A Victorian terrace in North Melbourne sold under the hammer for $1,802,000 at auction on Saturday, drawing over 100 spectators.

The three-bedroom, one-bathroom home at 5 Canning Street had a price guide of $1.42 million to $1.49 million, with the reserve set at $1,550,000.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide. The property was one of 1576 scheduled to go to auction in Melbourne this week.

Six bidders participated, including young professionals, young families, and those planning to start a family. Bidding kicked off with a crowd bid of $1,550,000, and the property sold after 27 bids, with the auction over in about 12 minutes.

The winning bidder was “a young professional man”, according to Trevor Gange from Jellis Craig

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