The 3 Piccadilly Avenue, Wantirna South, property was contested by 15 bidders in front of a large crowd on April 15.

After a quick and competitive contest, it sold for $1.206 million, well above the seller’s $1 million reserve.

“The home had a lot going for it and we had 119 groups at inspections, with interest from first-home buyers, families, upsizers, downsizers and a few investors,” Barry Plant Wantirna agent Dean Kehagias said.

“The owners had renovated the ensuite and refreshed the interiors with a coat of paint.”

Mr Kehagias added that the location in the coveted Templeton Primary School zone, and proximity to Studfield shops and Knox City shopping centre added to the property’s appeal.

Sale records show the owners bought the three-bedroom house on 749sq m in 2005 for $336,500, and their purchase returned a hefty price gain of nearly $870,000.

“We knew there was interest and felt the $1 million reserve was achievable with maybe five to 10 bidders,” Mr Kehagias said

“It was a crazy auction to have 15 bidders and we were surprised by the result as three similar homes sold for mid-$900,000s in recent months.”

The keys were won by a young engaged couple that had her parents help in the bidding and purchase of their first home.

Barry Plant chief executive officer Mike McCarthy credited the result to a lack of quality houses on the market, the Herald Sun reported.

“It points to the scarcity of properties at the moment,” he said.

While there was a low volume of stock for sale, there was “still very good demand” from buyers, according to Mr McCarthy.

“People have adjusted their budgets to cope with the interest rate rises,” he said.

“Perhaps they might now look at a smaller house or a different suburb.”

PropTrack figures showed Victoria recorded a 70.2 per cent preliminary clearance rate from 347 early results that Saturday. The Barry Plant Group recorded an auction clearance rate of 88%.