![\"Caroline](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/7e46122dc6bd4f4bb58681d2545b4610859a141a18b765705a0feabcefe15fb5.png\")
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Updated September 5, 2026 \u2014 4:34pm,first published 1:51pm<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A freestanding Edwardian home in the heart of Elwood, in the inner-south, has defied predictions of a cooler spring market<\/a> by selling for $320,000 above reserve.<\/p>\n Dubbed by Marshall White Port Phillip auctioneer Kaine Lanyon as a \u201chome for everyone\u201d, the five-bedroom, three-bathroom residence at 19 Burns Street <\/a>comes with wrap-around tessellated verandah, multiple living zones and a deep rear garden. It is walking distance to caf\u00e9s, the beach and public transport.<\/p>\n With an opening bid of $2.6 million, three parties confidently bid in varying increments of $100,000, $75,000, $50,000, $15,000, $10,000 and $5000, shocking even the real estate agents as bids swiftly climbed above the property\u2019s $2.65 million to $2.8 million guide on a blustery Saturday spring morning.<\/p>\n A final bid of $100,000, up from $3 million, took the sale price to $3.1 million, significantly above its reserve price of $2.78 million.<\/p>\n Related Article Lead agent Rachael O\u2019Connor from Marshall White expected the home to \u201cgo for maybe towards the top of the range,\u201d she said. \u201cIt\u2019s not what we expected.\u201d<\/p>\n All bidders were local young families looking to upgrade, she said.<\/p>\n \u201c[The result] is a sign that there isn\u2019t enough choice out there,\u201d O\u2019Connor said. \u201cWe\u2019ve had buyers coming from all around surrounding suburbs, and it\u2019s just a sign that there\u2019s buyers out looking for family homes, and they don\u2019t have a choice.\u201d<\/p>\n The vendors, a couple who bought the home nearly 30 years ago and had raised their family there, were looking to purchase a smaller apartment.<\/p>\n \u201cThey brought their children up here, and now they\u2019re just downsizing,\u201d O\u2019Connor said.<\/p>\n The property was one of 654 scheduled to go to auction in Melbourne this week. By evening, Domain recorded a preliminary auction clearance rate of 59 per cent from 481 reported results throughout the week, while 82 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n In East Melbourne, a Victorian Italianate home adorned with original iron lacework that passed in at an opening bid of $1.4 million sold to the same bidder for $1,455,000 in post-auction negotiations.<\/p>\n The five-bedroom house at 1091 Hoddle Street<\/a>, featuring soaring ceilings, decorative plasterwork and marble fireplaces, was listed with a price guide of $1.4 to $1.5 million, with a reserve of $1.5 million.<\/p>\n BigginScott Richmond lead agent Andrew Crotty said while the house attracted interest from three potential buyers, one was unable to bid on the day after failing to get their finances in order, and another was uncertain.<\/p>\n Related Article The sole bidder was two men who had moved from interstate and fallen in love with the property.<\/p>\n \u201cThey really love the house and a lot of its superior detailing and its size \u2026 and now they\u2019re the happy owners of it, and they\u2019ve gone away to celebrate,\u201d Crotty said.<\/p>\n The agent said active buyers should get in the market now, or risk waiting until properties increased in price by another 5 per cent in six months.<\/p>\n \u201cWe\u2019re seeing numbers are picking up a little bit \u2026 so get in now, particularly in that sort of $1 million to $1.2 million [market],\u201d Crotty said.<\/p>\n \u201cLast week we were noticing that about 50 per cent of the buyers that were coming through our offices were new buyers … which means people are starting to think about entering the market.\u201d<\/p>\n In Yarraville, in the city\u2019s west, a three-bedroom family home passed in on a vendor\u2019s bid of $1.25 million, and will now be moved to private sale with a reserve of $1.36 million. <\/p>\n![\"Toorak\u2019s](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/1788609383_147_57d7757fe51f2211dba941e0c359f63ecbdb2ba3.jpeg\")
<\/a><\/p>\n![\"Marshall](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/6afaf55c408d9ba33d16fe69a3399a93153dc077.jpeg\")
Marshall White auctioneer Kaine Lanyon presiding over the sale of an Elwood home that sold for $320,000 above reserve.Wayne Taylor<\/p>\n![\"People](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/defd534b7932f43b401dfb7dcf7e2dbb86faa599.jpeg\")
People lining up to witness the auction of a large Elwood family home. Wayne Taylor <\/p>\n![\"209](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/6addf7956347ade312100ed243b94442b7c48002.jpeg\")
<\/a><\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/bee3f864d452b9432d57b9a04f9f36f36ac4870b.jpeg\")
The home sold in post-auction negotiations. Domain<\/p>\n