First-Home Buyers Secure Victory in Emotional Highett Auction
First-home buyers outmaneuvered their friends to claim a $1.15 million weatherboard home in Highett after a tense auction at 9 Albert Street. The young couple underbidders pushed the price $100,000 above the $1,050,000 reserve, surpassing the guide of $960,000 to $1,050,000 for the three-bedroom, double-storey townhouse.
The unexpected rivalry ended on a heartfelt note, with the underbidders embracing the winners as the hammer fell. Auctioneer Ben Quigley of Woodards Bentleigh noted, “They didn’t know they were on the same property.” Despite the competition, the friends offered congratulations. “They wished them all the best,” Quigley added. “So that was very touching.”
Two other interested parties had signaled intent beforehand, but the contest boiled down to the first-home buyers, supported by one father’s presence, and the underbidders, aided by a buyers’ advocate. Bidding started with a vendor bid of $960,000, rising in $10,000 increments. Quigley described the post-auction celebrations as “a great family event.” He had sold the property to the vendors 20 years earlier.
Glenroy Auction Shifts to Private Negotiation
In Glenroy, agent Abdullah El Hosari of Ray White Glenroy pivoted from a public auction to private talks for 1/7 Gladstone Parade, a modern two-bedroom townhouse. Only one first-home buyer registered and attended, despite expectations of more. “We were expecting two more but unfortunately, they dropped out due to other options in the market,” El Hosari explained.
Neighbours watched from the street as the deal closed indoors at $533,000, $3000 over the $530,000 reserve and above the $490,000 to $530,000 guide. Positioned at the front of a seven-unit complex, the property’s $4600 annual body corporate fees posed a challenge. “We’re seeing a lot of first-time buyers being a little bit cautious in terms of purchasing anything with outgoing fees,” El Hosari said. The buyer, from Epping, sought proximity to the city. “The affordability in Glenroy, as opposed to what you can purchase in other suburbs for the same price, makes it a no brainer,” he added.
Frankston Villa Sparks Competitive Bidding
First-home buyers edged out an investor to purchase a tidy three-bedroom villa at 59A Orwil Street in Frankston for $646,000. The property on a dual subdivision offered house-like space with apartment flexibility, agent George Devic of Ray White Frankston observed. Five bidders joined, including three first-home buyers, the investor, and a young family.
“It offered its own grounds and title with the flexibility for rejuvenation,” Devic said. Bidding opened at the $550,000 to $590,000 guide and hit the $580,000 reserve amid fierce competition. Three bidders dropped at $617,000, leaving the final duo exchanging $1000 bids. The buyers hail from Vermont. “We are seeing a lot of out of area purchasers moving in,” Devic noted. Properties up to $950,000—the cap for the Australian Government’s 5% Deposit Scheme—remain hot. “We are seeing some mums and dads helping them beyond that if required,” he added.
Melbourne Market Shows Signs of Cooling
Of 1324 scheduled auctions across Melbourne last weekend, Domain Group reported a preliminary 61% clearance rate from 979 results by Saturday evening, with 122 withdrawals counted as unsold—down from 65% at the same stage last year.
AMP chief economist Shane Oliver anticipates a final rate in the high 50s, signaling a softening market amid global concerns. “The events in the Middle East have added caution because there’s worries about more inflation and interest rate hikes,” Oliver stated. “A clearance rate in the high-50s, historically, is consistent with flat house prices in Melbourne. Melbourne started off the year okay, and then it seems to have progressively slowed.”
