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Share full article with anyone \u2014 no subscription needed to read it. It won’t deduct your gift credits. Learn more<\/a><\/p>\n Share article as gift<\/p>\n AAA<\/p>\n Key pointsA Fitzroy home passed in, despite having two bidders, selling after the auction for $2.4 million.A three-bedroom Victorian in Carlton North sold under the hammer for $1,822,000.First-home buyers managed to nab a two-bedroom Footscray home, after making just one bid.<\/p>\n Two bidders weren\u2019t enough for a four-bedroom Art Deco home in Essendon to sell under the hammer on Saturday, when it passed in on a bid of $2.55 million and sold in post-auction negotiations for $2,655,000.<\/p>\n A local professional wanting to upgrade bought the home at 51 Woolley Street<\/a>, paying just below the $2.7 million reserve.<\/p>\n The Essendon home was one of 710 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 58 per cent from 508 reported results throughout the week, while 78 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n This weekend also marked the last where reserves would not appear in advertising for properties listed for auction.<\/p>\n New state laws mean vendors will be required to make their reserves public at least seven days before the auction is scheduled. The new rule comes into effect on Friday.<\/p>\n Agents, many of whom have already adopted the rule changes, say buyer hesitancy is growing after the September interest rate rise. Higher interest rates mean buyers can borrow less, and many are now looking for a bargain to meet their reduced budgets.<\/p>\n Bidding for the Essendon property, part of the exclusive Mar Lodge estate, carrying a single-dwelling-only covenant, opened on a vendor bid of $2.4 million.<\/p>\n The buyer and another bidder \u2013 a young family \u2013 traded offers until the property passed in at $2.55 million, and the sale was negotiated.<\/p>\n Jellis Craig Moonee Valley\u2019s John Morello said the market was offering good opportunities for those looking to upgrade.<\/p>\n Related Article \u201cIt\u2019s a great buying opportunity compared to markets gone by where a house like this would have gotten a price in the high $2 millions if not $3 million,\u201d Morello said.<\/p>\n The sale was emotional for the vendors, he said, given they had owned the home for 32 years, and had undertaken a full renovation and extension about 15 years ago.<\/p>\n \u201cIt was the closing of a chapter for them \u2013 the house was just too big for the two of them to live in and too big to maintain,\u201d he said.<\/p>\n In Fitzroy, a similar story unfolded when two bidders competed for a double-storey Victorian home known as \u2018Thusnelda\u2019.<\/p>\n It also passed in on a $2.39 million bid, then sold for $2.4 million, below the $2.45 million reserve.<\/p>\n The three-bedroom property at 40 Palmer Street<\/a> needed a major renovation, and had been advertised with a guide of $2.4 million to $2.5 million.<\/p>\n The buyer, who negotiated the sale after the property passed in, was a Fitzroy local looking to upgrade.<\/p>\n Nelson Alexander Fitzroy\u2019s James Pilliner said buyers were holding back in a quieter spring market, especially when homes needed a renovation.<\/p>\n Related Article Many feared rising building costs and were not keen to undertake major works.<\/p>\n \u201cI am finding they are more hesitant \u2013 they will still buy but only if there\u2019s a really good deal on the table in terms of price,\u201d Pilliner said.<\/p>\n He said there were still a \u201cgood amount\u201d of buyers in the market, given people moved for life changes including being closer to work and schools, which he believed would help balance supply and demand.<\/p>\n \u201cMoving ahead, the next six weeks is going to be very quiet, but that\u2019s possibly related to the upcoming State election,\u201d Pilliner said.<\/p>\n Pilliner also sold a three-bedroom Victorian home in Carlton North under the hammer, for $1,822,000. The property known as Fernleigh, at 580 Drummond Street<\/a>, sold above its reserve of $1.7 million as a family investment.<\/p>\n It had been advertised with a guide of $1.6 million to $1.7 million.<\/p>\n Two bidders competed, opening at $1.6 million, with offers of $10,000, $5000 and $1000 and $2000 following.<\/p>\n Another property in Footscray also passed in before selling for $890,000 to first-home buyers moving from South Yarra.<\/p>\n The two-bedroom California bungalow at 4 Essex Street<\/a> sold under its reserve of $920,000, the top of its advertised price range of $870,000 to $920,000.<\/p>\n Bidding for the property, which was in original condition, opened with a vendor bid of $880,000.<\/p>\n The first-home buyers made one bid of $890,000 before the property passed in. It sold for that price as the buyers had reached the limit of their budget, and had no room to move, with the vendors accepting their offer.<\/p>\n Jas Stephens Real Estate\u2019s Branko Lemaic said agents had been expecting another buyer at the auction, but they hadn\u2019t shown up.<\/p>\n Lemaic agreed buyers had been hesitant after the last interest rate rise, with budgets being squeezed.<\/p>\n \u201cApprehension is the name of the game,\u201d Lemaic said. \u201cLarger scale family homes that are fully renovated, are turnkey, are going really well.<\/p>\n \u201cIf this one had been renovated it would have done well.\u201d<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n Remove items from your saved list<\/a> to add more.<\/p>\n Gift this free article<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/b77908d7d232e9a5ec30abadd2de01b2ba5630d0.jpeg\")
The property had undergone a full renovation and extension.Jellis Craig Moonee Valley<\/p>\n![\"122](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/1791749543_1_81c75f62fd6f1c0ff8ed61e13b3759e7ef6b1a4e.jpeg\")
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