A historic home in the suburb of Surrey Hills in Melbourne's east has flown $412,000 above expectations after a competitive auction on Saturday morning.
Four bidders fought tooth and nail to secure the three-bedroom house with original art deco touches at 221 Prospect Hill Road, which sold for the first time in 35 years for an impressive $2.012m in front of a crowd of about 85 onlookers.
The auction opened up with a strong $1.55m offer, before a young couple offered $1.65m - at which point the property was called onto the market.
A third bidder jumped in at the $1.74m mark and a fourth at $1.88m, before it eventually sold to the young couple who placed the second bid after a total of 36 offers.
The strong competition led to the owners receiving a tidy $412,000 bonus on their $1.6m reserve.
Heavyside Boroondara director and auctioneer Tim Heavyside said the new owners planned to renovate and extend the circa 1930s home.
"The vendors and ourselves think it was an incredible outcome," Mr Heavyside noted.
The weatherboard property was being sold for the first time since 1989 and presented a great opportunity for improvements with plenty of period character and a spacious back yard.
Mr Heavyside added that it was popular among families due to its proximity to coveted local schools including Canterbury Primary, Sienna College and Camberwell High.
It was one of 1330 homes scheduled to go under the hammer in Melbourne this week - the same volume as last week but slightly fewer auctions than the 1410 seen this time last year.
The city saw a preliminary clearance rate of 65.9 per cent, according to CoreLogic, in a slight drop from last week's early clearance rate of 66.5 per cent.
1950's pad notched $1.425m sale in Niddrie
Meanwhile in the northwest, another three-bedroom home in Niddrie sold for $1.425m under the hammer.
Three buyers competed for the 47 Jackson Street property on Saturday in front of a crowd of about 40 people.
A total of nine bids were placed including the opening offer of $1.35m, when the home was also placed on the market. Two buyers vied for the keys until a third bidder jumped in with an offer of $1.415m and eventually won the auction.
The 1950's cottage was in well-maintained original condition, positioned on a spacious 652sq m block close to public transport options and the local restaurant and shopping precinct, making it a popular choice for inner-city buyers.
Barry Plant Essendon agent Walter Mahch helmed the sale.
It was one of a total of 2968 auctions on the cards in capital cities across the country this week, compared to 2848 last week and 29990 at the same time last year, according to CoreLogic.
Tough sellers market in Sydney's Hills district
In Sydney, there was a noticeable uptick in auction volume with 1186 properties scheduled to go under the hammer this week compared to 1062 last week and 1063 this week last year.
Among them was a three-bedroom freestanding brick villa in the outer northwest suburb of Oatlands, which soared $132,000 above its reserve of $970,000 to sell for $1.102m.
A young couple looking for their first home won the keys to the 14/6A Ingleby Street property after a bidding war between them and three other buyers, including one downsizer who was "battling it out".
"The market is tougher with the amount of stock (available)," Ray White Baulkham Hills agent Brandon Hay said. "It's harder to hold onto buyers, especially in the Hills because there is a lot of stock out there."
Manor Baulkham Hills agent Declan Morris echoed this sentiment after sharing that there were about 270 properties open for inspection in the Hills district over the weekend - a 20 per cent rise on last week's numbers.
"There's good demand for the right pricing, but I don't think this is the market you'll see people selling well over reserve," Mr Morris said. "Lots of people are selling so buyers have a lot of choice at their fingertips."
In saying that, Mr Morris and Manor director Igor Jugovic notched a strong result nearby at 42 Gooden Drive, Baulkam Hills on Saturday morning.
The four-bedroom house has been preserved since the '80s and boasts a grand entry foyer with soaring ceilings.
It was popular among young families moving into the area due to its proximity to nearby Matthew Pearce Primary and Model Farms High School.
Seven buyers - including one bidding online from overseas - went up against each other at the auction, which kicked off with an offer of $1.8m.
It was called on the market after a bid of $1.988m, before selling under the hammer for $1.995m.
"There was good competitive bidding and a decent crowd with a few neighbours," Mr Morris added.
According to CoreLogic reports, Sydney recorded a preliminary auction clearance rate of 66.3 per cent, down just 1.9 percentage points from last week's early clearance rate of 68.2 per cent.
The combined preliminary clearance rate for capital cities across the nation was 65.9 per cent - a minor increase from last week's preliminary figure of 65.8 per cent.
Approximately 2550 homes are currently scheduled to go under the hammer across all capital cities next week.
