Latecomer first home buyers spend $1.47m on Olympian’s home at marathon auction

The property, near Darebin Creek Trail, Reservoir train station, and schools, attracted two bidders.

Anthony Lapadula from Woodards Preston and Reservoir said the couple “came from Northcote to Reservoir looking for value, a great location, space, while still feeling that sense of inner-city living”.

They outbid an interstate buyer from Adelaide in a fast-paced auction. Opening at $1 million, bidding moved quickly in $20,000 increments before the final bid secured the home, causing the winning buyers to jump and clap in excitement.

Lapadula did not comment on the reserve but said buyer sentiment had improved recently since the cash rate has reduced. “Since the past couple of weeks, sentiment has definitely changed … there’s definitely been a big change in confidence and inquiries. People are just wanting to buy.”

Meanwhile, in Bentleigh East, a three-bedroom home sold for $926,500, nearly $100,000 above its reserve.

The single-level unit at 2/16 McGuinness Road went under the hammer in front of a crowd, with four registered bidders on Saturday. It was listed with a guide of $790,000 to $850,000.

The winners, a couple with two kids upsizing from Hughesdale, secured the property after a 45-minute bidding war, with $1000 and $500 increments dominating the final stretch.

Selling agent Jayden Irving from Ray White Oakleigh would not confirm the precise reserve, saying only that the sale price was nearly $100,000 higher, but said the “renovator’s delight” was desirable because of its proximity to Chadstone Shopping Centre and local schools, with 90 groups inspecting it before auction day.

“It needed a lot of work. So it was one of those units where the floor plan flowed really well and buyers could put their own touch on it,” he said.

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Irving also noted increased competition in the area, especially from first home buyers. “In the last 45 days, confidence has definitely increased. Last year, we had about five to 10 groups at open homes; now, it’s 15 to 20.”

Domain’s chief of research and economics, Dr Nicola Powell, said the lower volume of auctions due to the long weekend helped boost the clearance rate, and Melbourne’s auction market had improved compared to last year.

“Buyers are spurred by two prominent things … the value that’s been created over time, because we know it’s a market that’s underperformed … and the fact that we’ve seen the cash rate being reduced,” Powell said.

“It gets to a point where prices have stagnated for such a long period in Melbourne that buyers start to see value and want to benefit off it before prices rise again.”