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April 27, 2026 \u2014 11:24am<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n Save this article for later<\/p>\n Add articles to your saved list and come back to them anytime.<\/p>\n Got it<\/p>\n AAA<\/p>\n A family home in Reservoir in original condition on \u201ca massive block\u201d sold to a first home buyer for $900,500 at auction on Saturday, just $500 above its reserve.<\/p>\n The three-bedroom, south-facing brick house at 22 Merrilands Road<\/a> was on a 888-square-metre block, a short walk from Keon Park train station. It had a price guide of $850,000 to $915,000.<\/p>\n Selling agent Keb Nguyen from Ray White Reservoir said the home sold for less than he expected.<\/p>\n \u201cThe reserve was $900,000,\u201d he said. \u201cWe\u2019d thought we\u2019d get a bit more.\u201d<\/p>\n The auction opened at $800,000, with four active bidders up to the $830,0000-mark, when two dropped out.<\/p>\n \u201cThe property was declared on the market at $900,000, and then there was one more bid of $500, and that was it,\u201d Nguyen said.<\/p>\n He said while the property was dated, its large land size caught the eye of investors.<\/p>\n \u201cMany people saw the potential of the massive block and the home that could be renovated or expanded,\u201d Nguyen said.<\/p>\n Related Article Ultimately, a first home buyer with plans to use the property as an investment was successful.<\/p>\n \u201cHe is looking at what he needs to do to secure the grant and the deposit scheme, so he might have to move in for a bit before it can be used as an investment,\u201d Nguyen said.<\/p>\n The sellers, also investors, previously bought the property from Nguyen in 2022.<\/p>\n \u201cI think they may have lost money,\u201d he said. \u201cI sold it to them \u2026 for $860,000 plus tax.\u201d<\/p>\n Stamp duty payable on the purchase would likely have been just under $47,000.<\/p>\n The property was one of 246 scheduled auctions in Melbourne<\/a> last week. By Saturday evening, Domain Group had recorded a preliminary auction clearance rate of 56 per cent<\/a> from 151 reported results, while 22 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n In Wollert, a two-bedroom house near powerlines sold at auction for $518,500, nearly $80,000 over its reserve, in a runaway auction.<\/p>\n 1 Frisby Street<\/a> was listed with a price guide of $400,000 to $440,000 and had a reserve of $440,000.<\/p>\n Related Article Selling agent Hayden Assaad from Ray White Wollert said he was \u201cextremely surprised\u201d by the result.<\/p>\n \u201cTo be honest, we were not expecting to get that price whatsoever,\u201d he said.<\/p>\n \u201cBeing so close to the power lines, and with an electrical box behind it, I didn\u2019t expect this result, but the person who wanted it was out for it the whole way.\u201d<\/p>\n Four bidders took part in the auction, among them a first home buyer and an investor.<\/p>\n \u201cThe investor ultimately purchased the home with a final bid of $500, after the first home buyer dropped out at $518,000,\u201d Assaad said.<\/p>\n The property was a \u201crelatively new\u201d two-storey home purchased by the vendor as a first home, he said. Records show it last sold in 2016 for $160,000.<\/p>\n \u201c[The vendor] looked after it really well, and I think that was one of the biggest draw cards: it was well presented and cared for,\u201d he said.<\/p>\n In Glen Waverley, a \u201cunit the size of a house\u201d sold at auction for $1.365 million.<\/p>\n 1\/18 Harvie Street<\/a> had a price guide of $1.2 million to $1.3 million, with a reserve of $1.3 million.<\/p>\n Grace Rodrigues from BigginScott Glen Waverley said there were four registered bidders but \u201conly two really got into it\u201d.<\/p>\n \u201cIt opened with a bid of $1.2 million,\u201d she said. \u201cBut the second bid of $1.3 million meant that the other two were priced out.\u201d<\/p>\n The following 10 minutes came down to a fight between a family aiming to secure a home in the Glen Waverley school zone and a downsizer, who was ultimately successful.<\/p>\n \u201cThe dad really wanted it. He had tears in his eyes when he didn\u2019t get it,\u201d Rodrigues said.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/7c2898d65cbc4fd86e478f300b83685f9c4750d0.jpeg\")
The 888-square-metre land was a drawcard for buyers.Ray White Reservoir<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/1777261993_22_1a34c731ce669d213408c705a6bf195979737b79.jpeg\")
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