Brief
Upsizer secures $45,000 discount on Essendon Art Deco home after post‑auction deal
The property sold for $2.655 million after a post‑auction negotiation, just under the $2.7 million reserve.
By Felo News Desk · Published
On Saturday, 51 Woolley Street in Essendon – a four‑bedroom Art Deco home that had undergone a full renovation and extension – failed to meet its reserve at auction, passing in at $2.55 million. The vendor later accepted a post‑auction offer of $2.655 million, giving the buyer a $45,000 discount below the $2.7 million reserve.
What happened
The auction opened with a vendor bid of $2.4 million. Two bidders – a local professional looking to upgrade and a young family – traded offers, pushing the price to $2.55 million before the hammer fell without a sale. Negotiations continued that evening, and the buyer secured the property for $2.655 million.
What the report adds
The sale was part of a week that saw 710 homes scheduled for auction across Melbourne, with Domain reporting a preliminary clearance rate of 58 percent from 508 results. Seventy‑eight auctions were withdrawn, and the weekend marked the last before new state legislation requires vendors to disclose reserve prices publicly at least seven days before an auction.
What was said
John Morello of Jellis Craig Moonee Valley said the market was offering good opportunities for buyers looking to upgrade, noting that “it’s a great buying opportunity compared to markets gone by where a house like this would have gotten a price in the high $2 million if not $3 million.” He added that the sale was emotional for the vendors, who had owned the home for 32 years and renovated it 15 years ago, saying, “It was the closing of a chapter for them – the house was just too big for the two of them to live in and too big to maintain.”
How it came about
The transaction follows a trend of buyers seeking bargains after the September interest‑rate rise, which has reduced borrowing capacity. Earlier this month, Felo News reported on South Yarra Art Deco homes passing in at a $2 million vendor bid, highlighting a similar market slowdown. The new reserve‑disclosure rule, taking effect on 16 October, aims to increase transparency amid growing buyer hesitancy.
Key facts
- The Essendon Art Deco home passed in at $2.55 million before selling for $2.655 million. (smh.com.au)
- The buyer received a $45,000 discount below the $2.7 million reserve. (smh.com.au)
- Domain reported a 58 percent preliminary auction clearance rate for the week. (smh.com.au)
- New state law will require reserve prices to be disclosed publicly at least seven days before an auction, effective 16 October. (smh.com.au)
- John Morello of Jellis Craig Moonee Valley commented on the market opportunity and the vendors' emotional connection to the home. (smh.com.au)
Sources
- [1] smh.com.au — originally reported as “Melbourne auctions: Essendon home passes in, then sells for $2. 655 million post auction”
