The Block contestants Courtney and Sev are hoping for a big-spending buyer for House 4 on auction day. They said they would love to see a bidder like Adrian Portelli, but noted that such bidders make a realistic outcome less likely. The pair must split any winnings between them, and they said they were shocked by the $3,450,000 reserve price. Sev said the pair hope the day ends well despite rumours of cast feuds. The auction airs Sunday at 7pm on Nine.
The Block's Rick and Tayla face a high-stakes auction for House 5 in Mount Eliza. Their home carries a $3.45 million reserve, below its original $3.6 million to $3.9 million price guide. Under Victoria's new property transparency laws, the reserve was publicly disclosed at least seven days before auction day. Agent Ash Marton says the early disclosure may attract more buyers and build competition. Five Block homes are set to sell on the same day, and the result will depend on how many bidders take part. The auction airs Sunday 1 November at 7pm on 9Now and Channel Nine.
Reserve prices for the five Mt Eliza homes featured in The Block have been made public more than two weeks before the October 31 auction. The $3.45 million reserve is double the suburb's median sales price, according to PropTrack data. New Victorian laws require agents to publish reserve prices at least seven days before an auction. Sales agents said the early disclosure gave buyers more time to assess their finances. Buyers agent Cate Bakos said buyer numbers at that price point remain uncertain in the current market.
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Agents in Victoria say new laws requiring reserve prices to be published seven days before auctions are already affecting sales. One North Melbourne home sold for $1.29 million, just below its $1.3 million reserve, after the reserve was set at the lower end of the quoted range. A Black Rock house sold for $2,283,000 against a $2,175,000 reserve after four bidders competed. Agents said some buyers misunderstood that vendors can still lower reserves on auction day. It is too early to judge the overall impact on clearance rates, which stood at 53 per cent last week.
A family from Williamstown bought a renovated double-fronted Victorian home in Newport for $1.79 million after auction on Saturday. The property at 32 Speight Street had a $1.8 million reserve. It passed in on the family's $1,735,000 bid before the sale was negotiated. Domain recorded a preliminary clearance rate of 53 per cent for the week. Agents said turnkey homes are selling well, while homes needing work are more difficult to sell.
A family from South Strathfield paid $3.1 million at auction for a four-bedroom Federation-era home at 62 O’Connor Street in Haberfield, $200,000 over the reserve. The new owners said the market had opened up some areas to buy. In Croydon Park, a two-bedroom semi sold for $1.3 million, $150,000 below its reserve, with a single bidder. In Woolooware, a family from Dulwich Hill bid against themselves to buy a three-bedroom townhouse for $1.43 million, below its $1.52 million reserve.
New Victorian laws require real estate agents to publish auction reserve prices at least a week before an auction. Agents must also publish sale prices for at least 18 months after a sale. Minister for Consumer Affairs Paul Edbrooke says the laws will stop buyers wasting time on homes they cannot afford. The Real Estate Institute of Victoria says the laws are poorly designed and could lead to overquoting. Industry figures also warn buyers may feel more informed than they are, and say the laws are unlikely to affect prices.
A property at 23 Pride St, Torquay, sold for $2.4 million at a heavily contested auction, $200,000 above the reserve set before the sale. Several bidders raised their hands for the 1004 square metre block, which drew a crowd of about 80 onlookers. The site holds a four-bedroom mid-century brick house that is likely to make way for a new development. Agent Ben Greenwood said joint venture buyers, including a Torquay party, secured the property. The home was the 15th residential property in Torquay to sell for more than $2 million this year, according to realestate.com.au records.
About one in ten Victorian homes scheduled for auction this weekend did not have their reserve price advertised seven days ahead, a potential breach of new underquoting laws. A review of 394 listings found 42 without a disclosed reserve. Many agents said they would postpone auctions or switch sales methods, while some were unsure how to proceed. Real estate agents said the paperwork required may leave sellers less time to gauge buyer interest, possibly leading to fewer auctions and longer timelines. The Real Estate Institute of Victoria said the sector would need time to adjust.
A townhouse in Mount Waverley, in Melbourne's southeast, sold at auction for $1.42 million, $95,000 above its reserve price. The seller revealed the reserve of $1.325 million before the auction, ahead of new Victorian property laws that take effect on 16 October. Three bidders competed on the day, and a first-home buyer won the property. Across Australia, 41.2 per cent of 1,524 homes scheduled for auction last week sold, with greater Melbourne recording a higher clearance rate of 52.9 per cent.
