It’s rare to hear multi-million dollar bids thrown about at a public, streetside auction.

But buyers with very deep pockets have fought hard for the keys to a Camberwell trophy home, which has set a new suburb price record of $7.7 million.

The sum paid on Saturday for 27-29 Kintore Street, within the coveted Tara Estate, beats the previous benchmark of $6.8 million for a nearby Russell Street property.

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A young family purchased the historic home – which has had just six owners in its 120 years – with a single, last moment bid.

The buyer, dressed casually in a rugby top and tucked behind a tree, out of the sight of his competition, left his run until late.

With his one and only bid, he offered $7.7 million, and the five underbidders didn’t response. He told Domain he wished to remain anonymous.

Agent Doug McLauchlan of Marshall White said past prospectives buyers who missed out when the home was last on the market in 1988 had attended the auction to wish the vendors well.

A crowd of almost 300 gathered on the front lawn, including three buyer’s advocates, who bid on behalf of clients, getting the auction off to a fast start.

The price rocketed from $6.5 million to $7.5 million in about one minute.

Connections of the vendors, watching from a balcony, cried and hugged as the price soared.

Mr McLauchlan announced the property on the market at $7.65 million.

Businessman Graeme Black of financial planning firm Sims Cooper & Co, and his wife Sally Romanes, purchased the home in 1988 for $1,505,000.

“There was a buzz in the crowd and there was a lot of local people – this estate, the Tara Estate, is very tightly held,” Mr McLauchlan said.

“A lot of people turned out to see one of the absolute landmark homes on the estate change hands, which it has only done six times in 120 years.

“We had buyers from relatively far afield in the mix, but it has been bought by a local family.”

Mr McLauchlan said $7.7 million is a record for a home sold at public auction in Camberwell.

“There may have been a sale done off the market that I am not aware of,” he said.

An Italianate manor at 12 Russell Street, which traded at auction last May, held the previous price record for the postcode 3142.

Camberwell is among the top ten hottest suburbs for price growth over the year to June, according to Domain Group data.

The leafy eastern suburb’s median price has hiked up 31.2 per cent, hitting $1.81 million.