Melbourne Real Estate Market Thrives with Competitive Auctions
The Melbourne auction market showed resilience this past weekend, with standout results that reflect strong buyer interest and fierce competition. Among the highlights, a first-home buyer secured a renovated Thornbury unit in less than a minute of aggressive bidding.
Thornbury Unit Fetches $1.04 Million in Quick Auction
A spirited auction for a two-bedroom unit at 1/79 Fyffe Street, Thornbury, saw the property sell for $1,040,000—$110,000 above its reserve price of $930,000. Selling agent Luke Brizzi from McGrath Northcote described the auction as “strong and quick.”
Originally guided at $840,000 to $880,000, the auction opened at $825,000. With a bold bid of $930,000, the property was swiftly declared on the market, and smaller increments led to its final sale. The home, situated on a 230 sqm allotment, attracted four active bidders out of the six originally registered—two dropped out the night before the auction. A key appeal was the rare land size for a villa in the Thornbury area.
“It’s hard to find a villa with a piece of land,” Brizzi stated, highlighting the property’s unique offering. He also noted high demand in the area, saying, “It’s very competitive, and property is selling really fast, which is making it hard to replenish stock.”
Richmond Victorian Renovation Sells for $2.3 Million
Richmond also saw a significant sale, with a beautifully renovated four-bedroom Victorian at 1 Montgomery Street fetching $2.3 million. The auction, attended by a crowd of about 60, began in the middle of its price guide at $1.9 million and exceeded its reserve of $1,965,000.
Elliot Gill from Jellis Craig Richmond remarked on the appeal of the property’s architectural design and dual frontages, the latter featuring secure off-street parking. “People loved the clever design and how well it was finished,” Gill observed. The property ultimately went to parents buying for their son, prevailing over underbidders purchasing their first home.
Affordable Cheltenham Estate Draws Young Buyers
In Cheltenham, a ready-to-move-in deceased estate at 4/69-79 Cavanagh Street sold for $551,000 under competitive bidding. This two-bedroom, street-front apartment with parquetry flooring and a fenced yard had a price guide of $420,000 to $460,000 and a reserve of $460,000.
Angela Limanis from Ray White The Bayside Group noted strong interest from young singles and couples, particularly women. “Interestingly, most of the people who came through the opens and the bidders today were young females,” Limanis shared.
The winning bidder, a younger female buyer, joined the auction late, guided over the phone by her father. Limanis also highlighted the enduring popularity of the Bayside area, with consistent attendance at open houses and two to four active bidders per auction on average.
Market Insights and Future Predictions
According to Diaswati Mardiasmo, chief economist at PRD, Melbourne’s real estate market remains stable despite a recent rate cut by the Reserve Bank. “Given the rate cut was only a few days ago, and some banks have been slower in passing it on, it hasn’t translated into the market yet,” Mardiasmo explained.
However, she predicts heightened demand in the coming weeks once the rate cut’s effects materialize. “In a fortnight, I think the clearance rate will be higher with more demand and more competitive bidding, especially from first-home buyers,” Mardiasmo added.
Overall, Melbourne’s auction scene remains robust, with properties across diverse price points continuing to attract buyers eager to enter or upgrade within the competitive market.
