A home in an elite Lysterfield estate has sold for more than $500,000 beyond the reserve price.

The 50 Heritage Way property in the prestigious Carrington Estate was snapped up by a local family for $2.502 million at an auction on March 25.

Six bidders competed at the half-hour auction that generated more than 100 bids interspersed with small $1000 and larger $10,000 increments, according to Barry Plant Rowville director Anthony Johnson.

The property was called on the market when it reached the seller’s $2 million reserve price, he said.

“ The bidders were owner-occupiers from Lysterfield and also out-of-area,” Mr Johnson said.

“The bidding started at $1.85 million and was very competitive, with the beautifully updated house selling to a local family seeking their dream home.”

The acreage in a great position attracted 70 groups to inspections. Luxury homes in Carrington Estate can easily sell for above $4 million.

The owners of seven years were “absolutely happy” with the stunning result, which was due to strong demand and the lack of properties for sale in the tightly held estate.

The four-bedroom house is set on a landscaped 1825sq m block and features a showpiece kitchen, deluxe bathrooms, oversized bedrooms, three living zones, and walls of north-facing windows to take in the vistas.

There is a spectacular outdoor entertainment deck, breathtaking pool area, and two garages that offer plenty of room for a collection of cars.

“With a shortage of good properties for sale, strong demand is driving up prices for our listings,” Mr Johnson said.

“In March, we averaged three offers for every sale because there are still many buyers around.”

The supply-demand imbalance is resulting in “fierce competition”, Mr Johnson added.

Buyers in Lysterfield and neighbouring Rowville tend to come from the area or nearby suburbs in the eastern and outer-east regions.

“In our last 15 sales, six to seven buyers have been local and the rest from areas close by,” Mr Johnson said.

“There are a range of properties in Rowville and Lysterfield, from more affordable townhouses to $2 million family homes, and they offer buyers more value for their money compared to suburbs closer to the city.”

Properties that are for sale by Barry Plant Rowville are generally sold via Barry Plant’s exclusive Sale by SET DATE® method and recent sales have seen sellers receive multiple offers and strong prices.

There were six offers each for 9 Golding Avenue, Rowville, which netted a $968,000 sale price, while 31 Heany Park Road in the same suburb sold for $1.102 million.