"Everyone's really determined to buy." Art Deco dream earns big for 91-year-old seller

A tightly held cul-de-sac position and enduring period appeal set the tone at 40 Ellerslie Place, Toorak, where around 70 onlookers gathered in Melbourne's east to watch a competitive auction unfold. "We started the bidding at $1.6 million," said Marshall White agent Dean Gilbert. "Four bidders took it to $2.011 million."

Gilbert said the 1940s art deco residence attracted a broad buyer pool spanning first home buyers through to established upsizers.

Early bids were assertive, with initial $50,000 rises before the contest tightened. "It moved furiously," Gilbert said. "Then it got into tens and ones, with three people essentially fighting it out at the end."

As the pace slowed, the field narrowed to two committed parties, each testing their limit in smaller increments before a local couple ultimately secured the keys. "They're a lovely mature couple," Gilbert said. "They're coming from Glen Iris as more of a sideways move."

The vendor, a 91-year-old grammar school headmaster who purchased the home in 2012 for $807,500, will enjoy a 150 per cent profit, reflective of the market demand during inventory shortages.

"Inflation's been the biggest issue over the past few years, but buyers have largely factored it in," Gilbert noted. "It's not having the same impact on decision-making as it once did."

Despite broader economic uncertainty, sentiment on the ground remained steady. "Everyone's really determined to buy," Gilbert said. "People are taking a long-term view, they're not focused on the short-term situation."

He noted buyers remain disciplined, but not deterred. "Everyone's got their limit at the moment," he said. "They've done their education, but the demand is still there."

Melbourne hosted the most auctions this week, according to Cotality, with 1,413 homes taken to market, the highest volume so far this year. The number of auctions was 6.2 per cent higher than a week ago and 15.6 per cent above levels at the same time last year. The preliminary clearance rate came in at 64.2 per cent, which was 2.7 percentage points lower than last week's preliminary clearance rate and the weakest since the week ending April 20 last year (impacted by the Easter long weekend).

Three bidders push period home to $1.995 million

A strong crowd of 40 gathered at 292 Enmore Road, Marrickville, where five bidders competed for the elevated Victorian in Sydney's inner west, underscoring continued demand for character homes on the Enmore fringe. BresicWhitney's Nick Playfair said "people want to see fair value, and are willing to pay for it," and this corner abode proved it.

Opening at $1.8 million, the auction quickly found momentum via three active bidders who drove the contest forward. "It didn't really slow until the $1.9 million mark," Playfair said. "From there it tapered into more strategic bidding."

The home's corner position and abundant natural light, paired with its flexible four-bedroom layout and preserved period detail, proved a compelling combination for buyers seeking both lifestyle and long-term upside. Ornate ceilings, polished timber floors and a private, sunlit rear yard added to the appeal, particularly for families looking to upsize within the area.

As the bidding narrowed, a young local family, previously living in a nearby apartment, emerged as the successful buyers, securing the property for $1.995 million.

The sale exemplifies a market still shaped by constrained supply, although conditions may be shifting.

"Supply has been a problem for four or five years," Playfair said. "But I've noticed a little more coming through lately, which is a good sign."

He added that limited stock has been a key factor in affordability pressures. "The lack of supply has been one of the biggest issues," he said, "and that's really what's driven competition like we saw here."

Sydney hosted 1,008 auctions this week, 2.4 per cent more than last week and 24.4 per cent higher than the same week last year, reports Cotality. A total of 60.8 per cent of auctions have reported a positive result based on results collected so far, down 4.3 percentage points on the week prior and the lowest early result since mid-December last year, when the preliminary clearance rate fell to 58.1 per cent.

Full circle moment for betrothed buyers and sellers

The auction at 101 Weller Street drew a healthy crowd of about 30 who filled the footpath well before the first call.

The home had been a popular entry point for buyers chasing the Geelong West lifestyle and that interest translated into a confident contest.

Two potential buyers squared up early, setting the tone for a tight and steady run to the finish.

Bidding opened at $670,000 and moved in sharp ten and five thousand-dollar jumps.

Jellis Craig listing agent Marcus Falconer said the auctioneer worked the rhythm cleanly before the hammer fell at $715,000 to a Melbourne couple who tied the knot just two weeks ago and were buying their first home.

The result carried a neat twist for the sellers who had also bought the property as newlyweds seventeen years ago for $355,000.

"They were really excited for the young couple," Falconer said. They will now take their profit and start a new chapter in Adelaide.

Falconer added that Geelong remains a wonderful story and a genuine hotspot on the national map.

He notes strong activity from first home buyers and a rising number of investors looking to diversify.

"Buyers continue to move to the area for the lifestyle that Geelong offers and the market is holding firm," he said.