No bids at auction for Richmond home as property market slumps

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A stunning renovation wasn’t enough to convince potential bidders to raise their hands at auction, as cautious buyers try not to pay too much in a falling market | elizabethredman

A family home in Camberwell had more luck, drawing four bidders and selling above its price guide.

The home in a quiet cul-de-sac had a stunning renovation by the current owners through Stonehouse + Irons design studio.Instead of making a vendor bid, he passed the property in and turned to negotiations with the three interested parties, including downsizers, a young couple and an overseas buyer.Crotty said it was not uncommon for homes to pass in amid the falling property market. Melbourne home values are down 7.

Bidding began at $3.2 million, and the house was called on the market at $3.48 million, he said, adding that another recent sale in the street for about $3.45 million had provided a comparison for interested buyers.“In these areas where people have a bit more equity built up, things are selling a bit easier.”

“Heading into Christmas there are a lot of buyers that are seeing great value in the market,” she said. In Port Melbourne, a renovated two-bedroom Victorian is also still available after passing in at auction.but did not receive bidding above that.

 

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elizabethredman $3m and no off street parking - not surprising really!

elizabethredman Good.

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