Investor cuts price hopes after stylish Moonee Ponds home drew no bids

A charming terrace home in Moonee Ponds is still available after it passed in on a vendor bid at auction on Saturday, and the seller then adjusted their price hopes down to $1,045,000.

The two-bedroom Victorian single-fronted home at 26 Elizabeth Street was renovated and extended last decade, and combines a period facade and fireplaces with a contemporary bathroom and kitchen, while glass doors lead out to a courtyard and rear laneway access.

The property was one of 654 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 59 per cent from 481 reported results throughout the week, while 82 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

On the first weekend of the spring selling season, the early read on the clearance rate appears close to the key 60 per cent threshold that indicates a market is balanced between buyers and sellers, but it is likely to be revised lower as more results are collected. More supply of homes are likely to be listed for sale as the season continues, giving buyers more choice, albeit not as much as usual.

The Moonee Ponds home was listed with a price guide of $1 million to $1.1 million. The vendor’s ideal reserve had been set at $1.1 million, Matthews selling agent John Matthews said.

On the auction floor a vendor bid was placed at $1 million. But with no further offers, the home was passed in.

The seller, an investor, decided afterwards to offer the home for private sale with a single price of $1,045,000, which is their new reserve.

Matthews said he had already started to field interest in the home since the price had been changed and would not be surprised if it sold quickly post-auction.

“We think it is well-priced now,” he said, adding it was turnkey, close to public transport and shops, and had the ability to add a carport with a view to charging an electric car. “It is a prime location.”

Young professionals, owner occupiers and downsizers had shown interest during the campaign, he said. “I think the market at the moment is just moving a bit slower.”

But Matthews had another home listed for auction on Saturday, 4A Coghlan Street in Niddrie, which sold prior to auction.

The four-bedroom townhouse had been listed with a price guide of $1.3 million to $1.43 million and received an early offer of $1,479,000, which was accepted. The buyers are downsizing, and the sellers are moving to a house on a full block.

“It is a 50-50 market,” Matthews said.

In Brighton, an apartment in a boutique brick block sold for $903,000, contested by four parties.

The two-bedroom home at 5/17 Tennyson Street had been listed with a price guide of $800,000 to $880,000.

Proceedings began with a bid of $820,000 and the price rose consistently in modest increments such as $5000, $2500, $1000 and even $500.

It passed the reserve of $850,000 and sold under the hammer.

Jellis Craig Brighton selling agent Nick Sinclair said a mature party outbid a younger first home hopeful. The seller was an investor.

Sinclair said homes that were priced correctly were drawing buyer interest.

“If they are priced out of whack by 5 to 10 per cent, they are sitting there.”

In Bundoora, an investor paid $755,000 for a three-bedroom house with scope for renovation.

The block at 1230 Plenty Road was guided at $600,000 to $660,000. The home is set on a block of 568 square metres and is close to the 86 tram line and local parks and schools.

Seven parties registered – mainly investors and developers, plus one first home buyer, and a lady looking to move into the area.

All of them participated in the competitive auction, which began with an optimistic bid of $500,000.

The vendors had a reserve of $650,000 to $660,000 and bidding surpassed that level.

Ray White Bundoora selling agent Domenic Torzillo said investor buyers were still around in this market.

“They are looking to snatch up a good deal,” he said.

“There is always competition, especially in Bundoora,” he added. “The biggest issue is supply. The demand is still there.”

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Elizabeth Redman is the national property editor at The Age and The Sydney Morning Herald.Connect via X or email.AdvertisementAdvertisement