Investor walks away with just over half a million dollars at auction

Rain fell in steady sheets as the crowd squeezed into the lounge of 50 Saffron Street, In Newtown where the mood was far warmer than the weather. Three bidders came ready to compete, their brollies left at the door, and the pace quickened from the first call.

The opening offer of $900k set a confident tone, the increments climbing in measured bursts of $25k, $15k and $5k. Each rise drew murmurs of approval from the twenty-strong crowd, who watched the contest narrow to a determined family and one resolute underbidder.

When the final bid of $967k landed, the family's quiet nod sealed it. The room broke into applause as the auctioneer's voice rang clear above the rain. For them, it marked the start of life in a tightly held pocket known for its schools, access to Pakington Street and the easy rhythm of its community.

Listing agent Marcus Falconer of Jellis Craig said the result reflected both value and emotion. The vendor, an investor who had held the property since 2011 when it was purchased for $465k, was delighted with the outcome.

With its fresh finishes, open flow, and leafy courtyards, the home's appeal was immediate. For the new owners, the day's downpour may have blurred the view, but the promise of a bright future was clear.

Bids climbed in close quarters

Rain may have pushed bidders inside at a beachside suburb of Carrum, but the weather did nothing to dampen spirits at 3/29 Church Road, where twenty people filled the living area and five bidders jostled for a piece of coastal lifestyle.

Bidding opened at $900k and rose in steady bursts of $20k, $10k and $5k. Between the tension came moments of laughter, as the intimate crowd watched each tactical move play out.

In the end, a downsizer went head-to-head with a pair of first home buyers before claiming victory at $975k.

Ray White listing agent Shane O'Sughrue called it "an absolute cracker of an auction", noting the upbeat mood inside despite the rain. "It was nice and intimate," he said. "Everyone was engaged and really enjoying the moment."

The vendors, two local teachers who built their lives in Carrum, have already purchased a nearby block to create their next family home.

According to Cotality, Melbourne led the national rebound, with its preliminary clearance rate jumping 6.7 percentage points to 72.8 percent, up from 66.0 percent last week. The city hosted 1,432 auctions, almost triple the number held a week earlier when the Melbourne Cup Carnival briefly paused the spring selling season.

Terrace tested in the sun yields 200 percent profit for investors

Under the weight of Sydney's heat, eight bidders gathered at 8 Angel Street, Newtown, for the sale of a distinctive one-bedroom terrace where charm met inner-city appeal. From its quiet position near the pulse of King Street, the home drew four active bidders into a brisk and unpredictable exchange.

Opening at $1.35 million, bids jumped in erratic jolts of ten, fifty and twenty thousand before tightening as the field narrowed to two determined couples. As the rhythm quickened, each bid sliced closer to the end, rising in smaller bursts until a final five thousand sealed the $1.6 million result.

Prestige agent Rami Abdallah said the auction was driven by genuine interest and strong confidence in the area. "It was a good auction with solid buyers, and the auctioneer, James Hurley, did an outstanding job, as usual," said Abdallah.

The winning buyers, a couple who outlasted the underbidders' persistence, secured the home after a gripping final exchange. The vendors, who purchased the property in 2003 for $541,000, had rented it for years before cashing in on a decades-long investment.

Sydney's preliminary clearance rate eased to 70.0 percent this week, edging down from 70.6 percent the week before. Cotality reports a total of 1,198 homes went to auction, marking the city's busiest week since mid-April, just before Easter.