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1 Flowerdale Rd, Glen Iris sold at its auction on Saturday.

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A Glen Iris abode sold in excess of $500,000 more than its reserve price at its auction on Saturday.

The four-bedroom residence at 1 Flowerdale Rd was offloaded for $3.86m to a young family, which was well above its $3m-$3.3m price hopes and reserve price of $3.3m.

Four groups offered bids starting at $3m which rose by $25,000 increments initially.

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Belle Property Glen Iris principal Steve Burke said there was demand for “quality family homes”.

“We had a very generously proportioned four bedroom home on a good size block with an excellent orientation, north-facing back garden, in a leafy part of the world,” Mr Burke said.

“People are responding well at that level.

“It’s a bit fickle the market but good quality properties in good locations, if they’re presented well, there’s strong demand.”

The spacious courtyard.

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The study upstairs.

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Barry Plant partner Mark Lynch said there seemed to be a lot of buyers in Victoria’s market and “plenty of bidding”.

“(With) the access to information and technology that buyers have, they are in a great position to assess what a property’s value is,” Mr Lynch said.

“Equally, the vendors should also be in a position to judge exactly what it’s worth and unfortunately, sometimes emotion gets in the way.”

The living room opening up to the courtyard.

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He said the market had been slow to pick up in January, but there was at least 20 per cent more available stock than this time last year.

“I think a lot of people took advantage of a little bit of a longer holiday than previous years,” he said.

Mr Lynch added that buyers sat in a “state of flux” in 2023 waiting to see whether the market went up or down, but many had become more confident of the direction it was going in.

“You really can’t time the market or when it’s going to be up or down,” he said.

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sarah.petty@news.com.au