9 Tinarra Court, Wantirna South, sold $385,000 above its reserve.

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A surging suburban auction that smashed its reserve by an incredible $385,000 has market experts saying homebuyers no longer fear interest rate rises.

Multiple homes sold hundreds of thousands of dollars above reserve yesterday as Victoria’s auction market recorded an 66 per cent clearance rate from 476 reported results, according to preliminary PropTrack figures.

A Wantirna South house was arguable the day’s most impressive result, sold for $1.74m and earning its owners an incredible $385,000 premium above their reserve.

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EYS auctioneer Fabian Sanelli said while the 9 Tinarra Court home had a $1.355m reserve the bidding had jumped $200,000 in the time an agent went inside to confirm the figure and he only got a chance to call it on the market at $1.55m.

“If this auction was happening three months ago, it probably wouldn’t have gone as well,” Mr Sanelli said.

“But I don’t think the rates are having an impact right now.”

Vaulted ceilings in the main living zone add character to the home.

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Harcourts listing agent Jarrod Robinson said there had been 20 buyers registered to bid for the home, though only seven had the chance to do so.

The buyer was a local family from a nearby suburb.

Real Estate Buyers Agents Association of Australia president Cate Bakos was among those outpaced by the “standout result” and said for larger homes that didn’t need any work done on them, there was now heat in the market.

“There were no cautious bids,” Ms Bakos said.

“People have got their heads around interest rates. Ultimately people want a home and if paying a little premium lets them settle into one, a lot of people see the value of that.”

The home’s renovated interiors left buyers with nothing to do.

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Real Estate Institute of Victoria president Richard Simpson the day’s clearance rate reflected a “good result” for the current market, and homes selling far above reserve were a healthy sign heading into spring.

Mr Simpson said the market wasn’t yet turning back up, but was confident interest rate rises across the rest of the year would have less and less of an impact on sales.

“This is what I’ve been saying all along: the confidence is still there, because employment is still strong,” he said.

Confidence is also high at the top end of the market.

After a Toorak house sold for more than $80m during the week, a retro Black Rock house that featured in the Olivia Newton-John biopic yesterday sold for $4.6m under the hammer.

The iconic home at 344 Beach Rd, Black Rock, has been used as a film set.

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Marshall White’s Oliver Bruce said bidding for 344 Beach Rd started at $3.9m, but rose in increments as high as $100,000 until it sold for $4.6m — about $200,000 after it was called on the market.

It was also $1.9m more than the vendors paid for the property in 2014.

Mr Bruce said the property was quite unique given its viewlines, retro style and storeyed history.