahead for auctions and fixed-date sales from 16 Oct 2026; Property Price Statement)

Events

  1. Myer, "Myer collaborates with Disney and Pixar to bring Toy Story to its 71st Christmas Windows", media release, 6 November 2026. https://investor.myer.com.au/FormBuilder/_Resource/_module/8Ui4A1yDKkySwNHUlaYfCQ/file/Media_releases/Myer_71st_Christmas_Windows_Media_Release.pdf (7 Nov 2026 to the evening of 5 Jan 2027)
  2. City of Melbourne, Christmas Festival page, viewed 12 November 2026. https://www.melbourne.vic.gov.au/christmas-festival (November and December program)
  3. Marvel Stadium, "Local Community Information | Special Events", viewed 12 November 2026. https://www.marvelstadium.com.au/local-community-information-special-events (Harry Styles 2 & 4 Dec 2026; Guns N' Roses 11 Dec 2026; Faith No More / System Of A Down 27 Jan 2027; BTS 10, 12 & 13 Feb 2027; Bruno Mars 19, 20, 23 & 24 Feb 2027; traffic and noise arrangements)
  4. Victorian Government, "School term dates and holidays in Victoria". https://www.vic.gov.au/school-term-dates-and-holidays-victoria (holidays 21 Dec 2026 – 27 Jan 2027; students return 28 Jan 2027)
  5. Melbourne Cricket Ground, "International cricket schedule confirmed for 2026/27", March 2026. https://www.mcg.org.au/news/2026/march/international-cricket-schedule-confirmed-for-202627 (Boxing Day Test v New Zealand, 26–30 Dec 2026, 10.30am)
  6. City of Melbourne, Melbourne New Year's Eve site, viewed 12 November 2026 (2026 program not yet published), and the 2025 Docklands Celebration Zone page. https://nye.melbourne.vic.gov.au/ and https://nye.melbourne.vic.gov.au/celebration-zone/docklands/
  7. Tennis Australia, "Australian Open 2027 dates announced", 23 March 2026. https://ausopen.com/articles/news/australian-open-2027-dates-announced (11–31 Jan 2027; Opening Week 11–16 Jan; main draw from 17 Jan; finals 30–31 Jan)
  8. Midsumma Festival, "Midsumma Festival Dates", viewed 12 November 2026. https://www.midsumma.org.au/info/midsumma-festival-dates/ (17 Jan – 7 Feb 2027; Carnival 17 Jan; Pride March 31 Jan; Pride Street Party 7 Feb)
  9. City of Melbourne, What's On Melbourne, "Melbourne's best Lunar New Year events". https://whatson.melbourne.vic.gov.au/article/melbournes-lunar-new-year-festival-events (Year of the Goat begins 6 Feb 2027)
  10. Melbourne Chinese Lunar New Year Festival guide (organised by the Melbourne Chinatown Business Association), viewed 12 November 2026. https://melbournelunarnewyear.com.au/ (Chinatown festival Sunday 7 Feb 2027, 10am–9pm)

NDL REALTY

  1. NDL REALTY contact page, viewed 12 November 2026. https://www.ndlrealty.com.au/contact (353 Docklands Drive, Docklands VIC 3008; info@ndlrealty.com.au; 03 9670 7705)