Melbourne home fetches $831k under the hammer as auctions defy new reserve laws

Nearly two thirds of home sellers who went to auction in Melbourne last week sold their properties despite being forced to reveal their reserve prices early. It's a surprising result under the state government's new reserve price laws, with greater Melbourne achieving a preliminary clearance rate of 60.1% out of 539 auctions last week, according to realestate.com.au. One of those successful sales was the auction of a three-bedroom townhouse in Reservoir in Melbourne's north, attracting five registered bidders and three active bidders before selling for $831,000. The townhouse at 7/11-13 Olive Street, Reservoir in Melbourne sold at auction for $831,000 last week. Picture: realestate.com.au/soldA young couple looking to buy their first home won the Reservoir auction after visiting the townhouse for the first time a few days earlier. Real estate agents say Victoria's home sellers are adapting to the new rules, which now requires reserve prices to be disclosed seven days out from auction day. Nationwide, there were 1,593 homes scheduled for auction last week, recording a preliminary national clearance of 41.5%. Property market conditions have been softening nationally since the Reserve...