Melbourne auctions: Home sells for first time in 40 years for $110k premium as new data shows market in decline

3 Tintern Rise, Glen Waverley, sold under the hammer on Saturday after nearly 40 years of ownership.

Melbourne house prices fell for the fourth straight month, new data from PropTrack’s latest Home Price Index Report has revealed.

The report showed a 0.59 per cent drop in median dwelling prices across the city in July. Since March the typical home value has fallen about $26,000 (3.12 per cent), with the average home now costing $800,000.

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Senior Auctioneer of the Year Luke Banitsiotis’ listing at 3 Park St, Blackburn, sold after passing in at its auction over the weekend.

The pool area at 3 Tintern Rise, Glen Waverley, which also notched a top result.

The kitchen at the Glen Waverley pad.

It comes as PropTrack recorded a 56.9 per cent preliminary clearance rate from 736 recorded results last week, with a further 691 auctions scheduled for this week.

When the price declines were first noted, the clearance rate was hovering about 85 per cent.

On Saturday, a three-bedroom home in Blackburn sold for $1.16m after passing in at its auction.

The 3 Park St pad was listed by Woodards Blackurn auctioneer Luke Banitsiotis, who last week claimed his third REIV SeniorAuctioneer of the Year title.

Mr Banitsiotis said Melbourne was coming out of a rising market when vendors’ expectations could be slightly above a property’s value and “the market would catch up to and exceed that price by auction”.

“Buyers are now fearing overpaying instead of missing out,” he added.

“But over the next two months we should still have low stock levels, which will make achieving a sale easier than (in) the traditional spring selling season.”

In Glen Waverley, a top result was scored at 3 Tintern Rise, which sold in a competitive auction for $2.11m — $110,000 above its $2m reserve.

Around six bidders vied for the keys to the four-bedroom home, which its vendors have owned for almost 40 years.

CoreLogic records show the couple paid $35,000 in 1983.

“It was very emotional but they were very happy with the result,” Harcourts Judd White agent Anna Du said.

18 Valonia Ave, Surrey Hills, also sold under the hammer, soaring $81,000 above reserve.

As did 24 Morawa Drive, Mulgrave, which went $25,000 over reserve.

The property was the couple’s first home purchase. And a young family, who were also first-home buyers, placed the winning bid.

“The market is still very hot,” Ms Du said.

In Surrey Hills, another four-bedroom house sold $81,000 above its $1.81m reserve.

Two bidders fought it out for 18 Valonia Ave, which sold under the hammer on Saturday for $1.891m.

Fletchers Canterbury partner and auctioneer Jack Peng said the new owners were first-home buyers.

Over in Mulgrave, a four-bedroom house fetched $905,000 under the hammer, topping its $880,000 reserve by $25,000.

Four bidders were active on the day, with a young couple buying their first home winning the keys to 24 Morawa Drive.

The property was also the vendors’ first home and Ray White Oakleigh agent Leigh Kelepouris said the sale was “bittersweet for them”.

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