The Monash Property Brief: 28 June 2026 Edition
Monash’s property market shows signs of strain as cautious buyers and softer auction conditions begin reshaping the municipality’s residential landscape.
The City of Monash property market has closed out another week with encouraging signs of resilience, despite broader indicators suggesting Melbourne’s housing market is entering a more measured phase.
While activity remains steady across the municipality, the market at large is no longer being driven by urgency alone. Instead, buyers are demonstrating greater discipline, placing an increased premium on quality homes, established locations and realistic pricing. The result is a market that continues to perform well, albeit with a noticeably sharper distinction between premium offerings and average stock.
This week’s collection of sales illustrates that Monash remains one of Melbourne’s most resilient residential markets. Strong family homes on generous allotments continue to attract competition, while well positioned townhouses and apartments are providing valuable opportunities for first home buyers, downsizers and investors alike.
This Week’s Snapshot
Ten confirmed residential sales across the City of Monash for the week to 28 June 2026, drawn from listed sales records for the period shown.
Auction Report:
From prestige to established family living, this week's Monash Property Brief examines two notable sales, a luxury residence in Glen Waverley and an impeccably presented home in Mulgrave's coveted Waverley Park Estate, offering insight into buyer demand across two very different market segments.
Property #1 - 8 Melrose Court, Glen Waverley, Vic 3150
Auction - 1:00pm, Sunday 28 June 2026 (Presented by Jellis Craig Glen Waverley)
Source: Jellis Craig Glen Waverley (REA Group)
Glen Waverley has long established itself as one of Melbourne’s premier prestige residential markets, underpinned by a concentration of architecturally designed homes, access to leading independent schools, vibrant retail precincts and exceptional transport connectivity. It is a location that has consistently attracted affluent owner occupiers seeking premium family accommodation, while also remaining a favoured destination for luxury residential developers.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
This weekend, one such residence was offered to the market by Jellis Craig Glen Waverley under the direction of lead listing agent Lily Chen. Beautifully presented throughout, the newly completed five bedroom, five bathroom residence, complete with a double garage and wine cellar, represented the calibre of property synonymous with Glen Waverley’s upper echelon.
Auction proceedings commenced just after midday, with the listing agency leaving little to chance in its campaign execution. A strong auction day presentation, complemented by hospitality for attendees, reflected a well resourced marketing strategy aimed at maximising buyer engagement despite increasingly challenging market conditions.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
The property was marketed with a quoted range of $2.80 million to $3.08 million. While buyer attendance was encouraging and several parties appeared to be closely observing proceedings, it became evident prior to the auction that converting interest into competitive bidding would prove difficult. The agency had indicated to the Monash Herald that the campaign was likely to culminate in post auction negotiations rather than an under the hammer sale. Those expectations quickly materialised.
Despite repeated invitations from the auctioneer, no opening bid was forthcoming. A vendor bid of $2.88 million was subsequently placed to commence proceedings, with bidding increments of $50,000 sought. Describing the audience as “a very tough crowd”, the auctioneer worked diligently to encourage participation, however buyer caution remained evident.
After several minutes without a response, a second vendor bid of $2.95 million was entered in an attempt to maintain momentum. The absence of any genuine bidder participation at this stage was particularly noteworthy. While prestige homes typically experience longer selling campaigns than mainstream residential stock, the need for successive vendor bids within the quoted price range illustrates the increasingly selective nature of today’s luxury buyer.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
Proceedings were temporarily adjourned to allow further consultation with the vendor before the auction resumed. Upon returning, the auctioneer acknowledged that the campaign had not yet reached the vendor’s reserve expectations, remarking that “we are not quite where we need to be”, before making one final appeal for buyer participation.
With no further bids forthcoming, the property was formally passed in at $2.95 million, leaving all interested parties eligible to enter post-auction negotiations.
Property #2 - 14 Stadium Circuit, Mulgrave, VIC 3170
Auction - 12:00pm, Saturday 27 June 2026 (Presented by Jellis Craig Glen Waverely)
Source: Jellis Craig Glen Waverley (REA Group)
The Waverley Park Estate has become one of Monash’s most recognised residential communities. Built on the former home of the Hawthorn Football Club, the estate has matured into a tightly held neighbourhood renowned for its modern homes, landscaped streets and family-oriented lifestyle. Its proximity to leading independent schools including Caulfield Grammar and Wesley College continues to underpin strong owner occupier demand.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
This contemporary four bedroom, two bathroom family home was presented by Jellis Craig Glen Waverley, under the direction of lead listing agent Tori Liu, and was offered for auction on Saturday afternoon before a healthy crowd despite the cold winter conditions.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
With an advertised price guide of $1.10 million to $1.20 million, bidding opened confidently at $1.10 million, immediately meeting the lower end of the quoted range. From there, however, momentum slowed considerably.
Seeking to encourage further competition, the auctioneer called for $20,000 advances, but no additional bids were forthcoming. After a lengthy pause, a vendor bid of $1.14 million was entered in an attempt to reignite proceedings. Even then, the opening bidder declined to compete against the vendor, leaving the auction at a standstill.
Authorised G Rajapakshe | Monash Herald (Photographed By: Izy Rajapakshe)
Following further discussions with the owners, the property was not declared on the market despite bidding having entered the advertised range. The original bidder subsequently returned with an improved offer of $1.15 million, requesting exclusive negotiation rights should the property be passed in.
A final vendor bid lifted proceedings to $1.18 million, where the property was ultimately passed in for post-auction negotiations.