Beaumaris home passes in without bid

A four-bedroom home in Beaumaris sold to the vendor for $2.85 million after no bids were made at auction. The property, located at 59 Cromer Road, was fully renovated and featured new gardens, a luxurious kitchen with butler’s pantry, an al fresco dining area, and a swimming pool.

Bidding began at the vendor’s initial bid of $2.8 million, with a second vendor bid of $2.85 million following no offers. The home passed in and is now listed for private sale with a guide price of $2.88 million to $2.98 million.

The Beaumaris auction was one of 574 scheduled in Melbourne last week. Domain reported a preliminary auction clearance rate of 56% from 380 results, while 73 auctions were withdrawn, counted as unsold properties in the clearance rate.

Kevin Chokshi of Ray White The Bayside Group noted that buyers who did not bid at auction were still interested, and he expected offers during the week. He mentioned a local family and a family moving from overseas as potential buyers.

The trend of passing in without a bid has become common in Melbourne’s spring market as buyers fear overpaying in a downward trend. Chokshi explained that a lack of social proof can lower perceived value if few people are interested.

In Alphington, a four-bedroom home at 2/2 Ross Street, part of a duplex, sold to a downsizer for $2.42 million after passing in on a bid of $2.4 million. The property had a reserve of $2.5 million and was part of a duplex with two bidders, both downsizers, who made offers during the auction.