Family home sells for $760,000 over reserve

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Determined buyers are hard to beat at auctions. This Albert Park home sold for $1.48 million despite a knock-out opening bid from a buyers agent.

Two auction reserves were smashed in Melbourne as the spring selling season gets underway.

There were 823 auctions this weekend and two buyers took their chance to pay over the odds.

An ultra-modern Brighton East family home sold under the hammer for an eye-watering $760,000 above the reserve. And a run-down Albert Park home on market from the first bid sold for $280,000 more than reserve.

13 Edro Avenue, Brighton East, sold for $3.87 million. Photo: Supplied

Auctioneer Peter Kennett, from hockingstuart, told Domain he believed the figure for the Brighton East home was a per-square-metre price record for the suburb. Number 13 Edro Avenue, on 695 square metres, sold for $3.87 million.

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The new buyers paid the equivalent of $5568 per square metre. The auction drew a large crowd and four buyer's advocates, three of whom fought hard to acquire a slice of high-end bayside real estate.

The winning bidder, buyer's advocate Mal James, opened the auction with a bid of $3 million - only $100,000 shy of the reserve.

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Family home sells for $760,000 over reserve