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Revealed: Interest rate cut sparks Melbourne bidding wars as auction prices soar past reserves
Revealed: Interest rate cut sparks Melbourne bidding wars as auction prices soar past reserves 26 February 2025 Matthew Hughes SOURCE: Realestate.com.au REPORTER: David Bonnadio February 26, 2025 Melbourne first-home buyers are driving intense battles at auctions. Melbourne’s first-home buyers are back following the recent RBA cut — and they’re battling fiercely at auction, with some properties smashing reserves by nearly $100,000. A three-bedroom home in Frankston sold for $945,000, well above its $880,000 reserve, after a young couple fought off three other first-home buyers in a heated bidding war.The auction at 67 Raphael Cres opened at $790,000 before rapidly climbing as one buyer dropped out at $840,000 and another at $870,000, leaving two bidders to battle it out for the keys. Ray White Frankston’s Adam Price said the vendors — older investors selling their retirement asset — were blown away by the final result. “They were hoping for around $880,000, with their dream price being $900,000 — so to exceed that by nearly $50,000 was an incredible outcome,” Mr Price said.In Cheltenham, another first-home buyer couple landed a fully renovated villa at 2/24 Follett Rd, paying $862,
SOURCE: Realestate.com.au REPORTER: David Bonnadio February 26, 2025 Melbourne first-home buyers are driving intense battles… Read Article