Rained-out buyers wrap up auction for $1.63m Northcote home in minutes

The four-bedroom house at 603 Station Street was previously a rental. Jellis Craig selling agent Nicholas Corby listed the home for sale with a quoted price range of $1.7 million to $1.8 million.

“[It] was in perfectly good, clean, liveable condition with the option to add more value and more accommodation, in a good street,” he said.

Corby said he expected two other buyers to bid at the auction, but neither did. The single bid was a vendor bid at the bottom of the range.

A deal wasn’t reached in post-auction negotiations, and the home was for sale with a single price of $1,795,000, Corby said. It was also the vendor’s reserve.

“I think there’s a few following the same pattern at the moment, where they’ve passed in and sold afterwards,” he said.

“I feel interest rates pretty much drive the market, and because now there is no hope of any cut soon … [new buyers are] still trying to figure out where they sit in the market and what they can pay, so there’s a bit of hesitation.”