Design-led competition not a facade

Tucked just off Bridge Road, 4 Little Kent Street, Richmond attracted more than 110 inspection groups in a short pre-Easter campaign, translating into a crowd of 60 people on auction day as four bidders stepped forward from an opening call of $1.32 million. The momentum reflected what RT Edgar agent Nick Walker described as solid early-year conditions, explaining that enquiry levels had been consistently healthy while available stock remained only moderate.

Steady $20,000 increments carried bidding to $1.48 million where the property was declared on the market, before an undisclosed final price saw a local investor secure the keys. The vendor, an owner-occupier family who purchased in 2018 for $1.080 million, will buy again locally, reinforcing the area's pull for established residents as much as newcomers. Mr Walker described conditions as measured but active, saying, "The market is responsive right now. If it behaves with more confidence, we should see more new builds."

He also said buyer interest is holding firm, despite recent rate movement, noting there had been no noticeable drop-off in engagement following the increase. "House-hunters are no longer waiting for perfect financial conditions," he said, "instead choosing to move ahead with decisions now, rather than sit on the sidelines for rates to settle."

The inner Melbourne result reflected a campaign built on volume rather than spectacle, where consistent interest translated into competitive participation and a decisive close under the hammer.

There were 868 auctions held in Melbourne, according to Cotality, representing a 38 per cent lift in activity compared with last week. The preliminary clearance rate edged higher, reaching 70.6 per cent, marking the first time Melbourne's early clearance rate has surpassed the 70 per cent mark since mid-November last year.

Sophisticated Victorian garners one million dollar return

A modest crowd, largely made up of neighbours, set a measured tone for 14 Day Street's auction in Marrickville's exclusive Warren Estate. Four active bidders opened at $2.07 million, with the reserve met by the third bid, signalling decisive interest despite a quieter turnout.

The winning bidders, a young south Sydney couple, bided their time before striking with a final offer of $2.42 million. The vendors, who purchased the Victorian freestanding home in 2020 for $1.4 million, were ecstatic with the outcome and plan to upsize in the Northern Beaches.

Listing agent Michael White said, "The market remains cautious, but there is interest in A-grade properties such as this." He added, "It's a hot climate up to the $1.5 million mark due to the government grant. But things thin out closer to the $3 million mark."

The property itself charmed with ornate bay windows, high ceilings and polished timber floors, complemented by a covered entertainer's deck and private garden.

For buyers navigating the current market, the result proves the importance of patience. With a clear strategy even in sought-after pockets, cautious bidding can deliver a strong return.

Cotality says that Sydney recorded a 29.5 per cent increase in the number of auctions held this week compared with last week, with 70.1 per cent of auctions reporting a successful result so far, a sharp drop from the 79.6 per cent result recorded a week ago (revised down to 70.8 per cent on final numbers).

You can still buy a home for under $500k in this suburb

A stylish, well-maintained home on a sprawling 836sqm block at 41 Tait Crescent, Warrnambool captured strong interest at auction, proving irresistible to first home buyers and investors alike.

Ray White agent Jamie Bamford said, "There's a real urgency for this mid-range prize bracket," as the 35-minute auction unfolded with three bidders cautiously testing the waters. Opening at $300,000, bidding crept steadily to $440,000 before a brief pause. The property then reached $450,000, and after further negotiation, it ultimately sold for $480,000, giving a local buyer a rare sub-$500,000 entry into the market.

The vendor, an owner-occupier who purchased the property in 2017 for $240,000, effectively doubled their investment. Mr Bamford added, "For homes over $1 million, I haven't seen as much of an influx. In fact, it seems people are having to sell their existing homes in order to buy. Investors from Melbourne who are coming to regional Victoria are driving the market."

Inside, the home offers a move-in ready experience rarely seen at this price point. A bright, open-plan living and modern kitchen area is complemented by built-in heating and ceiling fan, while three generous bedrooms, including a master with built-in robes, ensure family comfort. The renovated bathroom and spacious laundry maximize functionality.

Melbourne investors are increasingly turning to regional Victoria, adding fuel to the market and creating a rare mix of pressure and opportunity for local first home buyers. Homes like 41 Tait Crescent show just how much demand can drive value, and how quickly the dynamics of regional auctions can shift when the right property comes along.