A local Macleod family have triumphed over developers to snare a post-war house on a knockdown-rebuild site.

The homebuyers faced off five developers in a battle for a three-bedroom house on 960sq m at 31 Edward Street, on May 13.

The property sold under the hammer for $1.39 million, a whopping $290,000 above the seller’s reserve.

This was the highest price achieved above a seller’s reserve at auctions held by the Barry Plant Group that weekend.

The property was a rare find and attracted strong interest because of its size, development potential and superb location, according to Barry Plant North Eastern Group sales manager.

“It sold unexpectedly to the homebuyers,” he said.

“The other bidders, who were all developers, missed out.”

In a neighbourhood with multiple townhouse developments, the large and flat corner block was the last one available for development in this area, Mr Booth said.

The buyers plan to build their dream home on the block, which is in a sought-after pocket in the Macleod P-12 College zone, and near village shops, transport, parks and the upcoming North East Link.

A deceased estate, the property had been in the same family for generations, and the original clinker brick house was offered for sale to the public for the first time since it was built in the 1950s.

“The sellers were pleased a family bought the home and was going to give it a fresh start,” he said.

“It was great seeing the buyer’s children running around the backyard during the auction.”

He described the market in the northeast as strong and price sensitive, with “X-factor” properties selling quickly and achieving above-average prices.

He pointed to the four-bedroom house at 42 Aspiration Rise, Diamond Creek (pictured below), which sold within three days of hitting the market for $1.22 million.

“It went live online on the Wednesday and we received two offers before the first open on the Saturday,” he said.

The first open inspection attracted 13 groups and three offers above $1.2 million, and the property sold on the same day to a local family, according to Mr Booth.

“This property had the X-factor,” he said.

“It sold so quickly, prior to auction, for much more than everyone expected because it was well presented, had great views and was realistically priced.”

Built by the sellers three years ago, the near-new entertainer’s delight is a showstopper in a prized location.

It features a stunning alfresco zone with a spa and covered deck looking out across the treetops towards the valley and Kangaroo Ground.

He said the market was 100 per cent demand-driven, and due to a shortage of properties for sale, competition was strong.

“If you find the ideal property to buy, go hard with your best offer,” he said.

“And if you don’t, someone else will and you could be waiting months for the next one to come along.”