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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A family home in Beaumaris passed in on a vendor bid of $1.85 million at auction on Saturday, $50,000 below the bottom of its price guide.<\/p>\n The four-bedroom home at 11 Shands Street<\/a> is close to Cheltenham Park, and features luxurious touches like a pool and spa with outdoor shower, al fresco dining areas, and custom cabinetry throughout, including a wine display off the dining area.<\/p>\n It had a price guide of $1.9 million to $2 million, and a reserve of $1.9 million.<\/p>\n The property was one of 577 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 54 per cent from 383 reported results throughout the week, while 80 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n The preliminary result is likely to be revised lower as more results are collected. It comes after separate figures from property data group Cotality last week showed Melbourne home values fell 1 per cent in June and are 2.6 per cent lower than three months ago.<\/p>\n Ray White Bayside Group agent and auctioneer Kevin Chokshi said the sole active bidder for the Beaumaris home made an opening bid of $1.8 million, which was followed by the $1.85 million vendor bid the property passed in on.<\/p>\n \u201cWe had two other people who\u2019d done multiple viewings. One of them had also brought a builder through,\u201d Chokshi said, but both potential bidders had failed to secure finance before the auction and were unable to bid.<\/p>\n He said buyers held up by finance delays<\/a> was something he was seeing more and more \u2013 even among buyers who had previously been pre-approved by lenders.<\/p>\n \u201cIn a normal climate, if [a buyer] had three months to sort out their finance and had a pre-approval that had expired, but their circumstances hadn\u2019t changed, they would just go ahead and place an offer or bid at an auction because they\u2019ve got 90 days to … sort out their new pre-approval,\u201d he said.<\/p>\n Related Article \u201cI\u2019ve never seen people be so cautious. The simplest analogy is they just want to go on more dates before they get married.\u201d<\/p>\n Chokshi said the property was the \u201cquintessential\u201d Beaumaris family home \u2013 luxuriously appointed and within several prestigious school zones \u2013 and he was now in negotiations with the three interested parties as the sale converted to private treaty. All three are families looking to occupy.<\/p>\n The vendors are downsizing within the area. Records show the property last sold for $920,000 in 2009.<\/p>\n In Coburg, a three-bedroom California bungalow in the coveted \u201csouth-of-Bell\u201d Street pocket sold at auction on Saturday for $1,252,500, eclipsing its $1.1 million reserve by just over $150,000.<\/p>\n With a large backyard, separate studio, high ceilings and original hardwood timber floors throughout, 23 Vincent Street<\/a> had a price guide of $1.05 million to $1.15 million, and was sold as part of a deceased estate.<\/p>\n Nelson Alexander Coburg agent and auctioneer Angus McPherson said the house appealed to buyers as a period home which was \u201cimmediately livable\u201d but also offered renovation opportunities.<\/p>\n The auction opened with a genuine bid of $1.05 million, quickly jumping up in $20,000 increments from four active bidders, before slowing to $10,000, then $5000 and eventually $2500 bids before selling.<\/p>\n \u201cSometimes you\u2019ve just got to shorten your stride and try and keep everyone involved,\u201d McPherson said of the final run of $2500 bids.<\/p>\n Related Article The buyers were a young professional couple who had been looking in the area for a few months, specifically hoping to buy a bungalow.<\/p>\n McPherson said renovated homes in Coburg and Brunswick continued to sell well despite the wider downturn in the market<\/a>, but he thought there was an opportunity for those looking to buy unrenovated \u2013 but liveable \u2013 homes in the area.<\/p>\n \u201cI think people are just being a bit more cautious, which is to be expected,\u201d he said.<\/p>\n Another period bungalow sold for $1.62 million under the hammer in Northcote on Saturday, pushed $170,000 above its $1.45 million reserve in a long battle between two bidders.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/d4cb9f7e4b13e473e71e89b8a311231c816681e9.jpeg\")
A pool, al fresco area and spa were all on offer, but the property still passed in below the guide.Ray White The Bayside Group<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/1783242012_14_51ecc9e8e3dbed9de390fa276a6a17c8d4ad0928.jpeg\")
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