17 hours ago
Balwyn North auction stuns with $3.36m sale
A Melbourne home has sold for more than $3.3m after a buyer walked through it for the very first time on auction day.
A Balwyn North home has taken out the title of Melbourne's biggest auction sale of the weekend, fetching a jaw-dropping $3.361m — and the buyer only saw it hours before making the winning bid.
The four-bedroom retro beauty at 5 Alpha St was quoted $2.7m-$2.9m but smashed the top of the guide by $461,000 after an intense five-way bidding war.
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Jellis Craig Boroondara's Perry Zhou said one of the underbidders was an interstate investor dialling in by phone, but it was a cashed-up local buyer who swept in at the eleventh hour.
'They'd just bought a boat for their adult children and walked through the home for the first time on the day,' Mr Zhou said.
'It all happened so quickly, but it reflects what we're seeing more broadly. Confidence is back.'
The 1043sq m block sits on the high side of the street with potential for sweeping city views from a future second-storey extension.
The home also falls within the coveted Balwyn High School zone, a major magnet for high-end family buyers.
Mr Zhou said the home was declared on the market at $3.15m, and bidding surged a further $211,000 from there.
'That kind of result was well beyond expectations,' he said.
'We had a very realistic guide and strong interest, but no one saw it pushing this far.'
He added that Balwyn North was quietly booming again, with buyers circling homes on large blocks — especially those with renovation or development potential.
'If you drive around this pocket, construction is everywhere. Blocks like this are becoming rare, and that's driving the competition,' Mr Zhou said.
'We're seeing buyers move early, before the school holidays and end of financial year. Stock is tightening, so they're jumping in.'
While not a record-breaker, Mr Zhou said it was the $3.361m result puts 5 Alpha Street among the top sales in the Greythorn precinct. According to property records, the current benchmark is the $4.888m sale of 98 Greythorn Rd in November 2024, with other notable results including 119 Greythorn Rd, which changed hands for $3.608m earlier last year.
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