He declined to reveal the reserve but said interest in the home had largely been from second-home buyers hoping to move out of apartments, and 70 groups inspected it during the campaign.


“Things haven’t come off too badly and the main reason being it’s such a desirable location, the inner north,” he said, adding that low stock levels were supporting prices.

Further south, a family home in Malvern East also passed in after one genuine bid of $3,725,000.

The four-bedroom home at 44 Clarence Street, in the sought-after Gascoigne Estate, opened on a vendor bid of $3.7 million, drew one offer and then went to negotiations.

It had been listed with a price guide of $3.6 million to $3.96 million.

Marshall White’s Hugh Tomlinson said it was not uncommon for homes to pass in at the moment and buyers and sellers to negotiate afterwards.

Although stock levels are low, interest rate rises were affecting how much buyers could borrow.

“Everyone’s serviceability, when rates go up, will become less,” he said.

Elsewhere, in North Melbourne a two-bedroom terrace sold under the hammer for $910,000, just above its reserve price of $900,000.

The single-fronted Victorian at 67 Courtney Street attracted six bidders and an investor beat young adults and parents bidding on behalf of their children, Jellis Craig’s Trevor Gange said.

Bidding began on a vendor bid of $850,000, below the price guide of $880,000 to $920,000, then rose in varying increments from $10,000 down to $1000.

“This is not a bad market at all, for real estate,” Gange said. “There might be less competition paying exorbitant amounts over the top, but there is still good demand out there.”

In Bentleigh East, a five-bedroom townhouse sold for $1.95 million, the top of its price range.

Three parties competed for 21B Monash Street, trading bids from $1.7 million to $1.86 million.

The home then passed in and the highest bidder, a family, bought it for the seller’s reserve price, Buxton’s Chris Hassall said.

“The market is certainly more selective,” he said. “Any new stock or stock that doesn’t need work is still actually performing OK.

“The thing that is keeping prices up is the lack of stock.”

In Sandringham, a two-bedroom unit at 1/314 Bluff Road passed in at auction but received an offer soon after and was set to be sold for $600,000.

Buxton’s Simon Pintado said it was typical of this market for properties to pass in and receive offers after auction.

“Buyers at the moment are just keeping their cards close to their chest,” he said.

“Nobody wants to go first.”

Some buyers wanted to wait it out because of interest rate rises, while others wanted to buy before the bank reassessed how much they could borrow, he said.

In Cheltenham, first-home buyers snapped up a three-bedroom townhouse for $905,000.

Two bidders competed for 1/5 Gillman Street and it sold just above the reserve of $900,000.

The same home was listed for sale about a year ago but did not draw interest, Ray White Cheltenham’s Kevin Chokshi said, attributing the difference this year to the lack of homes for sale.

“This property shortage has created this interesting sweet spot in the market,” he said.

“The market confidence is lower [but] the stock levels are even more so.”

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