Renovated Richmond house draws no bids as property prices fall

“[The] The owners are reasonable about the reserve and they’ll see what happens. “

He said the reserve was within the price range and the house was expected to sell in the next few days.

This home has been stylishly renovated.

This home has been stylishly renovated.Credit:Biggin Scott

He sold three of four other properties at auction this week, but said it was becoming more common to sell homes in post-auction negotiations.

Elsewhere, a family home in Camberwell was more successful, selling for $3.51 million.

Four bidders bid for the four-bedroom home 30 Fairfield Avenuepushing the price above its $3.2 million to $3.3 million guide.

Abercromby selling agent Hamish Palmer-Hill said families with children in secondary school had been interested in the second living area of ​​the home.

Starting at $3.2 million, the house was listed for $3.48 million, he said, adding that it recently sold on the street for about $3.45 million, offering interested buyers a comparison.

“There are some people who want to be done by the end of the year,” he said.

“In those areas where people have more assets, it’s a little easier to sell.”

In Carlton, near the Lygon Street restaurant strip, a four-bedroom house owned by the same family for more than 40 years sold at auction to an investor.

home at that time was 21-23 Keppel Street One bidder was attracted, it passed with a bid of $2.07 million, and it was negotiated to sell with a reserve price of $2.15 million.

Stephanie Hawke of Nelson Alexander said the new owner will temporarily rent out the property and move in later.

“The property is unique, so it was easier to negotiate,” she said.

Her team had three properties up for auction this weekend and two sold last night. She added that it is now common to have two serious buyers per property, compared with perhaps four a year ago.

“Going into Christmas, many buyers saw great value in the market,” she said.

Also in the inner north, a four-bedroom, single-fronted terrace house in Fitzroy North sold at auction for $1.7 million from the vendor.

at home 852 Brunswick Street North The price guide is now $1.78 million, updated to $1.8 million from a pre-auction price guide of $1.7 million.


David Sanguinedo of Nelson Alexander said his two previous auctions had sold well, but both of Saturday’s auctions failed.

“There are definitely buyers, things are selling and there’s no more inventory between now and Christmas,” he said.

“Buyers will have to wait until February [if they don’t buy now]”

He believes buyer concerns about interest rates have subsided compared to when the Reserve Bank started raising the cash rate in May, and he will focus on the bank’s guidance at its final meeting of the year on Tuesday.

In Port Melbourne, a renovated Victorian two-bedroom is also still available after auction.

David Wood of Belle Property Albert Park offers $1 million 204 Albert Street However, no bids higher than this were received.

He later received an offer of $1,055,000 and was still in negotiations at the time of publication. The base price is $1,125,000.

“Buyers are there, but they’re cautious. Some buyers are taking a real wait-and-see approach,” he said. “Others are ready to buy but don’t have stock [available]”

He said the market feels the rate hike cycle is nearing its end.

“Almost any house, if it doesn’t sell at auction, may receive an offer within 14 days of auction,” he added.

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