Two bidders were not enough for the fully renovated and extended home at 51 Woolley Street, part of the exclusive Mar Lodge estate which carries a single-dwelling-only covenant. Bidding opened on a vendor bid of $2.4 million, with a local professional wanting to upgrade trading offers against a young family before the property passed in at $2.55 million. The successful buyer negotiated the sale for $2,655,000.
Jellis Craig Moonee Valley's John Morello said the market was offering good opportunities for those looking to upgrade.
The Essendon home was one of 710 scheduled to go to auction across Melbourne last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 58 per cent from 508 reported results, with 78 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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 reduced budgets.
The weekend also marked the last where reserves would not appear in advertising for properties listed for auction. New state laws mean vendors will be required to make their reserves public at least seven days before the auction is scheduled, with the rule taking effect on Friday.
Elsewhere in the market, a Fitzroy home passed in despite having two bidders and sold after the auction for $2.4 million, a three-bedroom Victorian in Carlton North sold under the hammer for $1,822,000, and first-home buyers secured a two-bedroom Footscray home after making just one bid.