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

Key points

• Nearly two thirds of Melbourne home sellers who went to auction last week sold, despite having to reveal their reserve prices early. Greater Melbourne recorded a preliminary clearance rate of 60.1% from 539 auctions, according to realestate.com.au.
• A three-bedroom townhouse in Reservoir sold for $831,000 after attracting five registered bidders, with a young couple buying their first home. The agent lowered the reserve after buyer feedback and then agreed to $795,000 with the owners.
• Nationally, the preliminary clearance rate was 41.5% from 1,593 homes scheduled for auction.