The house at 3 Piccadilly Ave, Wantirna South, caused a buyer frenzy.

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A whopping 15 bidders competed for the keys to a Wantirna South house on Saturday, as low stock levels massively boost buyer competition.

The auction saw the three-bedroom home at 3 Piccadilly Ave fetch $1.206m, a sum $206,000 above $1m reserve, in about 10 minutes.

Both Barry Plant executive director Mike McCarthy and listing agent Dean Kehagias credited the result to a lack of quality houses on the market.

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Mr McCarthy said the sale “points to the scarcity of properties at the moment”.

And Mr Kehagias said he did not expect the “pretty crazy” auction for the 51-year-old home but that its retro features and location in the Templeton Primary School zone had added to the appeal.

“There’s definitely no lack of people able to spend money out there,” Mr Kehagias said.

“Buyers who are being priced out of one area are simply moving to another.”

A first-home buyer snapped up the house.

The timber and laminate-fitted kitchen stars a vintage-style phone.

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Plenty of room to entertain.

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PropTrack figures show Victoria recorded a 70.2 per cent preliminary clearance rate from 347 early results on Saturday.

Several other houses recorded results way above expectations including a house at 22 Scarlet Ash Dr, Templestowe Lower, which sold for $1.35m, a figure $250,000 above reserve.

Ray White Manningham’s Harry Lai said a local investor purchased the four-bedroom home.

“We had more than 100 groups visit the property, with the most amount of interest from first-home buyers,” Mr Lai said.

The facade of 22 Scarlet Ash Drive, Templestowe Lower.

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The property comes with a separate laundry, ducted heating, split system cooling, a north-facing back garden with workshop and studio, front patio, under-house storage and tandem carport.

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The kitchen has Miele cooking appliances and an Asko integrated dishwasher.

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One of the week’s top results was a four-bedroom house at 7 Danks St, Albert Park, which fetched $2.96m.

Jellis Craig director Warwick Gardiner said a “rapid fire” seven-minute auction topped the reserve by $260,000.

The two-bedroom house at 5A Young St, St Kilda East.

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An open plan layout and a large balcony are among the features.

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Mr Gardiner also had the listing for a two-bedroom pad at 5A Young St, St Kilda East, which fetched $845,000, a sum $75,000 higher than the reserve.

“There’s a massive shortage of stock at the moment,” Mr Gardiner said.

“To have four people bidding so competitively for each property … it’s really hot auction action we’ve not had for the past six months, it’s more like 12 months ago.”

About 680 auctions are expected across the state next week.

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