Elsternwick townhouse passes in at $950,000 after just two vendor bids

An updated brick townhouse in Elsternwick passed in on Saturday at $950,000 after just two vendor bids left the property $125,000 below the bottom of its range.

The mid-century double-storey, two-bedroom home at 3/33 Nepean Highway is on a service road along the major southern arterial. It had a price guide of $1,075,000 to $1.18 million, with a reserve of $1 million.

The property was freshly painted, has a new kitchen and bathroom, floating floorboards and a large courtyard and deck at the rear.

Barry Plant Rowville agent and auctioneer Stan Michael said bidding opened with a vendor bid of $925,000 and another vendor bid pushed it up to $950,000, at which the property was passed in.

Michael said the agency had tried to convert the property to a private sale before going to auction, but the vendors – an older couple downsizing – were keen to test the market after the campaign.

Michael said it was a tough market for agents.

“It’s external factors, but it’s one of the only times when I’ve had so few sales as a listing agent,” Michael said. He urged vendors to listen to agents about the state of the market.

The property was one of 972 scheduled to go to auction in Melbourne this week.

In Fitzroy, a “cosy” north-facing double-storey terrace sold for $1,332,000 at auction after four bidders pushed it more than $200,000 above the reserve.

In the heart of the suburb, 183 George Street features a lush garden in a large courtyard, hydronic heating and character touches like exposed brick walls and timber beams. The two-bedroom property had a price guide of $1,050,000 to $1,150,000.

Nelson Alexander Fitzroy agent and auctioneer James Pilliner said the bidding opened at the bottom of the guide, increased in $10,000 increments and soared past the $1,125,000 reserve.

Bids trickled down to $5000 and $1000 increments after clearing $1.26 million, and the home sold to a local buyer. The house was sold as part of an estate.

“I think [the buyer] really appreciated the spot, and the fact it has two living zones,” Pilliner said. He said it was rare to get a home in the price bracket and area with so much space.

In an otherwise fraught market, he put the result down to the “small differences” of the home, which while “a little dated” was light-filled, well laid out and “just really cosy”.