The last home to be designed by iconic Australian architect Robin Boyd went under the hammer for more than $1.6 million. The sale, well above reserve, came as analysts suggest Melbourne's property market will rise over the next 18 months putting more pressure on home buyers.
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00:00 In the hands of a Boyd fan again.
00:04 We're selling! We're selling! We're sold! Congratulations!
00:09 Architect Craig Tan securing his dream home after a bidding showdown.
00:14 You had arts in the house and yes was very nervous.
00:17 Try to stay calm.
00:19 I've sold many Boyd homes over the years and over the years they're escalating in what they go
00:24 because they are a piece of art these days and that's how people are starting to perceive them as.
00:28 Built in 1972, the Ringwood East home was designed by Robin Boyd,
00:33 an acclaimed architect known for his mid-century modern residential designs.
00:38 This was his final completed work.
00:41 It's quite a wonderful example of Robin's work and it's been really well maintained and cared for.
00:49 And it sparked plenty of interest with more than 1,000 people inspecting the property.
00:54 Just looking I'm afraid. I think there's too many stairs for myself.
00:59 It's my favourite architecture and they don't come up. This is his last one.
01:03 Ideally it wouldn't be in East Ringwood but that view is spectacular.
01:06 While this home sold for well over the reserve price,
01:09 it could be a sign of the property market starting to heat up again.
01:13 The NAB is forecasting Melbourne house prices to increase by 10% by the end of next year,
01:19 adding $75,000 to the average home.
01:23 While Boyd designed homes are out of reach for many,
01:26 property analysts say the Melbourne market is rebounding.
01:29 There is continuing good strong pressure in the housing market and a shortage of supply
01:34 so that's always going to keep the upward pressure on pricing.
01:37 Making the dream a reality for some and harder to attain for others.
01:41 [BLANK_AUDIO]