Melbourne auctions: Albert Park stunner fetches $7.725 million as on-site auctions return

A stunning Edwardian home in Albert Park sold for $7.725 million at auction on Saturday as on-the-ground auctions finally returned to Melbourne’s booming real estate market.

Three bidders competed for the five-bedroom, red-brick residence with a pool at 150 Kerferd Road, which sold for $25,000 above the vendor’s reserve and showed the demand for prestige property.

It was one of 923 auctions scheduled in Melbourne on Saturday, with many of those still choosing to go ahead online.

By evening, Domain Group recorded a preliminary clearance rate of 76.3 per cent from 748 reported results, while 111 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

SOLD - $7,725,000

150 Kerferd Road, Albert Park VIC 3206

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The opening offer of $7 million was at the bottom of the price guide of $7 million to $7.5 million.

It was countered quickly as three parties bid in $25,000 increments in front of a 50-strong crowd.

Set on a 466-square-metre block, the home in one of Albert Park’s most notable locales last sold in 2015 for $5,808,000.

Selling agent Greg Hocking of Greg Hocking Jellis Craig Port Phillip said the sale was a positive indicator of buyers’ appetites at the summit of Melbourne’s real estate sector.

“Today’s result is a good testament to the market price, and it shows there’s certainly health and strength at the top end of the market in the inner city,” he said.

“It’s also a great start for real, out-in-the-open-style auctions, as opposed to a Zoom auction, and it was great getting to showcase a property.”

In Melbourne’s south-east, a three-bedroom weatherboard home on 327 square metres in Carnegie kicked off a bidding war across multiple platforms, eventually selling for $1.7 million – $200,000 above the $1.5 million reserve.

SOLD - $1,700,000

13 Byron Street, Carnegie VIC 3163

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Interest for the single-story family home at 13 Byron Street was considerable, Woodards Carnegie’s Benjamin Dax said, with seven bidders attending online via Zoom, two bidders attending the auction in person, and a further party bidding over the phone.

“It’s an extraordinary result, and the sale equates to nearly $4600 per square metre, which is amazing for the area,” Mr Dax said.

“The appetite for freestanding homes is quite unbelievable at the moment, and the market’s showing no signs of slowing down – if anything, it’s still picking up.”