First home buyers snap up Richmond terrace for $1,286,000 after dad steps in

Key points

• First-home buyers paid $1,286,000 for a five-bedroom terrace at 201 Swan Street in Richmond after a seven-minute auction contest. The buyers' girlfriend's father helped them meet the final price.
• Melbourne's preliminary auction clearance rate reached 56 per cent, the highest among the nation's capitals. A Malvern house passed in below its reserve, while a Northcote house sold for $1.5 million.
• Agents said house prices are down, and some expect another interest rate rise.