Alexandra Middleton

Alexandra Middleton is a journalist for The Age, reporting on Melbourne's property market.

Tenants are searching far and wide for their next home as rents in several suburbs spiralled 20 per cent or more in a year.

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The renovated Victorian-style property passed in at auction before selling to a downsizer from a neighbouring suburb.

The vendor placed two bids in the hope of kick-starting the auction of the California-style bungalow.

Rocketing rents in Melbourne mean tenants would be better off paying a mortgage in certain areas – and some are fast-tracking their plans.

Once considered affordable, these areas are now even further out of reach for home buyers.

It was a bittersweet moment for the sellers, whose family home since 1955 was sold for some $215,000 above reserve.

Property prices have come off the boil, but the cost of owning a second home has skyrocketed, with increased land tax driving up costs.

It took a vendor bid to start the auction before three bidders pushed the price well above the reserve.

The vendors were emotional about saying goodbye to the home, which had been in their family for 45 years.

It started as a few odd jobs around the house, then one thing led to another. Before long, Trent was knee-deep in a major renovation.

As investors shy away from the Melbourne market, a handful of areas have fallen below their 2019 prices.