Today we monitored 8 auctions across Melbourne!
34 Canberra Road, Toorak, – Started at 2.5-26M – Price drop to 2.3-2.5M – Sold for an undisclosed amount.
1/64 Irving Road, Toorak – Quoted – 1.690-1.850M – Passed in, now a private sale.
1/20 Grange Road, Toorak, Quoted 2.4-2.6M – Sold for 2.750M with multiple bidders.
57 Osborne Street, South Yarra, Vic 3141 – Quote was 2-2.2M and passed in with one bidder at 2.250M and sold after Auction for $2,400,000.
69 Moore Street, South Yarra, Vic 3141 – Quote 1.2-1.3M and passed in – now listed at 1.315M.
36 Kinkora Road, Hawthorn – 2.5-2.750M – only 1 bidder passed in 2.560M, now asking $2,800,000.
36 Erica Ave, Glen Iris, 2.8-3m – only 2 bidders and it passed in for 2.850M. This was then sold after the auction for an undisclosed amount.
4 Suffolk Road, Surrey Hills – 2.4-2.6M – only 1 bidder passed in for 2.410M, now listed at a fixed price of $2,750,000.
With Auction Clearance rates at 40-50%, we have written an article that will help you if a property passes in at auction.
Vendors sometimes withdraw from the market entirely for a period (especially over winter or holiday periods), switch agents, or, in rarer cases, pursue a different agent or method (private sale, off-market, etc.)
From a buyer’s advocate’s perspective, a passed-in result can be a strategic opportunity; it often signals the vendor’s expectations and the market’s actual ceiling, strengthening a buyer’s negotiating position in the days that follow.
If you’re considering a purchase at this level and want an honest assessment of what’s available, what it’s worth, and how to approach it, I’m available for a direct conversation.
I’m Andrew Date, the founder and Senior Advisor at Industry Insider Property, Toorak. Industry Insider Property acts exclusively for buyers & advisors, sellers in Melbourne’s prestige and luxury residential market.
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+613 8374 7652
+613 402 346 810
industryinsider.com.au
