First-home buyers triumph in a "buoyant market" as unit sells for $925k

A peaceful single-level home in one of Brighton East's leafiest pockets attracted solid interest throughout its campaign, with 55 groups inspecting the street-front residence at 25A Milroy St, in Melbourne's southeast ahead of auction.

"We saw lots of first home buyers coming through," said Nick Johnstone Real Estate agent Jonty Wells, noting a growing trend in the market. "We're also seeing a lot of parents helping their kids buy their first property to help them secure a foothold in the market."

On auction day, three bidders fronted up, "two young couples and one downsizer," Wells said, all keen to secure a home that blends spacious living with a low-maintenance garden setting just moments from Landcox Park.

Bidding kicked off firmly at $820,000, which Wells noted was around the midpoint of the quoted range of $800,000-$875,000. From there it rose in $5,000 and $1,000 bids as competition tightened. After a patient but steady exchange, the hammer eventually fell at $925,000, well beyond the price guide.

The winning bidders were a young local couple, first home buyers attending their very first auction.

"They were renting in the area," said Wells, adding that the result reflected the renewed motivation among entry-level buyers. "I think buyers are feeling if they don't secure a home now, they may miss out and not see this kind of opportunity for a while. So there's strong intent to buy at the moment, much more urgency."

The vendors were local investors who had rented the property out for the past two decades. Ahead of selling, they made some minor cosmetic updates, though Wells said the real attraction was accessibility in the current market.

"The appeal was the price point," he explained. "We're seeing huge uptake of units and townhouses under the $1million mark due to the First Home Owners Grant."

After what had been a quieter winter period, Wells said confidence has returned with force in Spring. "The market is really buoyant right now, much more than it was a couple of months ago."

Investor snaps up charming period gem in competitive auction in Geelong West

A meticulously maintained period home at 16 Preston St, Geelong West drew steady interest throughout its campaign, with 23 groups viewing the property. "The sentiment was the same with all of them," said McGrath listing agent David Cortous. "They loved the location, the north-facing orientation and that it was so cute."

When the home went under the hammer, three bidders rose to the occasion, kicking off with an opening bid of $740,000. That was quickly followed by "a pair of $20k and $10k bids," as competition intensified among local and out-of-area buyers.

The hammer eventually fell at $810,000, with the winning bid placed by a local investor. "The investor recognised it was a good price point for something this close to the bay," Cortous said, adding that the value proposition was clear for buyers seeking long-term growth.

He also noted a growing trend among interstate buyers. "It seems a lot of NSW investors are making their way down here, hedging their bets that the Victorian market will come strong, especially in the west."

Set on a generous 432sqm and beautifully presented with three bedrooms, updated interiors and a spacious north-facing yard, the home gained strong traction for lifestyle seekers, downsizers and investors alike who saw the potential to secure a slice of character living in one of the region's most tightly held locations.

Melbourne saw 1,383 auctions this week, down 4.7% on the previous week. According to Cotality, volumes are expected to bounce back, with roughly 1,550 homes scheduled to go under the hammer next week. The preliminary clearance rate slipped to 69.7%, the weakest result since Melbourne Cup Racing Carnival week.

Record-breaking luxury build commands $7.25 million in Sydney's Upper North Shore

Buyers were captivated well before auction day with an extraordinary 240 groups through an extended campaign at 68 Beaumont Road, Killara, in Sydney's Upper North Shore.

"This was a new build, and with the influx of new builds in the area, we wanted to give the campaign enough time for people to see it properly," said Di Jones agent Ben Coventry.

Set on 1100sqm with soaring six-metre ceilings, imported materials and a level of craftsmanship rarely seen even in the Upper North Shore, the property stood apart in the marketplace.

"It was an incredible build in a tough location," Coventry said. "But with the quality and attention to detail the owners dedicated to this build, there really weren't any comps to speak of. I may be biased, but honestly, I've never seen a build of this calibre. It kind of created its own category."

With a price guide of $6.3 million to $6.9 million, auction day drew three active family bidders.

Competition opened at $6.4 million, with $100,000 rises taking the field to $7.1 million before the increments tapered to $50,000. A local family, upsizing from Chatswood, ultimately prevailed with their bid of $7.25 million, a price well above the published guide.

Coventry said the level of engagement reflects the strength of the current top-end market. "It's a really stable market. There are so many new builds at the moment with so much to choose from," he said.

Sydney recorded 1,136 auctions this week, down 7.9% from the previous week, according to Cotality. The preliminary clearance rate softened to 68.5%, a 3.3-point decline and the lowest early result in four weeks.