A thrilling bidding war ensued at a Melbourne auction, with a historic inner-city townhouse selling for over $1 million. The two-bedroom, two-bathroom townhouse at 3/201 Abbotsford Street, North Melbourne, attracted significant interest, with bidding opening at $900,000 and three bidders pushing the price up to the reserve of $970,000. Once the bidding passed the million-dollar mark, the pace slowed, and a young couple, first-time buyers, secured the property with their winning bid. The auctioneer, Ryan Currie, described the atmosphere as intense, akin to an adrenaline rush, and highlighted the unique experience of a Melbourne auction. The property's price guide was $900,000 to $990,000, and the vendor's reserve was not legally required to align with the guide. This sale stands out among the 573 properties scheduled for auction in Melbourne that week, with a three-bedroom house in Fawkner selling for $735,000 to first-time buyers in post-auction negotiations. The Fawkner property, recently renovated, was part of a two-dwelling subdivision and had a price guide of $690,000 to $750,000. The auctioneer, Alex Mauro, noted the excitement of the young couple who won the auction, describing them as 'excited and giddy'. Mauro also discussed the impact of the Reserve Bank's decision to raise the cash rate on buyer behavior, suggesting that it may have encouraged some buyers to secure a home at a fixed rate.
