Sunshine's price record blitzed by more than $500,000 with the sale of family home of 90 years

Sunshine’s suburb price record was obliterated by more than $500,000 at an auction between two neighbours.

And across town, in prestige Brighton, four bidders with pockets as deep as the bay drove a luxury family home more than $700,000 over reserve.

In Sunshine, the bidders going battle under the hammer owned on either side of the weatherboard home.

The first bid of $1.1 million launched 3 Hertford Road, on a 768-square-metre block, straight on the market and it sold for $1,615,000.

It was the first time the four-bedroom house – held by the same family for more than 90 years – was for sale since it was built in circa 1922.

The house was among just 450 homes to go under the hammer on Saturday as buyers and sellers turn their attention to Derby Day.

Four investors fought for the home, and “it went from a grass fire to a bush fire”, Jas Stephens auctioneer Craig Stephens said.

But in the end, it was a two-horse race between two neighbours: the owner of the L-Shaped vacant block on one side of the house and a homeowner on the right.

The former was the buyer – represented by a buyer’s advocate – who planned to rent the property out in the meantime, Mr Stephens said.

Being in an Activity Centre Zone meant there was potential to build a four-level development, he added.

The previous Sunshine record of $1.1 million was achieved in June by a three-bedroom house at 1A Duke Street, opposite Matthews Hill Reserve.

Mr Stephens said Hertford Road’s good location, near the Sunshine shopping centre, and the Activity Centre overlay meant the family home “have all of a sudden found itself in a very unique position”.

“A lot of people in the inner west are frustrated that they can’t buy in Yarraville and Seddon, and are now looking at the peripheral suburbs such as Maidstone and Sunshine to invest their money,” he said.

“Certain suburbs are now becoming flavour of the month, and recently Sunshine’s become much more popular to buy in as opposed to one or two years ago.”

Sunshine was among the fastest growing suburbs for house price growth over the past year, with its median soaring 19.9 per cent to
$627,000, Domain Group data shows.

All the investors were looking at Hertford Road in terms of its opportunities down the track, and Sunshine was still a bit of a “well-kept secret”, Mr Stephens said.

In Brighton, 29A Sussex Street rocketed over expectation, selling for $4,525,000.

It eclipsed the $3.8 million reserve after three “heavy hitters” traded bids.

Auctioneer and agent Campbell Cooney, from Hodges, said the home’s position was a drawcard. Sussex Street is highly sought and “ideal” for those wanting to be near to schools, shopping and the foreshore.

But so too was its price point. Real estate valued around $3.5 million to $4 million in Brighton is considered reasonable; those with lesser budget buy into Brighton East, Mr Cooney said.