UPDATE: A downsizer has successfully purchased a two-bedroom villa in Cheltenham, paying $887,000 at auction today. The property, located at 5 Haughton Street, was listed with a price guide of $780,000 to $830,000 and drew competitive bidding despite initial slow activity.
The auction kicked off just after 11:00 AM local time, with bidding starting at $750,000. According to Ivan Blow from Buxton Real Estate Bentleigh, two buyers fiercely contested the home, while a third potential buyer was unable to place a bid. “The market is improving, particularly at the upper end,” Blow stated, noting that low supply is driving demand.
The auction occurred amidst a backdrop of 95 auctions scheduled across Melbourne today, coinciding with the AFL Grand Final weekend, a period typically characterized by fewer listings. Another notable sale took place in Avondale Heights, where a small two-bedroom house sold for $865,000 to a first home buyer, attracting four bidders.
The Avondale Heights property, located at 84 Thompson Street, was originally quoted at a price range of $725,000 to $770,000. Seller agent Mark Giardina described the auction as “competitive from the moment it started,” with bidding commencing at $700,000. Giardina highlighted the appeal of the freestanding home, which had been renovated and stood on its own title, making it a unique opportunity for buyers.
The current market dynamics indicate that many sellers are holding off on listings as Melbourne’s property market begins to trend upwards again this year, following a period of stagnation. Buyers are also motivated by the upcoming expansion of the federal government’s First Home Guarantee scheme, which allows first-time buyers to secure homes with a low 5 percent deposit.
As the demand for housing intensifies, potential buyers are advised to act quickly. The ongoing competitive environment in the property market suggests that homes are likely to continue selling for above expected prices, especially in sought-after areas like Cheltenham and Avondale Heights.
What to watch next: Keep an eye on upcoming auction results as the Melbourne market heats up, with more properties expected to come onto the market in the weeks ahead. With the landscape shifting rapidly, both buyers and sellers will be keenly watching for trends that could affect future sales.
