A fully renovated four-bedroom home in Beaumaris failed to attract a single buyer bid at auction on Saturday, passing in on a vendor bid of $2.85 million, as Melbourne's spring auction market shows signs of buyer hesitancy.
The home at 59 Cromer Road had been fully renovated with new gardens, a butler's pantry, al fresco dining area, and a swimming pool. It had a reserve of $3.05 million. Bidding opened on a vendor bid of $2.8 million, with a second vendor bid of $2.85 million after no offers were made. The property is now listed for private sale with a guide of $2.88 million to $2.98 million.
The auction was one of 574 scheduled across Melbourne last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 56 per cent from 380 reported results, with 73 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Alphington, a four-bedroom home in a duplex at 2/2 Ross Street sold to a downsizer for $2.42 million after passing in on a bid of $2.4 million. The reserve was $2.5 million. Agent Anthony De Iesi said the vendor had built the duplex 16 months ago and had been living there before deciding to sell. He said vendors are now facing a market where they must adjust their expectations.
In Brighton, a four-bedroom house that had been in the same family since the 1930s sold for the first time, for $2.02 million after auction. The reserve was $2.15 million. Agent Connor Delany said the buyers, a young family, planned to renovate and extend.
Ray White The Bayside Group's Kevin Chokshi said buyers who did not bid at the Beaumaris auction had shown interest, and he hoped they would make an offer during the week. Buying after an auction passes in without a single bid has become a trend in Melbourne in spring as buyers fear overpaying in a downwards market. Chokshi said there was also a lack of social proof.
The upcoming state election and the threat of another interest rate rise, with the RBA due to make its next decision on Tuesday, were causing buyers and sellers to pause. Delany said only those who could buy or absolutely had to sell were transacting.
Analysis
Why This Matters
- Melbourne's spring auction market is showing signs of a slowdown, with a preliminary clearance rate of 56 per cent and multiple properties failing to sell at auction.
- Buyers are holding back, fearing overpaying in a downwards market, while sellers must adjust expectations.
- The upcoming RBA decision on interest rates and the state election are adding to uncertainty, potentially further dampening activity.
Background
The Melbourne property market has seen a spring slowdown, with a preliminary clearance rate of 56 per cent reported by Domain. Agents note that buyers are concerned about further price falls, leading to caution at auctions. The upcoming state election and a possible interest rate decision by the Reserve Bank are cited as factors causing hesitation. Agents also report that vendors are inflating reserves to protect their bottom line in a market where auctions are frequently passing in.
What to Watch
- The Reserve Bank's interest rate decision on Tuesday (3 November 2026) and whether it adjusts the cash rate.
- The outcome of the upcoming Victorian state election and its impact on property market confidence.
- Whether clearance rates improve or worsen in the coming weeks as spring progresses.
Checked
12 claims in this story checked against 1 source: 12 supported.
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- SupportedThe Beaumaris home passed in without a single buyer bid.Brisbane Times - Latest News: “An elegant Beaumaris home didn’t receive a single buyer bid, passing in on a vendor bid of $2.85 million at auction on Saturday.”
- SupportedThe preliminary clearance rate was 56 per cent from 380 reported results.Brisbane Times - Latest News: “By Saturday evening, Domain had recorded a preliminary auction clearance rate of 56 per cent from 380 reported results throughout the week”
- SupportedThe upcoming state election and the RBA’s next decision, due Tuesday, were causing buyers and sellers to pause.Brisbane Times - Latest News: “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.”
- SupportedThe Beaumaris home passed in on a vendor bid of $2.85 million.Brisbane Times - Latest News: “An elegant Beaumaris home didn’t receive a single buyer bid, passing in on a vendor bid of $2.85 million at auction on Saturday.”
- SupportedThe Beaumaris home had a $3.05 million reserve; bidding opened at $2.8 million, followed by a second vendor bid of $2.85 million after no offers.Brisbane Times - Latest News: “It had a luxe kitchen with butler’s pantry, al fresco dining area, a swimming pool and a reserve of $3.05 million. 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.”
- SupportedThere were 574 Melbourne auctions scheduled last week, and 73 were withdrawn.Brisbane Times - Latest News: “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.”
- SupportedWithdrawn auctions count as unsold properties when calculating the clearance rate.Brisbane Times - Latest News: “Withdrawn auctions are counted as unsold properties when calculating the clearance rate.”
- SupportedThe Beaumaris property is listed for private sale with a guide of $2.88 million to $2.98 million.Brisbane Times - Latest News: “The home passed in and is now listed for private sale with a guide of $2.88 million to $2.98 million.”
- SupportedBuying after an auction passes in without a single bid has become a spring trend in Melbourne as buyers fear overpaying in a downwards market.Brisbane Times - Latest News: “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.”
- SupportedIn Alphington, the four-bedroom duplex home sold for $2.42 million after passing in on a $2.4 million bid; its reserve was $2.5 million.Brisbane Times - Latest News: “In Alphington, a four-bedroom home at 2/2 Ross Street , 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.”
- SupportedAnthony De Iesi said the vendor built the Alphington duplex 16 months ago, lived there, and had to adjust expectations in the market.Brisbane Times - Latest News: “McGrath Northcote’s Anthony De Iesi said the vendor had built the duplex 16 months ago, and had been living there before deciding to sell. He said vendors were now facing a market where they had to adjust their expectations for price.”
- SupportedIn Brighton, a four-bedroom home in the same family since the 1930s sold for $2.02 million after auction; its reserve was $2.15 million.Brisbane Times - Latest News: “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”