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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A Californian bungalow in a coveted Malvern street sold for $2.66 million at auction on Saturday, with the buyer planning to tear it down to build her \u201cdream home\u201d.<\/p>\n The well-maintained three-bedroom house at 32 Jordan Street<\/a> is on a 576-square-metre block and features original Baltic pine floors, front verandah and classically landscaped gardens, all walking distance to Tooronga Road shops, Harold Holt Swim Centre and High Street.<\/p>\n It had a price guide of $2.2 million to $2.4 million, and a reserve of $2.35 million. The house was sold as part of a deceased estate.<\/p>\n The property was one of 692 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain Group had recorded a preliminary auction clearance rate of 55 per cent from 464 reported results throughout the week, while 94 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n After last week\u2019s preliminary clearance rate almost hit the 60 per cent threshold that indicates a balanced market, this week\u2019s results suggest the market continues to favour buyers, despite a shortage of supply in the traditionally quieter winter months. The clearance rate was 72 per cent this time last year.<\/p>\n Related Article Ray White Ashburton agent Max Hedley said bidding for Jordan Street opened at $2.2 million, with four bidders competing. Two main bidders traded $50,000 increments throughout, sending the eventual price more than $300,000 above the reserve.<\/p>\n \u201cIt was unexpected,\u201d Hedley said. \u201cIt just kept going.\u201d<\/p>\n He believed that while the market for homes over $2 million had slowed<\/a>, the scarcity of original Malvern properties had led to a \u201csurprising\u201d result.<\/p>\n \u201cIn those … streets in Malvern, there\u2019s not a lot of properties left like that,\u201d he said.<\/p>\n The property was advertised with an artist\u2019s impression of a potential renovation \u2013 subject to council approval \u2013 and Hedley said the buyer, who lived in nearby Caulfield East, had purchased to \u201ctake it down and rebuild\u201d.<\/p>\n \u201cIt just showcases the fact that the heart is still beating for the right properties,\u201d Hedley said.<\/p>\n In Yarraville, a freestanding two-bedroom Victorian passed in on a single vendor bid of $950,000, despite a campaign with \u201ca lot of love\u201d for the home.<\/p>\n Nestled in the Yarraville village, a \u201cshort stroll\u201d to shops and the historic Sun Theatre, 16 Norfolk Street<\/a> features a north-facing yard, modern updates and had a price guide of $950,000 to $1 million, with a reserve of $1.05 million.<\/p>\n There is no legal requirement for a vendor\u2019s reserve to be in line with their property\u2019s price guide.<\/p>\n While updated, Compton Green agent Dee Gibson said the vendors had preserved much of the original Victorian features, including its pressed iron ornamentation.<\/p>\n \u201cIt\u2019s quite a quaint, beautifully styled home,\u201d she said.<\/p>\n Gibson said the auction opened with a vendor bid of $950,000 and passed in without either of two previously interested parties putting their hand up.<\/p>\n Related Article \u201cIt seems typical of the market at the moment,\u201d she said, noting the sale would now convert to private treaty.<\/p>\n She thought it was in a difficult spot for the current market, but was sure it would find the right buyer.<\/p>\n \u201cThe first home buying market is still strong,\u201d she said. \u201cWhen we get to the $1 million mark … that\u2019s where there\u2019s that stretch. Can buyers go the extra mile for something a bit better? That\u2019s the question.\u201d<\/p>\n In Port Melbourne, a two-bedroom modern townhouse sold in post-auction negotiations for $1.14 million to a \u201cseasoned purchaser and seller\u201d who beat an eager but nervous first home buyer.<\/p>\n Split across two levels, 6\/97-101 Cruikshank Street<\/a> features light-filled rooms, a red-brick facade and large balcony, and is a short walk to Port Melbourne beach and Gasworks Arts Precinct. It had a price guide of $1.1 million to $1.2 million and a reserve of $1.14 million.<\/p>\n Buxton Port Phillip agent Nancy Yang said the opening $1 million bid came from the first home buyer \u2013 the first bid of his home-buying journey.<\/p>\n From there, the two bidders went back and forth, with $5000 bids from the first home buyer and larger $10,000 and $20,000 bids from the more \u201cseasoned\u201d eventual buyer. The home passed in at $1.12 million, after the first home buyer hit the top of his budget, selling in post-auction negotiations.<\/p>\n Yang said the buyer lived with her parents while saving to make her next move, and would be sharing the home with her dog, using the second bedroom to work from home.<\/p>\n The home had been an investment property \u201cfor many years\u201d, but Yang said the vendors were selling following state and federal tax changes.<\/p>\n \u201cThe market\u2019s not down,\u201d she said, noting that renters were getting a better opportunity to buy after an \u201cexponential\u201d rise in rents<\/a>, competing with Sydney and Brisbane buyers who were still keen on Melbourne investment properties.<\/p>\n \u201cIt\u2019s just a re-shifting.\u201d<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"Tony](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/1785058394_908_e2bca84c0231af8fb9cfb4acb30faa7bb0002774.jpeg\")
<\/a><\/p>\n![\"An](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/7e57e6bc88257957c206ae459d375c167469b636.jpeg\")
An artist\u2019s impression of what a potential update to the Malvern home could look like, subject to council approval.Ray White Ashburton<\/p>\n![\"Emmett](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/2864d8ca3be42e83be306c81ead785cdfb845217.jpeg\")
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