Economics columnist Terry McCrann secures stellar $2.95 million at Camberwell auction

The downsizing News Ltd business columnist Terry McCrann secured a stellar $2.95 million when his longtime Camberwell family home sold at weekend auction.

It last traded in 1980 at $86,250, so reflected 10.75% annual price growth over the 35 years.

It had been listed by Jellis Craig agents Chris and Michael Hingston who were initially telling inspectees around $2 million was expected at its 16 May auction.

Houses on the road have sold for as high as $2.3 million, with the last sale a $1.95 million in late 2014.

After opening at $2.5 million, the second bid was enough to put the property on the market at $2.52 million. There were six bidders.

"Across the road – same land size and same house sells late in 2014 for $1,950,000 – why you pay $1 million dollars more," buyers' agent Mal James noted.

"Asian buyers duke it out to $2,950,000," he added.

The timing was nothing about picking the potential peak in the ever-confident eastern suburbs Melbourne residential market, just apparently time to permanently downsize for the family.

The REIV report Melbourne secured a clearance rate of 76 per cent this weekend compared to 80 per cent last weekend and 70 per cent this weekend last year.

There were 803 auctions reported to the REIV, with a $564 million total sales.

REIV TOP 5 HOUSES

1. 60 Buckingham Drive, Heidelberg $5,200,000
2. 43 Orchard Crescent, Mont Albert North $3,570,000
3. 25 Rushall Crescent, Fitzroy North $3,400,000
4. 1A Woorigoleen Road, Toorak $3,400,000
5. 6 Wills Street, Balwyn $3,160,000

REIV TOP 5 BARGAIN HOUSES

1. 125 Powell Drive, Hoppers Crossing $277,000
2. 25 The Garlands, Craigieburn $290,000
3. 38 Village Avenue, Taylors Lakes $310,000
4. 39 Rokeby Crescent, Craigieburn $325,000
5. 7 Lombardy Avenue, Dromana $330,000

REIV TOP 5 APARTMENTS

1. 5 Olinda Avenue, Beaumaris $2,200,000
2. 3/37 Hartington Street, Kew $1,805,000
3. 5/16-18 Bona Vista Avenue, Surrey Hills $1,405,000
4. 6/103 Lucerne Crescent, Alphington $1,390,000
5. 41B Moylan Street, Bentleigh East $1,386,000

REIV TOP 5 BARGAIN APARTMENTS

1. 9/6 Garnet Street, Brunswick $225,000
2. 7/723 Princes Highway, Springvale $225,000
3. 2/18A Bloomfield Road, Ascot Vale $254,250
4. 1/7 Gascoyne Way, Truganina $295,000
5. 2/465 Princes Highway, Noble Park $300,000

Source REIV