Two-bedroom properties were in demand across Melbourne on the weekend, as bidders desperately tried to come out on top at auction.
Terraces and townhouses in the city’s inner suburbs had their prices pushed well above reserve during some intense competition.
A Victorian cottage at 9 Primrose St in Prahran sold almost $200,000 above reserve, with seven bidders vying for the keys.
The Property Bureau director Alastair Mairs, said the $1.295 million sale was a “clear indication that buyers are back and the lack of quality stock on the market is leading to fierce competition on auction day”.
“There was a mix of home buyers and investors bidding, an opening bid was quickly replaced by a bid of $1 million and the property was declared on the market at 1.2 million,” Mr Mairs said.
“Vendors should take note and seriously consider an early spring sale to capitalise on the obvious pent up demand.”
There was also some serious competition for 8 Ivy St in Brunswick, which was located in a quiet cul-de-sac.
Wakelin Property Advisory director Jarrod McCabe said many buyers didn’t even get a chance to bid after three bidders quickly pushed the price to $1.208 million, more than $200,000 above the price guide.
He also witnessed a dramatic auction for 107 Turner St in Abbotsford.
“After three bidders pushed the price for the elegant double-fronted home to $1.396m, just shy of the top of the $1.4m quote, all seemed done and dusted, especially after the auctioneer Simon Shrimpton painstakingly checked in with the two underbidders to see if they were all done,” Mr McCabe said.
“But just after his gavel finally hit his hand, a fresh $1000 arrived from the new party. Unfortunately Mr Shrimpton made it clear he had no choice but to reject her tardy bid.”
A young couple also secured a Richmond townhouse in the same complex they’ve been renting in.
Full Circle Advocates director Robert German said the buyers battled against five other groups who bid for the two-bedroom home at 6/22 Buckingham St.
He said it was a strong result for the area, as the property sold $45,000 above reserve for $765,000.
Another promising preliminary clearance rate of 73.3 per cent was recorded from 427 results on Saturday, CoreLogic shows. The final figures have hovered at about 70 per cent throughout winter.
Three of the city’s top five sales last week were scored under the hammer.