Imagine transforming a quaint 1930s cottage into a stunning art deco masterpiece—only to sell it for a jaw-dropping $2.35 million. But here’s where it gets controversial: despite its breathtaking design and prime Northcote location, just one bidder showed up to the auction. How does a property this remarkable attract so little competition? Let’s dive in.
The three-bedroom, two-bathroom home at 15 Mitchell Street, nestled a stone’s throw from High Street’s vibrant café scene, was initially snapped up in 2012 for $905,000. Fast forward to 2021, and the owners poured their hearts into extending and revitalizing it, preserving its art deco charm while adding modern flair. The result? A ‘beautifully designed’ home that Toni Leskovec of Jellis Craig Northcote describes as a standout in a highly sought-after street.
Despite strong inspection numbers, only three bidders registered, and just one—a young family—made an offer, starting at $2.1 million. After some floor negotiations, the property sold just above its $2.3 million reserve. Leskovec admits the process was ‘a bit slow’ but credits her pricing strategy for securing great value for both the owner and buyer. She notes that similar homes in the area had recently sold for slightly less, and the property attracted a mix of young couples, families, and downsizers, all drawn to its homely yet elegant design.
And this is the part most people miss: the sale was bittersweet for the vendors, who had poured ‘a lot of love and work’ into the home. With two growing boys, they’re now seeking something larger. Meanwhile, Leskovec highlights a surge in listings and buyer activity over the weekend, suggesting a pre-Christmas rush in the market.
This Northcote gem was just one of 1,345 auctions scheduled across Melbourne last week. By Saturday evening, Domain reported a preliminary clearance rate of 68.3%, with 100 homes withdrawn. In Epping, a first-home buyer outbid an interstate investor, paying $756,000 for a three-bedroom, two-bathroom home at 10 Mottled Avenue. The property, with its Tasmanian oak flooring, high ceilings, and al fresco area, had a reserve of $726,000 and attracted six registered bidders, four of whom actively participated.
Here’s where it sparks debate: the Epping auction opened at $600,000 and soared to $700,000 within minutes, but the final duel between the investor and the local buyer was a nail-biter, with bids rising in $1,000 increments. Selling agent Michael Assaad of Ray White Wollert notes that the final price exceeded expectations, signaling a shifting market. The vendors, who had lived there for 12 years, are upsizing and embracing a tree-change lifestyle.
In Sunshine West, a three-bedroom townhouse at 1/52 Bardsley Street ignited a bidding war among four budget buyers, selling for $800,000—well above its $700,000 reserve. The eventual buyer, a mum of three relocating from regional Victoria, was drawn to the area’s affordability compared to nearby suburbs like Footscray. Selling agent Marcus Fregonese of Ray White Sunshine highlights the area’s growing appeal, particularly among first-home buyers and interstate investors.
But here’s the question: Is Melbourne’s property market truly recovering, or is the momentum uneven? Domain’s Dr. Nicola Powell notes that while subdued supply is sparking shifts, delayed interest rate drops are rattling consumer confidence. The recovery, she says, remains patchy.
What do you think? Is Melbourne’s market on the upswing, or are we still in uncertain territory? Share your thoughts in the comments—let’s spark a conversation!
