In Richmond, a renovated four-bedroom Victorian home sold for $2.3 million with two registered bidders; the buyers were a couple and parents purchasing for their son.

Overall, Melbourne’s property market is experiencing a resurgence driven by recent interest rate cuts and strong buyer activity.

A first-home buyer made an aggressive bid and won a Thornbury unit at auction in under a minute, paying $1,040,000—$110,000 above its reserve of $930,000.

Economist Diaswati Mardiasmo commented that Melbourne’s market remains steady despite a recent rate cut, with demand expected to increase as the rate cut’s effects are realized.

A first-home buyer couple in Melbourne's north-eastern suburbs purchased a three-bedroom home at 16 Madison Court, Bundoora, for $673,000 at auction, surpassing the reserve price of $610,000 in a competitive bidding process among three owner-occupiers.

The auction for the Bundoora property started at $825,000 and quickly exceeded the guide price, with bidding mainly in $10,000 increments, reflecting strong demand in the area.

The property was sold by the deceased estate of the late owner’s children, who chose to openly advertise the reserve price for transparency.

Across Melbourne, 873 properties were scheduled for auction over the week with a preliminary clearance rate of 72.4%, indicating a robust market despite some auctions being withdrawn.

In Cheltenham, a street-front apartment sold for $551,000, slightly above its reserve, with four active bidders and a young female buyer guided by her father during the auction.

A renovated two-bedroom unit at 1/79 Fyffe Street, with a land size of 230 sqm, sold quickly in a competitive auction with six registered bidders, four of whom actively bid, all first-home buyers.

The Bayside market remains competitive, with good turnout and multiple bidders per auction, reflecting ongoing buyer interest.

In Aspendale, bidding was highly competitive for a property at 31 Mount View Street, with bids increasing in small increments; the property last sold in 2011 for $562,000.

A four-bedroom house in Aspendale sold for $2.6 million, above its guide of $2.2–$2.3 million, amid fierce competition and rising buyer confidence.

A home in Melbourne started bidding at $590,000, quickly reached its reserve, and closed at $673,000 after competitive bidding, despite needing significant renovations estimated at $100,000 to $150,000.

The Bundoora market is particularly buoyant, with soaring prices and an influx of first-home buyers, as evidenced by the suburb’s median house price rising from $40,000 in 1980 to $850,000 today.