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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 four-bedroom Alphington home, part of a duplex, sold for $2.42 million after passing in on a $2.4 million bid.In Brighton, a home that had been owned by the same family for almost 100 years sold for $2.02 million.Agents say the upcoming State Election is causing buyers and sellers to pause.<\/p>\n An elegant Beaumaris home didn\u2019t receive a single buyer bid, passing in on a vendor bid of $2.85 million at auction on Saturday.<\/p>\n That was despite the four-bedroom home at 59 Cromer Road<\/a> having been fully renovated inside and out with beautiful new gardens added. It had a luxe kitchen with butler\u2019s pantry, al fresco dining area, a swimming pool and a reserve of $3.05 million.<\/p>\n Bidding opened on a vendor bid of $2.8 million, with a second vendor bid of $2.85 million coming after no offers were made. The home passed in and is now listed for private sale with a guide of $2.88 million to $2.98 million.<\/p>\n The Beaumaris auction was one of 574 scheduled in Melbourne last week. By Saturday evening, Domain had recorded a preliminary auction clearance rate of 56 per cent from 380 reported results throughout the week, while 73 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n Ray White The Bayside Group\u2019s Kevin Chokshi said buyers who didn\u2019t raise their hands at auction were showing interest, and he was hopeful they would make an offer during the week.<\/p>\n \u201cThere were a couple of interested buyers. One was a local family and the other was a family moving from overseas so we are expecting to see some offers,\u201d Chokshi said.<\/p>\n Buying after an auction passes in without a single bid has become a trend hitting the Melbourne market in spring as buyers fear overpaying for property in a downwards market.<\/p>\n \u201cIt\u2019s also because there was a lack of social proof. If there\u2019s a lot of people interested, then in a buyer\u2019s mind it\u2019s worth more. If not, then the value deteriorates,\u201d Chokshi said.<\/p>\n In Alphington, a four-bedroom home at 2\/2 Ross Street<\/a>, part of a duplex, sold to a downsizer for $2.42 million, after passing in on a bid of $2.4 million. The double-storey property had a reserve of $2.5 million.<\/p>\n Two bidders, both downsizers, made offers during the auction, opening at $2.3 million, but bids stalled once the price hit $2.4 million. The property passed in when no further bids came, selling after a short negotiation.<\/p>\n McGrath Northcote\u2019s Anthony De Iesi said the vendor had built the duplex 16 months ago, and had been living there before deciding to sell.<\/p>\n He said vendors were now facing a market where they had to adjust their expectations for price.<\/p>\n Just last December, the neighbouring property, at 1\/2 Ross Street<\/a>, sold for $2.55 million, records show.<\/p>\n \u201cI think, like anything, if it\u2019s priced right it\u2019s going to sell,\u201d De Iesi said. \u201cIf they\u2019re not getting any interest at the level they want, then they need to adjust.\u201d<\/p>\n De Iesi said Alphington was popular with buyers, particularly families and downsizers. A crowd of about 40 people had gathered for the auction, he said.<\/p>\n In Brighton, a four-bedroom house that had been in the same family since being built in the 1930s, sold for the first time, for $2.02 million after auction. The reserve was $2.15 million and the property had earlier been advertised with a $2 million to $2.2 million guide.<\/p>\n Bidding for the home at 8 Oakwood Avenue<\/a> opened on a vendor bid of $1.95 million. The buyers, a young family wanting to move to the area for the schools, made a $1.97 million offer.<\/p>\n When no further bids came, the property passed in and the sale was negotiated.<\/p>\n Jellis Craig Brighton\u2019s Connor Delany said the buyers were planning to renovate and extend the property.<\/p>\n He said it was good to get a price within the advertised range, with the vendor, though emotional after the sale, thrilled with the outcome.<\/p>\n Related Article Home sellers were now upping their reserves, Delany said, to ensure they were able to negotiate a price they were happy with if the property passed in.<\/p>\n \u201cA lot of vendors will inflate their reserve price to protect the bottom end [of the range] since they have to advertise it seven days before an auction,\u201d Delany said.<\/p>\n The current market was causing uncertainty for buyers. The threat of another interest rate rise this week, with the RBA due to make its next decision on Tuesday, and the upcoming state election, were causing vendors and buyers to pause.<\/p>\n \u201cThere are a lot of people sitting on their hands a little bit, waiting to see if anything changes,\u201d Delany said. \u201cIt\u2019s only people that can buy or absolutely have to sell that are transacting now.\u201d<\/p>\n Property alerts are now available in The Age app. Turn them on to receive the latest market news and trends.<\/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\/11\/4779a51ad8c984f996c636d7b9fcc3164b789e0a.jpeg\")
The Beaumaris home had been fully renovated.Ray White The Bayside Group<\/p>\n![\"Nelson](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/11\/da034b3c0cf94ab1adf9f9cac14e19c4828bdb25.jpeg\")
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