39 Fernhill St, Glen Waverley well and truly exceeded expectations by fetching $2.385 million.

A tired 1960s Glen Waverley house has flown half a million dollars past reserve at an auction that “shocked” the agents who sold it.

Six bidders competed for the nondescript four-bedroom house at 39 Fernhill St as more than 150 people watched on, pushing its sale price well past expectations to $2.385 million.

Harcourts Judd White director Dexter Prack said the home eclipsed its reserve of about $1.9 million in just two bids, with a total of 55 bids placed before the hammer came down.

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The house had belonged to the same owner since it was built in the 1960s.

Six bidders wanted a piece of the property.

Mr Prack said an investor from Balwyn North clinched the keys, fending off “aggressive” competition from two families who’d planned to demolish the brick house and build a new home.

The vendor, an elderly woman, had lived in the residence since it was built.

“Her family was absolutely ecstatic,” the agent said.

“We’re still in a bit of shock (it sold) for that much.

“It was like the old days.”

The daggy interior didn’t deter the investor buyer.

The four-bedroom house beat its reserve by almost half a million dollars.

Mr Prack said the property offered a “good flat 725sq m block” in a “very, very sought-after pocket of Glen Waverley”.

But he had sold a similar property there just a few weeks ago for less than $2 million, showing how quickly the market had turned following the federal election.

Also demonstrating the remarkable resurgence was the $1.021 million transaction of 34 Camelot St, Glen Waverley on Saturday, June 15.

Mr Prack said the vendors had unsuccessfully auctioned the four-bedroom house on a 652sq m block before May’s federal election, attracting no bids.

They tried again on the weekend and drew five bidders to sell $21,000 above reserve.

34 Camelot Drive, Glen Waverley passed in at auction a few weeks ago, but had success on its second try.

The Camelot Drive home attracted five bidders on its second go.

Mr Prack’s Glen Waverley-based office achieved sales at nine of its 10 auctions on the weekend, and was now “very close to knocking over” the 10th, making it their best weekend of the year so far.

“As soon as there’s a bit of confidence in the marketplace, this area bounces back so quickly,” he said.

“Everyone starts getting worried they might miss out.

“Stock levels are low too, there’s nothing to buy.”

CoreLogic recorded a preliminary 68 per cent clearance rate from 725 auctions last week — well above the 56 per cent notched from 992 auctions on the corresponding week last year.

The property data firm noted Melbourne’s final clearance rate had come in above 60 per cent for three of the past four weeks, and would again this week.

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