Carlton North Terrace Home Raises $1.4M Ahead of Interest Rate Decision

He said the reserve was about $1.38 million to $1.4 million.

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“[It’s a] pretty typical experience, I think the prices quoted are where things are,” said Roberts.

He thought the impact of interest rates had not yet trickled in and said the market was “very price sensitive, but still good”.

“Sellers sell and do well and market things,” he said. “It’s about getting the price right.”

In Maribyrnong, a three-bedroom house at the park was also sold close to price expectations and brought in $1,015 million. This was just above the top of the $900,000 to $990,000 price guide.

Most of the interested buyers were young families, but a middle-aged couple won the competitive auction for 1 Nayook Lane, said Quentin Hinrichs of Biggin & Scott Maribyrnong, beating three others.

It had fluctuating reserve, but the sellers were hoping for about $1 million, he said.

“[The market is] definitely down, way down, where it wasn’t that long ago, price wise,’ he said.

Not all homes are sold under the hammer. A block in Brighton overlooking the water received a $5 million offer from a seller.

The wooden house at Esplanade 50 was marketed as an opportunity for the buyer to build a dream home on the 903 square meter plot.

Will Maxted of Kay & Burton Bayside Brighton said he was in negotiations with a number of parties after the auction and his phone has since stopped pinging potential buyers wanting to talk.

“They’re just a little shy about raising their hands, they want to negotiate after that,” he said.

A more affordable four-bedroom home in Frankston North rose above the reserve price, trading for $712,000 in front of a crowd of more than 90 spectators.

One investor surpassed another investor and two owner-occupiers for 5 Blackbutt Courts, exceeding the $500,000 reserve and $500,000 to $550,000 price guide.

Bidding started at the bottom of the price guide and moved up in $10,000 increments, narrowing down to $500 bids by the end, Mark Burke of OBrien Real Estate Frankston said.

He said it was on a large 837-square-foot block, but not all homes in this market could achieve a similar result.

“I’m a bit more picky about what I auction, but if you get the right property, you can auction it,” he said.

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“Buyers are looking for better value for money and better value for money – that certainly has an effect on prices.”

In Glen Waverley, a three bedroom villa at 1/743 High Street Road sold for $836,000.

One investor defeated three other parties and pushed the price above the $800,000 reserve.

“It wasn’t a bad auction, there were quite a few people here, which was a bit of a surprise to us for a property on the main road,” said Tony Ievoli of Barry Plant Monash.

“Some of the other properties we’ve auctioned lately have a lot less buyers and a lot less activity.”

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