Bidding wars are heating up across Melbourne, with fierce competition pushing auction prices beyond expectations as buyers battle for quality home’s.
A surge in buyer competition is driving strong auction results across Melbourne, with fierce battles pushing prices upward.
The city’s top auction result came in Williamstown, where 20 Anzac Cres sold under the hammer for $1.89m.
Two families went head-to-head for the four-bedroom home.
Williams Real Estate director Michael Harvey said confidence was returning to the blue-chip suburb.
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“We’re seeing more activity, and when prices start rising again, Williamstown will be among the first to surge,” Mr Harvey said.
In Werribee, a last-minute bidder stunned the crowd at 1 Carbon Crt, securing the home for $570,000 — slightly above the $500,000-$550,000 guide.
YPA Wyndham City’s Kiarah Bagnato said they hadn’t even planned to bid but decided on the spot.
“It was an exciting auction with strong competition,” Ms Bagnato said.
This Williamstown home topped the weekend’s auction results, selling for $1.89 million after two families fought it out for the keys.
A surprise last-minute bidder secured this Werribee home for $570,000, beating strong competition and pushing the price beyond expectations.
Meanwhile, in Frankston, a first-home buyer outgunned investors in a five-way bidding war for 18 Helvetia Crt, paying $885,000.
Ray White Frankston’s George Devic said the auction was a “textbook example of competition.”
“There was that classic minute of silence at the start as buyers waited for someone else to make the first move,” Mr Devic said.
“But once the first bid was placed, it was a fast-paced, aggressive battle.”
A first-home buyer outgunned investors to win this Frankston property for $885,000 in a fast-paced five-way bidding war.
Ray White Victoria’s Jeremy Tyrrell said demand remained strong, with 6.4 bidders per auction on average.
“We had fewer auctions because of the long weekend, but the competition was still fierce,” Mr Tyrell said.
Mr Tyrrell said competition remained fierce and with more properties set to hit the market before Easter, bidding wars are expected to intensify.
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