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September 13, 2026 \u2014 4:30pm<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n An updated Californian bungalow in Northcote sold for $3.4 million on Saturday, after a \u201cknockout\u201d $49,000 final bid.<\/p>\n With its classic 1920s front restored in 2011, 83 Mitchell Street<\/a> has been updated over the past 15 years to incorporate the Baltic timber and exposed bricks of the original house into a contemporary, open plan home. It features a sprawling sitting and dining area, with a wall of north-facing windows looking onto the rear garden and deck, with a brick barbecue, pizza oven and outdoor fireplace.<\/p>\n The property was one of 768 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 63 per cent from 533 reported results throughout the week, while 68 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n The preliminary clearance rate is likely to be revised lower as more results are collected, but this weekend marks the first time it has ticked higher<\/a> than 60 per cent \u2013 the threshold generally considered an indicator of rising prices \u2013 since before the May budget.<\/p>\n Jellis Craig Northcote agent and auctioneer Sam Rigopoulous said bidding for the four-bedroom house at 83 Mitchell Street opened at $3.1 million, $100,000 below the bottom of its $3.2 million to $3.4 million guide.<\/p>\n It didn\u2019t stay there long, as four active bidders quickly pushed the price well above its $3.25 million reserve in $50,000 and $25,000 increments before bidding slowed.<\/p>\n \u201cA $1000 bid almost bought the home,\u201d Rigopoulous said, with the penultimate bid sitting at $3,351,000 before a shock turn.<\/p>\n The underbidder was blown away when the winning buyers, a young family upsizing from Fitzroy North, delivered what the auctioneer called a \u201cknockout\u201d $49,000 final bid to buy the home.<\/p>\n Rigopoulous said he was \u201cstarting to see glimmers<\/a> of heat in some auctions\u201d recently, with vendors setting realistic reserves which was leading to competitive bidding.<\/p>\n In Albert Park, a four-bedroom, two-storey terrace on prestigious St Vincent Place failed to sell at auction, passing in on a sole vendor bid of $7.7 million.<\/p>\n Built around 1880, 50 St Vincent Place North<\/a> looks onto St Vincent Gardens, with a second frontage onto Draper Street at the rear, and has been updated to incorporate an al fresco terrace, modern kitchen and bathrooms, while retaining the heritage front and high ceilings of the earlier era.<\/p>\n The property was advertised with a price guide of $7.5 million to $8 million, and had an $8,095,000 reserve. There is no legal requirement for a vendor\u2019s reserve to be in line with their property\u2019s price guide.<\/p>\n Marshall White Port Phillip agent and auctioneer Greg Hocking said he opened the auction with a vendor bid of $7.7 million. With no further bids, despite three interested parties, the property passed in on the sole bid.<\/p>\n Related Article \u201cIt\u2019s a curious one, because the top end has been producing some extraordinarily strong results,\u201d he said, adding he thought this sale would ultimately \u201cbe one of them\u201d and expected it to sell within the week.<\/p>\n \u201cWe\u2019re not dealing with people going cap in hand to the bank,\u201d he said. \u201cIf something comes up [buyers will] snap it up.\u201d<\/p>\n He said while there had been a slowdown in the market since the impact of the three rate hikes earlier in the year, the higher end of the Albert Park market was still performing well due to limited supply.<\/p>\n The property is now listed for its $8,095,000 reserve as a private sale, and Hocking said he was in negotiations with the three interested parties \u2013 a mix of Brighton downsizers, and a buyer upgrading from a luxury apartment.<\/p>\n The vendors recently bought another home in the area.<\/p>\n Elsewhere, a luxurious new four-bedroom townhouse in Bentleigh East failed to sell at auction, passing in on a vendor bid of $1.47 million.<\/p>\n The off-white brick home at 5B Caleb Street<\/a> is one of two recently built off Centre Road, featuring north-facing living and dining areas, a large ground floor main bedroom, and a second storey with the remaining bedrooms facing to the east.<\/p>\n It had a price guide of $1.45 million to $1.5 million, and a reserve of $1.51 million.<\/p>\n Related Article Woodards Carnegie and Bentleigh agent and auctioneer Ben Quigley said the auction opened with a genuine bid of $1.45 million, followed by a $1.47 million vendor bid, on which the property passed in.<\/p>\n He said the sole bidders had offered $1,475,000 during negotiations, but with a clear reserve and other interested parties \u201cmilling about\u201d, he was still negotiating and thought the property would sell by Monday.<\/p>\n Quigley sold 5A Caleb Street, the other townhouse in the duplex, for \u201cvery close to the top-end price\u201d in August, he said. The vendors are professional builders.<\/p>\n The original block, 5 Caleb Street, sold for $1.45 million in December 2020, records show.<\/p>\n Start the day with a summary of the day\u2019s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter<\/a>.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/95843227a5fa39cd0571c2238cfe755e5bf7b4ff.jpeg\")
The cosy timber and exposed brick lined loungeroom is part of the light-filled north-facing entertaining and dining area.Jellis Craig Northcote<\/p>\n![\"679](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/1789294095_504_e0d0f55af2f5097a7389a59b5c8c4cabd722d811.jpeg\")
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