Ascot Vale, a four-bedroom house at 177 Maribyrnong Road, sold under the hammer to a downsizer, who made a final offer of $5,000.
They beat three young families in an auction that started with a bid of $1.175 million — the bottom of the price guide’s $1.175 million to $1.275 million.
The bidding quickly reached $1.29 million and it sold for $1,295 million.
Nelson Alexander Flemington partner and auctioneer Jayson Watts said buyers were overcoming the shock of the rate hike, with Melbourne’s market returning to normal after being disrupted by COVID-19 lockdowns in 2020 and 2021.
“Melbourne generally appears to be returning to a normal market with lower inventory levels in July. For the first time in two years, people are seizing the opportunity to travel from Victoria to Europe, Bali or America during the school holidays,” said Watts.
A three-bedroom refurbisher in Frankston North was sold under the hammer to investors for $534,000, in the middle of the $489,000 to $587,000 price guide.
They were one of three bidders in the auction, at 9 Candlebark Crescent, while others in the crowd were the first home buyers.
OBrien Real Estate Frankston salesman Mark Burke said there was a crowd of nearly 60 people in the property, despite some major work being required.
“It was in pretty bad shape,” Burke said.
The buyers, a young couple, added their real estate portfolio and planned to refurbish the property and rent it out, he said.
Closer to town, in Malvern, a four-bedroom house at 123 Stanhope Street, which was once two apartments, was passed to a lone bidder for a bid of $3.125 million.
They made the offer after an opening bid of $3.1 million. The house was put up for sale privately on Saturday afternoon with an asking price of $3,485 million, while agents negotiated with the bidder.
Marshall White Stonnington’s director and auctioneer Justin Long said agents hoped the family home would be sold after negotiations.
In Aspendale, a couple who bought their home in 2020 during the first lockdowns sold it under the hammer for $1,501 million. Records show that they paid $1.12 million two years ago.
The three-bedroom house at 21 Mount View Street attracted five bidders. A local family, who lived just a few blocks away, won.
Ray White Carnegie salesman Jin Ling said the couple planned to extend the mid-century style home, but the added cost of building materials and a new baby made them change their mind.
Bidding on the property opened at $1.2 million – above the low price range of $1.19 million to $1.29 million.
“Aspendale is very popular, especially with local buyers. Through this campaign, we had more than 100 groups attending the open day for inspections and about 90 percent of them were local residents,” he said.
He said that despite the news of the downturn, buyers were still in the market for the right properties.
The Morning Edition newsletter is our guide to the most important and interesting stories, analysis and insights of the day. Register here†