Family drops $5.2 million on 120-year-old Canterbury home

“The style and the architecture was really popular,” Dixon said. “It was built in 1903, so it was a classic old home and everyone just loved the feel of it. It had a bit of an opportunity to open it up a bit.”

Top-end buyer’s agent Mal James said there had been an increasing number of “volcano” auctions – with four or more bidders – such as Wentworth Avenue of late.

“Sellers have now been educated to the market being weaker,” he said. “It doesn’t mean the prices are up there where they were 18 months ago. They are back on the way up.”

He said the Boroondara market was “on fire”, although homes needing renovations were less sought-after.

The auction was one of 733 scheduled across Melbourne on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 73.7 per cent from 582 reported results, while 43 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Coburg, a three-bedroom home sold to a professional couple for $1.35 million in another competitive auction.

Barry Plant auctioneer and listing agent Lucas De Bartolo said the low level of available listings caused both the buyer and underbidder on 88a Reynard Street to stretch their budgets.

“The buyer said there was nothing else on the market, so we really had to stretch for this one,” he said. “It was a professional couple; no kids yet, but they were future-proofing.”

Bidding opened at $1.18 million, within the quoted price guide of $1.1 million to $1.2 million.

Loading

De Bartolo said three bidders pushed the price up in $10,000 increments early on, but eventually came down to $1000 bids at the “business end” of the auction.

De Bartolo said the home’s thoughtful renovation had been a big drawcard.

“It’s really unique,” he said. “The vendor’s been there for 17 years, so it was all her style through it. People either loved it or hated it, but, all in all, it was really well received.”

One popular feature were the lead-light windows, which were fixed over regular double-glazed panes with magnets.

“Every inch of the floor plan was utilised really well and well thought out,” De Bartolo said.

He said supply issues were continuing to drive strong auction performance.

PRD chief economist Dr Diaswati Mardiasmo said Melbourne’s clearance rate was much higher than a year ago and Melbourne house prices had started to edge higher.

“This is the start of confidence returning, particularly after 11 cash rate hikes,” she said.

“[About] 74 per cent is the start of a recovery journey for Melbourne, and particularly in the current climate with the cost of living and everyone being a little bit unsure where that’s going to end up.”

With Elizabeth Redman