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The young family who bought 12 Woodland Drive celebrate their win.

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Plenty of properties were passing in on the first Saturday of summer, but there was something about Cheltenham.

A two-bedroom unit at 12 Woodland Drive sold about $20,000 beyond reserve, while four bidders competed for the four-bedroom house at 25 Merton Close in the southeastern suburb.

The unit, with a price guide of $720,000-$780,000, fetched $803,000 under the hammer in an auction conducted by Ray White’s Angela Limanis.

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Three bidders competed for the neat home just behind Southland with cathedral ceilings, an updated kitchen and front and back yards.

CoreLogic records show the property last sold in 2007 for $450,000.

“It was a large complex with a lot of them selling to young families recently. A lot of them were owned by an older demographic but now there’s an injection of younger energy,” Ms Limanis said.

“The market has been good, there’s not a lot of stock around, which is a driver.

“If you’ve got a good property, which is priced right, it will do well. Price is sensitive at the moment and if it’s not priced right buyers won’t bother.”

The same agency’s Trevor Bowen sold the two-storey Merton Close property right at the top end of its $1.17m-$1.28m range.

“The winning bid went to an interstate investor from New South Wales,” he said.

“The sellers were a couple who are moving to a retirement village. They built it in 1980 and it’s the first time it’s been for sale in 42 years.

The four-bedroom house at 25 Merton Close, Cheltenham, sold after 42 years.

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Open-plan potential inside.

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A neat and spacious backyard.

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Mr Bowen said the location ticked all the boxes for shopping, schools and the beach.

Kevin Chokshi auctioned the house and said the local market had “really picked up in the last two-three weeks”, with more bidders at these auctions than there had been at others in the past couple of months.

“I think it’s all sunk in now with the rising interest rates and buyers aren’t as concerned as we thought,” he said.

“Nicer properties are starting to pop up as well, as vendors aren’t afraid to sell, which is definitely adding some buzz to the market.”

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