Huge pent-up demand for single-level living from downsizers saw a Balwyn North property smash its reserve by $310,000.
The three-bedroom house at 34 Aylmer St sold for $1.91 million, after bidding from five groups.
“Four people bid over $1.8 million — it wasn’t just a runaway auction between two bidders,” Nelson Alexander Kew agent Nick Whyte said.
“As soon as it was announced on the market, the downsizers were bidding quicker and harder.”
Mr Whyte said the bidding frenzy was sparked by fear of missing out, with single-level properties on good blocks in Balwyn North few and far between.
Meanwhile in Coburg, young buyers were drawn to a “cute as a button” house, sending it $40,000 beyond price expectations.
The restored four-bedroom 1930s California bungalow at 67 Queen St sold for $1.14 million after bidding from three young couples.
“It was cute as a button, neat as a pin and it ticked all of the boxes without being oversized,” Nelson Alexander agent Mark Verrocchi said.
“The successful purchaser and his partner are eventually going to move into it — they’re looking to start a family.”
Mr Verrocchi said $1-$1.5 million for a family home had become the new norm in the inner city.