Victorian auctions deliver million-dollar sales and shocks

From multimillion-dollar mansions to rural bolters, Victorians went all-in as auctions delivered shock results across the state.

From Port Melbourne’s bayside prestige to a country town of just 300 people, Victorians were bidding big as auctions delivered surprise results across the state.

Melbourne notched a 75.4 per cent clearance rate from 678 reported auctions, with several prestige homes selling for more than $3.7m.

The standout was 75 Bridge St, Port Melbourne, which fetched $4.51m, followed by 6 Grange Ave, Canterbury ($4.45m), 10 Howard St, Glen Iris ($4.18m), 1 Bona Vista Ave, Surrey Hills ($3.815m) and 46 Pleasant Rd, Hawthorn East ($3.775m).
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Ray White Victoria chief auctioneer Jeremy Tyrrell said buyers weren’t deterred by finals footy.

“Auctions were also taking centre stage as volume began to build amidst a highly active buying market,” Mr Tyrrell said.

“Mr Tyrell said regional demand was also strong, citing Goorambat, a rural town north of Benalla with a population of about 300.

Ray White chief auctioneer Jeremy Tyrrell says auctions are thriving despite finals footy fever.

A four-bedroom brick home on 1.3ha at 4 Park St, Goorambat there sold under the hammer for $460,000 after five bidders competed.

“The winning bidder, Chrissy, was a first-time auction participant and couldn’t believe her luck,” he said.

“As a retiree moving from Euroa, she’s excited to join the small community with her husband and their three horses.”

Prestige homes led the charge as Melbourne’s spring auctions kicked into gear but auctions in regional Victoria also went off this weekend with 4 Park St, Goorambat snagging $460,000 at auction.

Jellis Craig Moonee Valley director Christian Lonzi says most vendors are listing later, with October and November set to surge.

Jellis Craig Moonee Valley director Christian Lonzi said despite strong competition and activity around Melbourne many sellers had been slower than usual to prepare for the season.

“Ideally, sellers should’ve been ready in June or July,” Mr Lonzi said.

“Instead, the bulk of listings will come later — October into November — pushing into summer.”

Port Melbourne’s 75 Bridge St topped weekend results, selling for $4.51m.

Blue-chip Canterbury cracked $4.45m with the sale of 6 Grange Ave.

Mr Lonzi added that interest rate cuts could reshape the market.

“A cut would fuel demand, no question,” he said.

“Buyers respond positively to rate cuts. But it would also encourage more sellers to list, so the effect may balance out.”

“If the year wraps up solidly in November and December, it sets us up for a strong 2026. Between potential rate drops and Melbourne’s relative affordability compared to other capitals, there’s plenty of upside.”

PropTrack economist Anne Flaherty warns rising inflation may delay any rate cuts until November.

10 Howard St, Glen Iris, sold under the hammer for $4.18m.

PropTrack senior economist Anne Flaherty said July’s inflation data had tempered expectations of an early cut.

“The unexpectedly high CPI rise does provide cause for concern,” Ms Flaherty said.

“The data essentially rules out a cut before November.”

Despite the economic backdrop with Melbourne’s market is heading into its busiest stretch.

Surrey Hills prestige was on show as 1 Bona Vista Ave fetched $3.815m.

Hawthorn East’s 46 Pleasant Rd added to the multimillion-dollar auction tally at $3.775m.

Next weekend 1324 auctions are scheduled, down 8 per cent year-on-year, but still pointing to fierce competition as spring progresses.

Mr Tyrrell said the appetite from both city and regional buyers underlined auctions’ resilience.

“We’ve had strong competition right across the state, from multimillion-dollar inner-city sales to regional homes with lifestyle appeal,” he said.

“What’s clear is that auctions are working anytime, anywhere.”

More than 1300 auctions are scheduled across Melbourne next week, setting up another fierce weekend of bidding.

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david.bonaddio@news.com.au

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