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Key points

• A three-bedroom Cheltenham house sold for $1,505,000. 
• A two-bedroom townhouse in North Melbourne sold for $1.35 million. 
• There were 643 auctions scheduled for Saturday. 

Property listings

A three-bedroom Cheltenham house proved popular at auction on Saturday morning, when it attracted six buyers and more than 30 bids in a fierce contest for ownership.

The renovated house at 50 Evesham Road sold for $155,000 more than its reserve price in front of a large crowd of buyers and neighbours.

Bidding opened at $1.3 million, in the middle of the quoted price range of $1.25 million to $1.35 million. The opening bidder was soon out of the running, however, as the price quickly soared past the top of the range and its reserve price.

The contest came down to two bidders, with a local buyer making the winning bid of $1,505,000, knocking out his competition with a final $4500 increase.

Vendors Ellika and John Jackman were over the moon with the price.

“We thought we could comfortably get $1.3 million, anything higher would have been a bonus” Ellika said.

Oscar, Elika, John and Otto Jackman, after the successful auction.Credit: Justin McManus

“To hit $1.5 million was incredible,” John added.

The couple renovated the home five years ago, and rebuilt the back end of the house to feature large living areas, both indoor and out.

The family are upgrading to a larger house in the area to accommodate their family and hobbies.

John said they had not been concerned by rate rises or fear the property market could weaken.

Dylan Jamsma auctioned the property. Credit: Justin McManus

“I think the Reserve Bank interest rates have made a few people keep their hands in their pockets, but in those nicer areas where people want to live – I think people are still prepared to pay,” he said.

Ray White listing agent Trevor Bowen said buyers in his area had become used to rate rises.

“It’s the new normal. Everyone knew that the rates would go up. They couldn’t stay at record lows forever,” he said. “It’s like when COVID hit, the sky was falling in, and then it became everyone’s normal.

“The first few interest rate rises were terrible, but now it’s everyone’s normal.”

The property was one of 643 Melbourne homes scheduled for auction on Saturday.

In North Melbourne, a two-bedroom townhouse sold in another competitive auction.

Unit 1 at 41 Leveson Street was built in 2020, and had been rented out by the vendor since they purchased it for $1.24 million.

Nelson Alexander agent Charlie Barham listed the home for sale with a price guide of $1.2 to $1.3 million.

The auction opened at the bottom of the range and three buyers, all owner occupiers, made offers.

Bidders pushed the price up by $10,000 for most of the auction, and the home was announced on the market at $1.29 million. The new owner landed the final bid of $1.35 million and secured the sale.

Barham said the auction market in the inner city was still strong.

“The shortage of stock at the moment certainly means that when something that is of a good quality comes on, there are plenty of buyers out there looking for something like that,” he said. “Quality properties that are ready to live in, move straight in to and are well located are still sought after.”

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