THE owners of a Balwyn home have cashed in on the hot property market, pocketing a $930,000 windfall in eight months.

A five-bedroom home at 6 Wills St sold for $3.16 million under the hammer on Saturday, almost $1 million more than the owners paid for the property in 2014.

The clinker-brick home last changed hands for $2.23 million in September, according to CoreLogic RP Data records.

HISTORIC HOMESTEAD SELLS AT AUCTION

Hocking Stuart, Balwyn, director Toby Parker said no changes had been made to the property since last year.

“That’s what makes it such an amazing result,” Mr Parker said.

Four bidders competed for the home, pushing the price well past the vendors’ expectations.

“It was beyond their wildest dreams,” Mr Parker said.

“They were hoping to get around their money back for it.”

The 981sq m property was declared on the market at about $2.5 million.

Mr Parker said the Balwyn High School zone often added a premium to property prices, but this home was not in the catchment zone.

The block is on the high side of the street, with a wide 20m frontage and nice views, he said.

It was one of 973 auctions in Melbourne last week, with 74.3 per cent selling, according to preliminary figures from CoreLogic RP Data.

The city’s inner-eastern suburbs notched the highest clearance rate, at 81.9 per cent.