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Key pointsA three-bedroom home in Brighton East sold under the hammer for $1,406,000.In Caulfield South, a four-bedroom property with a pool passed in before selling for $2.6 million.Two bidders fought it out for a four-bedroom home in Richmond which sold for $1,821,000.<\/p>\n
A young family made a single $10,000 bid to buy an Edwardian-style home in Essendon, paying $2.21 million under the hammer on Saturday.<\/p>\n
The bid knocked out two other parties who had also bid on the four-bedroom home at 11 Wright Street<\/a>, also young families looking to upsize.<\/p>\n The home sold above its $2.1 million reserve and guide of $2 million to $2.2 million.<\/p>\n The property sold on the first weekend of auctions since the September interest rate rise<\/a>, and since new laws were introduced around the disclosure of sale prices, comparable sales and reserve prices. Agents will be required to advertise a vendor\u2019s reserve price at least seven days before an auction is held, albeit a two-week grace period until October 16 meant not all reserves were published this weekend.<\/p>\n Amid pouring rain on Saturday, the Essendon home was one of 714 scheduled to go to auction in Melbourne this week. By evening, Domain recorded a preliminary auction clearance rate of 56 per cent from 506 reported results throughout the week, while 79 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n Related Article Agents said interest rates were top of mind for buyers, with some hoping vendors would drop their price expectations given mortgages would be more expensive, and buyers\u2019 borrowing power would be cut.<\/p>\n Selling agent McDonald Upton\u2019s David Mogford said the Essendon auction, held indoors, opened on a vendor bid of $2 million, quickly followed by a $50,000 offer by one of the underbidders.<\/p>\n A flurry of mostly $20,000 bids followed until $2.1 million. Offers then dropped to mostly $10,000. The buyers, local to the area, only made the final bid.<\/p>\n Mogford said the property was popular since it had been renovated \u2013 though the renovation had been done some time ago.<\/p>\n \u201cThe vendors have owned the property since 2008 \u2013 so 18 years \u2013 and it was fully renovated when they bought it. They\u2019ve maintained it really well,\u201d he said.<\/p>\n One underbidder was interested in purchasing prior to auction and had asked about the vendor\u2019s expectations in light of the rate rise, Mogford said.<\/p>\n Across the city in Caulfield South, a four-bedroom home at 12 Flowers Street<\/a> passed in on Sunday morning before selling to a young couple for $2.6 million.<\/p>\n It sold below the $2.7 million reserve, but above the $2.4 million to $2.5 million guide. There is no legal requirement for a vendor\u2019s reserve to be in line with their property\u2019s price guide.<\/p>\n Fletchers Bentleigh East\u2019s Tommy Hubert said agents expected two strong bidders, however one of the prospective buyers was advised by a selling agent from another company to not raise their hand.<\/p>\n The winners made a $50,000 bid after the auction opened on a vendor bid of $2.4 million.<\/p>\n The property, which had a pool, passed in after 10 minutes of silence from the crowd, with the sale negotiated after, Hubert said.<\/p>\n The buyers had help from the bank of mum and dad, he added, and were considering knocking down the home and rebuilding on the 725-square-metre block.<\/p>\n Related Article Meanwhile, the party who hadn\u2019t raised their hands had been hoping the home would pass in so they could make an offer.<\/p>\n \u201cIt\u2019s a good sale all things considered in Caulfield South because similar houses in original condition have been selling for around $2.3 million,\u201d he said.<\/p>\n The latest interest rate rise has had an impact, Hubert said, with one potential buyer pulling out as they felt they would be too stretched.<\/p>\n In Brighton East, a three-bedroom art deco home owned by the same vendor for 42 years, sold for $1,406,000 after five bidders competed.<\/p>\n The three-bedroom property at 72 Hodder Street<\/a> sold above its $1.3 million reserve, to a downsizer.<\/p>\n Jellis Craig Brighton\u2019s Nick Sinclair said the auction was held under a carport, given the weather.<\/p>\n While interest rates weren\u2019t top of mind at the Hodder Street sale, Sinclair said buyers looking for a bargain had been trying to use the rate rise as a bargaining chip elsewhere.<\/p>\n \u201cFor those types of buyers it\u2019s the only thing they can really negotiate with,\u201d Sinclair said. \u201cNine times out of 10, they\u2019re not the best buyer anyway.\u201d<\/p>\n Related Article A four-bedroom family home in Richmond sold under the hammer for $1,821,000, above the $1.5 million advertised reserve.<\/p>\n![\"x\"](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/1791099148_308_f029e3ee8b8cf0091ce889e0ec2a18b2a2aa4b64.jpeg\")
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The home was popular because of its renovation.McDonald Upton<\/p>\n![\"Home](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/1791099151_857_6387268d3f946bca931384545b31fcf8fa7de4de.jpeg\")
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