3 bedroom inner city Edwardian sells for $1.6 million; Oceanfront paradise in Coogee pulls $4.7 million

Recently released figures from Cotality (formerly CoreLogic) had predicted a 32 per cent rise in capital city auction activity.

This proved true, with a surge last week following the May interest rate cut, with capital city auction volumes jumping 40.8 per cent to 2512 — the highest since before Easter. The preliminary clearance rate rose to 71.3 per cent, the second-highest early result of 2024, echoing February’s post-cut rebound.

Melbourne led the way with 1263 auctions and a preliminary clearance rate of 73.7 per cent, marking four consecutive weeks above 70 per cent. Sydney recorded 814 auctions — the most in 10 weeks — and a strong rebound in its clearance rate to 72.2 per cent, up from 65.2 per cent a week earlier.

Among smaller capitals, Brisbane hosted 201 auctions but saw a softer clearance rate of 58.5 per cent, while Adelaide outperformed with 74.6 per cent from 120 auctions.

The trend points to growing confidence, with around 2750 auctions scheduled for this week as momentum builds in the post-rate cut market.

Edwardian charmer in Prahran smashes reserve with competitive bidding

The recent uptick in buyer confidence was on full display at 28 Larnook Street, Prahran, where a character-rich Edwardian home soared past expectations to sell for $1.63 million, nearly 12 per cent above the $1.45m reserve. Sold by Will Bennison of Jellis Craig, the three-bedroom, one-bathroom residence drew strong interest from buyers seeking a balance of timeless elegance and future potential.

Elevated above a leafy street and surrounded by period homes, this solid brick Edwardian blends original charm with modern comfort. Period details like 3.3m ceilings, timber fretwork, and a trio of original fireplaces add character throughout, while the open-plan living area with cathedral ceiling and granite Smeg kitchen cater to today’s lifestyle. A private paved courtyard and low-maintenance layout completed the appeal.

“After 60 groups came through inspections, there was good competitive bidding and a sense of excitement in the air,” Bennison said.

Bought by an investor through a buyer’s advocate, the home — last sold in 2012 for $907,500 — highlights continued demand for properties offering a blend of restoration potential and livability. With a premium position near The King David School, Lumley Gardens, High Street cafes and both Toorak and Armadale stations, 28 Larnook Street was always going to attract attention, but its final result firmly underscores the heat returning to Melbourne’s inner-suburban market.

Inner Melbourne was not alone in piquing buyer interest over the weekend. Down the southwestern coast of Victoria, 60 Ryot St, Warrnambool, an exquisitely renovated 1800’s stone cottage sold for $1.2m.

Ray White agent Fergus Torpy said the transformation of the cottage was its biggest highlight. “In addition to its central location, the spectacular contemporary extension to the back of the house was truly unique to Warrnambool and the main appeal of the property,” Torpy said.

With both capital cities enjoying bloated buying interest, Sydney saw even sharper growth last week. The Emerald City hosted 803 auctions, a dramatic 44.7 per cent rise from the 555 auctions held the previous week. It also represents a modest increase from the 767 auctions hosted during the same time in 2024, suggesting robust interest from both vendors and buyers.

Oceanfront paradise in Coogee pulls $4.7 million.

One crowd favourite in the eastern suburbs of Sydney was an oceanfront apartment overlooking Gordons Bay. It garnered a 34 per cent increase on its $3.5m reserve, with one bidder taking the keys for $4.7m. Tucked away in a prized coastal enclave with an easy stroll across marine parkland to the north end of Coogee Beach, 1/5-7 Major St. is a stunner.

“The word ‘unique’ is a bit overused in real estate,” Belle Property agent Daniel Gillespi said. “But this particular property is incredible. It has nothing in front of it apart from Gordon Bay with perfect northeast positioning, so that was a huge highlight for the 130 groups that came through.”

Bathed in sunlight, the three bedroom waterfront apartment is set in a boutique security block of 14 and delivers house-like proportions, over 130sqm of internal space and a deep entertainer’s balcony. Every room reveals tranquil water views akin to yacht-like views. “I think this is one of those properties that sits outside the bubble of the market,” Gillespi said. “It’s a type of property that irrespective of interest rates or which government is in office, it stands on its own, and it ultimately got what it’s worth.”