August 15, 2026 — 1:53pm
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A luxurious two-bedroom apartment in a converted Melbourne mansion built in 1887 sold for $975,000 at auction on Saturday, $125,000 over its reserve.
Overlooking Albert Park on a busy city arterial, 54 Queens Road’s spacious interiors have been home to wealthy families, a reception centre and – for more than 50 years – part of the Victorian headquarters for the army, before being converted into a block of six apartments 18 years ago. Apartment M6 was for sale for the first time since that conversion.
The property features high arched double-glazed windows, soaring ceilings and the small complex’s only open balcony – accessible by window – with views onto the park and the building’s manicured gardens. It had a price guide of $800,000 to $880,000 and a reserve of $850,000.
Ray White Southbank auctioneer Lachie Kelly held the auction in the gardens, with about 50 people crowded onto its lawns. Bidding opened at $780,000, and an investor then took it to $800,000.
From there, Kelly guided bidding up in $20,000 and $10,000 increments from three competitors, pausing at $840,000 to check with the vendor. The property was declared on the market at $850,000, and as the price passed $855,000, a fourth bidder – a buyer’s agent – jumped into the fray, pushing the price up to $880,000 in one swift move.
Auctioneer Lachie Kelly looks for final bids as M6/54 Queens Road rockets over its reserve.Chris Hopkins
The investor countered with a $5000 bid, but the buyer’s agent continued to go up in $15,000 and $10,000 increments, eventually exhausting the investor’s budget.
The agent’s clients had recently returned to Melbourne after 30 years living in New York.
Lead agent Tommy-Lee Davies, from Ray White Southbank, said the vendor had held the property as an investment, never setting foot inside.
“It’s very rare,” he said, noting that of the six apartments in the building only three had sold during the 18 years since it had been converted.
The historic mansion details included soaring ceilings and tall arch windows, which let in sheets of light even on a wintry Saturday morning.Chris Hopkins
“Some buyers just don’t really want to wait for that next opportunity to buy one,” Kelly said.
The Queens Road property was one of 582 scheduled to go to auction in Melbourne this week.
In Brunswick East, a four-bedroom double-fronted Victorian on a quiet backstreet sold at auction for $1,505,000, more than $50,000 above its reserve.
The white weatherboard house at 62 St Phillip Street features updated interiors and large gardens at the front and rear, with decking, undercover entertaining areas and rear laneway access to a sealed carport and separate laundry.
The property had a price guide of $1.35 million to $1.45 million, and a reserve of $1.45 million.
Ray White Brunswick agent and auctioneer Jamil Allouche said bidding had opened at $1.3 million, which was quickly countered by a $50,000 jump to take it to $1.35 million.
From there, Allouche said, it was a “quick succession” of $10,000 increments, which he thought knocked some potential bidders out, although four competed.
The gardens, decking and secure carport were all drawcards for potential buyers.Ray White Brunswick
Once the property was declared on the market at $1.45 million, bidding slowed to $5000 increments, Allouche said. But after “a bit of a final flurry” between two bidders, the property sold to a local couple.
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The home had been owned by the same family for a generation, and the vendors sold because their children were now moving out.
“I’m seeing a bit more activity on the ground compared to what it was two months ago,” Allouche said, while acknowledging the market was still tough going into spring.
In Williamstown, a two-bedroom brick home tucked behind a high fence in a coveted pocket sold at auction for $985,000, with three bidders helping it rocket $85,000 above its reserve.
The light-filled, updated home at 9 Smith Street is just a short walk from Williamstown’s Esplanade and rock pools. It had a price guide of $850,000 to $900,000, and a reserve of $900,000, for an area described by Compton Green agent Gerard Hannan as “the pinnacle of the inner west”.
“You’re surrounded by $5 million homes,” he said. “You don’t need the $5 million price tag, and you get that lifestyle where you can just walk to the beach.”
Bidding opened at $850,000, and three active bidders – two young couples and a downsizer – bid quickly and competitively in increments of $10,000 and $5000. It sold to a young couple moving back to the area in which they grew up.
The vendor sold on behalf of her mother, who recently moved out.
Hannan said it was difficult to read the market, but well-placed houses at the right price were still selling.
“It’s almost like a four-speed economy right now,” he said. “There are certain properties I can’t give away and others that are doing extremely well.”
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