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He believes the home needs some renovations, including a new kitchen and rear of the house, and that a buyer could add a suite upstairs.
“It’s a beautiful old terrace but it still needs work,” he said.
Bates said the market was “pretty tough” and that only two interested buyers showed up out of 75 groups that day.
He said while buyers at this level were concerned about higher interest rates, they were more focused on construction costs.
Elsewhere, an architecturally designed townhouse in North Melbourne remains available for sale after passing a vendor bid.
The stylish three-bedroom home at 8 Little Errol Street has an auction guide of $1.6 million to $1.65 million.
Nelson Alexander selling agent Charlie Barham said there were currently two owner-occupiers considering buying the home.
“Social proof is very important in the market right now,” he said.
“While some are sold at auction, others are passed around.”
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He said the home, a high-end residential development by Chamberlain Architects featuring exposed brick and high ceilings, was close to Errol Street.
He said that while some auctions could still achieve good results, parties at other auctions might be a little timid if no one bids first.
Some unsold homes are now going to competitive sales. “If someone makes an offer afterwards, then suddenly the social proof is there,” he said.
“We’ve seen a number of cases where properties have passed in at auction without a bid, but then later in the day or in the following days someone makes an offer which generates interest.”
In Brunswick, a family home with room for renovation sold at auction for $1.89 million to a local family.
The three-bedroom home on 637 square metres of land at 61 Donald Street attracted 12 confirmed bidders, seven of whom made offers.
The property had a price guide of $1.4 million to $1.5 million and Ray White Brunswick selling agent Jamil Allouche said the reserve was set at the top of that range.
The first bid for the property was $1.52 million, and then fierce bidding ensued, Allouche said.
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He said the winner was a man who had been sitting in his car to avoid getting wet and came out to bid near the end of the auction.
“The house had its own charm,” he said, with a north-facing backyard and a sought-after location, but he added it still needed a lot of work.
He believes market conditions are reasonable and buyers are not as cautious as they were 12 months ago.
In Abbotsford, a converted warehouse attracted two bidders and sold to a local couple for $1,303,000.
The two-bedroom home at 46A Studley Street was listed with price expectations of $1 million to $1.1 million. The reserve price was at the top end of the price range.
BigginScott Richmond selling agent Andrew Crotty said the offers went up in $10,000 increments from $1.1 million to $1.3 million.
He then made an offer of $1,000, and then another offer of $2,000, which was enough to seal the deal.
“Local buyers loved it when they moved in and wanted to live in this area,” he said.
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