![\"Wes](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/62260e856e5deacf47c16645e58a88f9513fb355be454aa2a0088a6dfde3d44d.png\")
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October 10, 2026 \u2014 1:54pm<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n Gift this free article<\/p>\n Share full article with anyone \u2014 no subscription needed to read it. It won’t deduct your gift credits. Learn more<\/a><\/p>\n Share article as gift<\/p>\n AAA<\/p>\n A three-bedroom semi, minutes from both Rathdowne and Lygon streets in Carlton North, sold for $1,152,000 at auction on Saturday, more than $52,000 above its listed reserve.<\/p>\n The period home at 122 Lee Street<\/a> was freshly painted but retained many of its original details, with even the vendors saying the terrace \u2013 which had been in the family for more than 90 years, but leased since 1990 \u2013 had a lot of room for improvement.<\/p>\n The property was one of 710 scheduled to go to auction in Melbourne this week. By evening, Domain recorded a preliminary auction clearance rate of 58 per cent from 508 reported results throughout the week, while 78 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n The property had a concrete rear yard, laminate flooring, and both indoor and outdoor toilets, and was initially listed with a price guide of $1.1 million to $1.2 million, later updated to list its $1.1 million reserve<\/a>.<\/p>\n From October 16, vendors will be required to make their reserve public at least seven days before an auction, making this the final weekend before the changes come into effect.<\/p>\n Nelson Alexander Carlton agent and auctioneer Peter Varellas said the vendors had been comfortable with listing the reserve in advance of the changes, which he said had ultimately worked to their advantage given it was a property in a prime position with a low reserve.<\/p>\n \u201cIt\u2019s early days to tell whether [listed reserves will] be advantageous or not,\u201d he said. \u201cBut it certainly was at 122 Lee Street today.\u201d<\/p>\n Varellas opened the auction with a $1 million bid from a young couple. From there the property inched steadily up in mostly $10,000 increments, with two bidders taking turns to parry back and forth.<\/p>\n Bidding eventually slowed to $1000 increments before selling to a buyer from St Kilda.<\/p>\n The vendors said it was \u201ctime to retire\u201d the home and let someone else have the chance to make it their own.<\/p>\n In Kensington, a two-bedroom corner Victorian terrace owned by North Melbourne defender Luke McDonald sold to first home buyers for $1.06 million at auction.<\/p>\n Held by the Kangaroos player since 2018, 1 Albermarle Street<\/a> has been updated throughout \u2013 with polished floorboards, a stepped open living and dining room, new kitchen and bathroom, and a landscaped garden \u2013 while maintaining its classic front.<\/p>\n Nelson Alexander Flemington agent and auctioneer Ryan Currie said he had listed the property with a price guide of $900,000 to $990,000<\/a>, but had also \u201cpreempted the new [reserve] legislation\u201d and told buyers during the week, as well as in his auction preamble, that the reserve was $990,000.<\/p>\n Related Article Currie opened the auction with a vendor bid of $900,000, which was matched by a genuine bid. Another vendor bid took it to $920,000, followed by a genuine bid of $940,000.<\/p>\n From the moment it hit $940,000, Currie said, increments of $10,000 and $20,000 from the two bidders pushed it to $990,000 in less than 10 seconds.<\/p>\n The auctioneer declared the home on the market, and said the rest of the bids were so quick that \u201cthe whole auction was done in less than 40 seconds\u201d.<\/p>\n \u201cThe vendor was sunning himself [on holiday],\u201d he said, and McDonald\u2019s sister attended the auction while on the phone to him.<\/p>\n McDonald<\/a> and wife Brooklyn initially lived in the property and kept it as an investment. It was the first purchase for the buyers, a couple renting nearby, Currie said.<\/p>\n In Armadale, a three-bedroom Edwardian house sold for $1.75 million at auction, with four bidders rocketing it more than $300,000 above its $1.44 million reserve.<\/p>\n Related Article Moments from both Glenferrie Road and High Street, 5 Stanhope Street<\/a> features terracotta tiled floors, open-plan living and a bricked rear terrace with right-of-way access, and had a price guide of $1.35 million to $1.45 million.<\/p>\n Jellis Craig Stonnington agent and auctioneer Carla Fetter opened the auction with a $1.35 million vendor bid, and she said two bidders pushed up the price in $10,000 increments until it hit the reserve.<\/p>\n After the property was declared on the market, another two bidders joined the fray, and a mix of $10,000 and $5000 increments sent the home soaring $400,000 past the opening bid to sell to a young professional.<\/p>\n Fetter said bidders were a mix of couples and singles. The home was sold as a deceased estate.<\/p>\n She said the upcoming reserve disclosure requirement was a \u201cmassive change\u201d, and expected some trial and error from buyers, sellers and agents as they \u201ctry to navigate\u201d it.<\/p>\n \u201cIt\u2019s about making sure we can still find a way to help our vendors sell for the price they\u2019re happy with,\u201d she said.<\/p>\n<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n Remove items from your saved list<\/a> to add more.<\/p>\n Gift this free article<\/p>\n![\"Nelson](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/5633780621de68be19b93399a51fb05ec0bb2217.jpeg\")
Nelson Alexander Carlton auctioneer Peter Varellas looks back-and-forth to the two bidders at 122 Lee Street, both keen to make it their own.Luis Enrique Ascui<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/335300b3d91869f9161e340148392bb2a156fa7d.jpeg\")
The home had been updated with a split-system, and was freshly painted, but even the vendors agreed it was a template for improvement for a new owner.Luis Enrique Ascui<\/p>\n![\"Home](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/1791628701_613_6387268d3f946bca931384545b31fcf8fa7de4de.jpeg\")
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The home has been updated to make the most of its layout.Nelson Alexander Flemington<\/p>\n![\"Former](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/1e988ec48e2df9db9c78b1539f025afb4392960a.jpeg\")
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