Three bidders, one family, $3 million hammer fall

Three bidders competed for 188 Burke Road, Glen Iris, with the 1,356 square-metre property ultimately selling under the hammer for an even $3 million. After some short and sharp bidding, the action immediately brought the campaign close to its reserve, before steady increments from the trio lifted the price. In the end, a young family emerged successful.

"We opened at a strong $2.8 million and had solid bidding until the hammer fell," Abercromby agent Jack Richardson said. "It's always good to see an owner-occupier win the bidding."

Mr Richardson said the result reflects a broader trend in Melbourne's inner-east. "I'm seeing more permanent home buyers than investors right now," he said. While the property offered scale and future scope, buyer caution around renovations remains a factor. "A key consideration for many buyers is turnkey properties," Mr Richardson explained. "Cash flow is tight, and they're reluctant to buy something requiring work. But deals are still being done. In fact, buyers will pay premium prices for turnkey homes. They're not worried about rate rises."

Vendor sentiment is more mixed, with some hesitant to sell unless there's urgency. "Some owners are concerned about buyers' borrowing power, which could impact sales," Richardson said.

Melbourne remains the auction volume epicentre, with 1,395 homes taken to auction this week, according to Cotality, a solid 67 per cent jump on the volume of auctions a week ago. Scheduled auctions are even higher next week, with around 1,660 homes set to go under the hammer before dropping to around 530 the week after due to the Labour Day public holiday. Melbourne's preliminary clearance rate reduced to 68.1 per cent this week, down from 70.6 per cent the week prior.

Woohoo! for Woolloomooloo. Historic 'Oasis' apartment thrills first home buyer.

Sydney's iconic 'Oasis' building at 8/150 Forbes Street, Woolloomooloo, attracted solid attention, with 50 groups inspecting the apartment during the campaign and three registered bidders attending on auction day, in front of an intimate crowd of 30.

BresicWhitney agent Nuri Shik described the atmosphere as "a relaxed and happy auction with no stalls," despite a short wait for the auctioneer to arrive.

Bidding opened at $700,000 and quickly moved in $10,000 increments, gradually slowing to $1,000 and $5,000 as the price climbed. A final winning bid of $789,000 secured the keys for a local first home buyer, a young man with his father by his side.

Mr Shik noted, "If people want a home bad enough, they don't care about interest rates. They bid emotionally, while investors are more concerned and will only bid to certain limits based on potential returns." Mr Shik said the result reflects the seasonal rhythm of Sydney's market. "February and March are traditionally a great time to sell," he noted. "People are keen to get out in the nice weather and buy in the new year."

The loft-style apartment, with its high ceilings, polished concrete floors and open-plan living, continues to showcase the enduring appeal of warehouse conversions. Close to the harbour, village amenities, and the CBD, properties like 8/150 Forbes Street illustrate how architectural character and lifestyle convenience can drive strong buyer engagement, particularly from owner-occupiers seeking a first foothold in the city.

Nine hundred and ninety-seven auctions were held in Sydney this week, a 29 per cent rise from the week prior, says Cotality. The preliminary clearance rate is trending lower, reducing to 67.1 per cent this week, down from 70.1 per cent a week ago and 79.6 per cent two weeks ago.

Interstate investor calls in single bid to claim Hamlyn Heights prize

Geelong's Hamlyn Heights continues to attract strong attention from buyers seeking both potential and position, and 22 June Avenue was no exception. Around 50 groups inspected the property during the campaign, with an intimate crowd of neighbours on auction day.

Three registered bidders had been set to compete, but two withdrew shortly before proceedings, leaving a single determined participant to secure the property. The winning bid of $840,000 came from a Sydney-based investor bidding over the phone, taking the property well above its 2017 purchase price of $526,000.

Buxton agent Nicholas Allison said the vendor was delighted with the result. Mr Allison also said that, although the market is improving, it remains somewhat unpredictable. "The market is flaky right now, bidders pulling out and agents pushing sales over auctions," he said. "Lots of investors are making agents gun-shy to go auction. But I'm expecting everyone to get back into the mix in the new year."

Set on 776 square metres of prime north-facing land with two street frontages, the solid brick home offers scope for extension, redevelopment or building a dream home or unit complex (STCA). Saturday's outcome underscores the ongoing appeal of tightly held Hamlyn Heights properties, where potential, position and timing continue to drive decisive bidding, even when market conditions cause a few nerves along the way.