A young couple paid $872,500 over the reserve for a three-bedroom house in Airport West, sparking concern that Melbourne's housing market may be out of control. The auction saw intense bidding, with multiple first-home buyers competing for the property over the price guide of $700,000 to $770,000. The house, located at 102 Halsey Road, Airport West, had a price guide of $700,000 to $770,000 and last sold for $565,000 in 2019.

Jason Johnson, a former Essendon football player and auctioneer, led the proceedings, which began with a $700,000 genuine bid. According to Jellis Craig Moonee Valley lead agent Lara Harris, the market was particularly strong below the $1 million mark because there's a lot of first-home buyers in the market, and anything priced sub-$1 million is moving really well, she said. The young couple from Southbank, who had once lived in the area, outbid three other first-home buyers for the property because it's more investors selling than investors buying now, Harris noted. Their success can be attributed to the strong demand for housing in the area.

In a separate auction in Yarraville, a 'cheeky' bidder won the keys to a two-bedroom townhouse with a $931,000 offer, outbidding a first-home buyer couple. The light-filled home at 13 Canterbury Street, featuring glossy timber floors and a north-facing courtyard, was listed with a price guide of $775,000 to $850,000 and had a reserve of $850,000. Village Real Estate auctioneer and lead agent Joseph Luppino described the opening bid as 'a little bit cheeky, a little bit low' at $700,000. The vendor then raised the stakes with a bid of $800,000, and the bidding continued between the two buyers, with the young man eventually emerging victorious with an offer of $931,000.

As the market continues to boom, Melbourne's housing market may be out of control, with the price of the Airport West house being sold over the reserve for $872,500. With prices continuing to rise and demand outstripping supply, first-home buyers are finding it increasingly difficult to enter the market. However, this trend could create opportunities for them because it's more investors selling than investors buying now, which could potentially lead to better deals for first-home buyers. But with the market moving at such a rapid pace, it's essential for buyers to stay informed and adaptable to stay ahead of the game.