Renovated Beaumaris mansion passes in without a single buyer bid
A renovated Beaumaris home passed in with no buyer bids at $2.85 million.
A fully renovated four-bedroom home at 59 Cromer Road in Beaumaris failed to attract any buyer bids at Saturday's auction, passing in on a vendor bid of $2.85 million. The property featured a new luxury kitchen with butler's pantry, swimming pool, and landscaped gardens, with a reserve of $3.05 million.
The property is now listed for private sale with a guide of $2.88 million to $2.98 million. The incident reflects a broader trend in Melbourne's spring auction season, where buyers are increasingly reluctant to bid during auctions, fearing they will overpay in a declining market.
Melbourne's preliminary clearance rate for the week was 56 per cent from 380 reported results. Real estate agents say the lack of competitive bidding signals buyers prefer to negotiate after an auction passes in.
- $2.85 million
- Vendor bid amount
- $3.05 million
- Reserve price
- 56 per cent
- Weekly clearance rate
- 380
- Reported auction results
Why it mattersBuyers are shifting strategy to avoid overpaying, giving them more negotiating power but making auctions riskier for sellers.
AustraliaMelbourne homeowners now face pressure to adjust price expectations, and selling after passing in has become standard practice.
✓ Claims checked against the source. checked 2 h ago
