An architecturally renovated Federation home with a pool in Northcote was passed in on a vendor bid of $3.5 million at auction on Saturday.
The house at 123 Clarke Street had a price guide of $3.5 million to $3.8 million and a reserve of $3.8 million.
Listing agent Sam Rigopoulos, from Jellis Craig Northcote, said there were three interested parties, but one “pulled the plug” on the morning of the auction and the other two were locked in a “Mexican stand-off”.
“They were both interested, but no one wanted to make the first move,” he said.
The parties were a couple who already owned a property in the area and a multi-generational family looking to consolidate.
“We are still in talks with both of them,” Rigopoulos said.
“I’m confident a deal will come through soon.”
The property, which has views of the city skyline and direct access to Peters Reserve, was extensively renovated by the owners, who bought the home five years ago for the price it was passed in at on Saturday, $3.5 million.
“They would have liked the home to sell but have a good understanding of the market at the moment,” Rigopoulos said.
“The deals just take a bit longer, and it’s a matter of being patient and waiting for the right buyer to emerge.”
The property was one of 822 scheduled auctions in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 56 per cent from 557 reported results throughout the week, while 104 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Elsewhere, a three-bedroom, brick-veneer, AV Jennings-built family home in Mulgrave sold under the hammer at a “highly competitive auction” on Saturday for $951,000.
The home at 25 Sunrise Drive was listed with a price guide of $830,000 to $890,000 and had a reserve of $890,000.
Selling agent Rick Cheah, of Ray White (Judd White Group), said he was “quite amazed with the result”.
“A similar property nearby sold three or four weeks ago at $908,000, so we weren’t expecting that,” he said.
Cheah said the “hard work” behind the campaign pushed the price $61,000 above its reserve.
“We did around 25 inspections over the five-week campaign, and the home was presented very well,” he said.
The four active bidders were all local families with young children.
“The buyers currently rent in Mulgrave,” Cheah said.
The sellers, who had bought the home around 25 years ago, had lived there before renting it out as an investment property for the past 15 years.
Cheah said the sellers asked him to list the property after an AI search.
“I was in Japan and got a call asking me to take the listing. When I asked how they found me, they said they asked ChatGPT, which said I was the best agent in Malvern.”
In Albert Park, a two-bedroom terrace home was passed in at auction with a vendor bid of $1.5 million.
The home at 13 Herbert Street had a price guide of $1.5 million to $1.65 million and is now listed with an advertised reserve of $1.59 million.
Listing agent Elizabeth Lopez, from Beck & Small Property, said there were interested parties but no active bidders.
“We have a few interested parties who didn’t make a bid but who we are still in talks with now,” she said.
“One lady has now inspected it four times and is looking to organise a building inspection next week. I think it will sell in the next week.”
Lopez said there was a lot to like about the property, including its location and a north-east-facing terrace with access to deep storage in the roof.
Lopez said the property market in the area had been “tough”.
“I noticed a shift in February where there were fewer buyers coming through,” she said.
Mathew Tiler, LJ Hooker’s head of research, said the Victorian school holidays, Easter and coming Anzac Day had made for a “funny few weeks”.
“The amount of stock on the market is quite low due to which is a consequence of these factors,” he said.
The effect of the most recent rate increase, as well as the war in the Middle East and its impact on household budgets, had also played a role.
“Uncertainty is the word at the moment,” Tiller said.
“Whether you’re a vendor or buyer, there’s a lot of uncertainty in the market that is causing people to hold off on making decisions.”
