7 Lyell Place, Taylors Lakes, sold for $125,000 more than expected.

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A Taylors Lakes family are planning to ride Melbourne’s market woes to a vaunted eastern suburbs address after their auction soared $125,000 above expectations.

Sean Kim said he was “extremely happy” with the $1.355m sale of his 7 Lyell Place home, which gives him, his partner Rebekah Park and their son William a chance to jump a few rungs on the property ladder.

Melbourne home values are moving heavily out of synch.

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PropTrack’s latest data showing most Melbourne suburbs are still ahead compared to last year, but while the median price in Taylors Lakes is currently 9.9 per cent up from a year ago, suburbs such as Box Hill and Mulgrave are only up 5.7 per cent and 6.9 per cent respectively for the past 12 months.

“People who do well in this sort of market can win on both sides, as a seller and as a buyer,” Mr Kim said.

“We are thinking of moving to the eastern side of Melbourne. I feel that houses over in the east, by percentage, have dropped more than my suburb. So I can potentially buy in a more desirable and (formerly) more expensive suburb.”

Taylors Lakes family Sean Kim and Rebekah Park, along with their son William, 3, are thrilled with the sale of their home. Picture: Ian Currie.

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The family plan to wait and see what the numbers say about their next suburb, but in the shorter term they were planning to celebrate with dinner out on Saturday night.

Mr Kim said he had been half nervous and half excited leading into the auction.

“The first open home, we had people lined up outside our house with 35 families (more than 100 people) coming through,” Mr Kim said.

“I’d never seen that before and even the agent was quite shocked. My neighbours were saying, ‘What’s happening, I thought the market was down?’”

The home is completely renovated, which appealed to a wide array of family buyers.

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Main Road real estate director and co-founder Anthony Orellana said four bidders making offers as high as $100,000 above their peers showed just how far families in the area would go for a fully renovated house.

“It’s pretty special what they have done with the home, there’s a lot of thought and love there,” Mr Orellana said.

While bidding started low at $850,000, the end result was inarguably strong.

He added that Mr Kim was likely on to something, with quality homes in Taylors Lakes having weathered rising interest rates and the current market correction well so far.

A light and bright decor was also part of the home’s charm.

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With he and his business partner of two years both having grown up in St Albans commission houses, he added it wasn’t just the west’s homes that were doing well.

“A lot of buyers are adamant that it’s undervalued,” he said. “So there’s an opportunity now, because people from the west’s homes are holding their worth more than in the east.”

The home’s proximity to shops, schools and even Overnewton Castle had all added to the appeal.