South Yarra Art Deco Homes Pass in at $2m Vendor Bid
A pair of art deco houses on Lang Street in South Yarra did not sell at auction, passing in on a single $2 million vendor bid. The properties, one recently renovated and the other ready for refurbishment, were listed for private treaty after the auction. The sale highlights a balanced market and ch…
By Felo News Desk · Published
On Saturday, two art deco homes on Lang Street in South Yarra failed to find a buyer at auction, passing in on a single $2 million vendor bid. The properties, 50 and 52 Lang Street, sit on the same title and are only a five‑minute walk from the bustling Toorak Road shopping precinct.
Property Details and Auction Outcome
Both houses are two‑bedroom, one‑bathroom layouts with high ceilings and classic art deco detailing. 50 Lang Street has been recently updated, complete with a private garage, while 52 is still in its original state, offering potential buyers a blank canvas for renovation or the opportunity to merge the two units into a larger family home. The pair had a price guide of $2.1 million to $2.3 million and a $2.3 million reserve.
Despite a strong interest from many parties, the auction ended with a single vendor bid that was not accepted, causing the property to pass in. Marshall White Stonnington agent Jack Fowles noted that the auction attracted an “enormous amount” of inquiries after the event, indicating that buyers were still keen on the location and the potential of the homes.
Market Context and Auction Trends
South Yarra’s sale is part of a broader trend in Melbourne’s spring auction season. The week saw 913 properties scheduled for auction, with a preliminary clearance rate of 57 % according to Domain. This figure dropped below the 60 % benchmark that had been reached the previous week, signalling a balanced market. Withdrawn auctions were counted as unsold, contributing to the overall clearance calculation.
Marshall White Stonnington highlighted a shift in buyer behaviour, noting that buyers now often wait until a property passes in before making an offer. This change has made the buying process less transparent, as offers are made privately rather than in an open auction setting.
Future of the Properties
Following the auction, the property has been converted to private treaty and is listed for $2,225,000. Fowles expects a sale by early next week, likely within the current price range. He added that the homes could attract a range of buyers—from those looking for a single family residence to investors seeking a prime South Yarra semi with the option to sell one unit or keep both.
The vendors are moving on to their next opportunity, having sold the property in 2002 for $775,000. The sale reflects the significant appreciation of South Yarra real estate over the past two decades.
Other Auction Highlights
In Cheltenham, a three‑bedroom house with a rare three‑car garage sold for $1.19 million in post‑auction negotiations, just $10,000 below its $1.2 million reserve. The property was listed in “absolute mint” condition, making the spacious garage a key selling point.
Ray White The Bayside Group’s Angela Limanis reported that a property on 54 Elliott Street in the same suburb passed in at a vendor bid of $1.1 million, only to be sold in negotiations for $1.19 million. The buyer, a first‑time homeowner, was drawn to the three‑car garage, which matched the original owner’s profession as a plumber.
In Yarraville, a white 1950s weatherboard home at 55 Gent Street sold to first‑time buyers for $1.15 million after a $110,000 bid met the property’s reserve. The auction was closed after a single bid that matched the reserve, with the buyer eager to enjoy nearby Angliss Reserve.
These sales illustrate the diversity of Melbourne’s property market, from historic homes to modern renovations, and the importance of strategic pricing and timing in auction outcomes.
What This Means for Buyers and Sellers
For buyers, the South Yarra sale underscores the need to act quickly after a property passes in, as interest can surge once the auction is over. Sellers, on the other hand, may consider private treaty if they anticipate a balanced market, allowing them to negotiate directly with interested parties.
Overall, the market remains dynamic, with buyers and sellers adapting to changing auction dynamics and market conditions.
Key facts
- South Yarra homes passed in on a $2 million vendor bid
- Auction attracted significant post‑event interest
- Market clearance rate fell below 60 % benchmark
- Private treaty listing set at $2.225 million
- Other local sales show diverse pricing strategies
Why it matters
The sale of two historic South Yarra homes at auction highlights shifting buyer behaviour and a balanced market, offering insights for both buyers and sellers navigating Melbourne’s competitive real estate landscape.
Frequently asked questions
What does it mean when a property passes in at auction?
It means the highest bid did not meet the seller’s reserve price, so the property was not sold at auction and is usually taken off the market or put up for private treaty.
Why might buyers wait until after an auction to make an offer?
Buyers may prefer to negotiate privately after a property passes in, believing they can secure a better price without the pressure of competing bids.
Sources
- [1] smh.com.au — originally reported as “Melbourne auctions: Pair of South Yarra homes pass in at auction on $2m vendor bid”
