Dual blocks bordering Shane Warne's former home fetch more than $4 million

Melbourne’s property market had some huge results at the weekend, but one agent has warned that prices could be set to flatten in the coming weeks as the festive season nears. 

After the weekend’s 1129 auctions, Melbourne’s preliminary clearance rate sat at 72.8 per cent with 814 reported results received.

AMP Capital chief economist Shane Oliver said Melbourne’s results continued to be strong, though not as strong as Sydney’s, whose clearance rate sat above 75 per cent.

“It’s hanging in there around 70 per cent which is not as strong as at the height of the boom [in 2017],” Dr Oliver said. “I think it’s consistent with the ongoing strength of prices.”

Kay & Burton Armadale partner Michael Armstrong said while there were some strong prices at auction, vendors needed to be aware prices could flatten heading towards the end of the year.

“The thing about this time of year is it flattens out – it naturally flattens out – so vendors need to be careful that they’re not overshooting the runway [with price expectations],” he said. 

Among the big results on the weekend was the sale of 1 and 3 Collins Street, Brighton, which sold under the hammer for $4.05 million with approved plans for redevelopment. 

The adjoining sites, currently hosting two older-style, brick veneer homes, will have two new homes built on them as per the approved plans.

The buyer is planning to live in one of the newly built homes and sell the other, Hodges Real Estate Brighton’s Campbell Cooney said.

The address, which sold for $150,000 above reserve, backs onto cricketer Shane Warne’s former home – the love nest he shared with his ex-fiancee, model and actress Liz Hurley.

A six-bedroom home at 7 Luena Road, Balwyn North, sold for the first time in 41 years at the weekend. 

Jellis Craig’s Patrick Dennis said the home was snapped up by a family looking for a bigger home in the area for $2.71 million – $330,000 above the reserve. 

“It’s just a great family home,” Mr Dennis said.

A family bought the four-bedroom home at 4 Ashburton Road, Glen Iris, paying $220,000 above the reserve. 

Marshall White Stonnington director and auctioneer John Bongiorno said the home sold for $2.44 million under the hammer with two main bidders battling it out.

Likewise, a four-bedroom townhouse at 1/5 Jurang Street, Balwyn, sold for $1,606,000, $286,000 above reserve. A couple downsizing snapped up the property, which is close to the Balwyn Village shops.

“It continues to be a good, consistent, stable market with stock trending ever slightly upwards,” Mr Bongiorno said of the weekend.

A five-bedroom home at 18 Fowler Street, Box Hill South, sold for $252,000 above the reserve when three bidders battled it out for the keys.

The property, a renovated and extended 1930s California Bungalow, sold for $2,052,000 under the hammer with a young family the winning bidders.

Fletchers Blackburn director and auctioneer Tim Heavyside said the weekend was buoyant with some big sales, including one at 14 Neath Street, Surrey Hills.

The five-bedroom home had one of the biggest reported results for the weekend, selling under the hammer for $3,843,000, $543,000 above reserve.

The results, he said, were due to the high quality of the homes for auction.

“There’s still a shortage of really good stock,” Mr Heavyside said.

Close by in Vermont, a two-storey home at 6 Littlejohn Court sold for $1,401,000, $81,000 above reserve.

A family, one of seven bidders, made the winning bid.

Ray White Forest Hill’s Shaun Perumal said the number of active bidders had pushed up the price.

“The real estate market is really healthy for us right now, and the current climate is what we’ve been waiting around 18 months for,” Mr Perumal said.

“Interest rate drops from the banks have brought buyers back out of the woodwork and I expect the momentum created from that to continue up towards Christmas.”