A fully renovated art deco house in St Kilda was passed in at auction on March 2, 2024, following an intense bidding war between two interested parties. The property, located at 27 Havelock Street, was initially guided at $1.4 million to $1.5 million and features three bedrooms, an entertainer’s kitchen with skylights, and a private deck.
The auction, conducted by Michael Hingston of Jellis Craig, began with an opening bid of $1.4 million. The first bidder quickly entered the fray, but before Hingston could call the auction, a second bidder raised the stakes with a bid of $1,425,000. The competition intensified as the two bidders continued to raise their offers in increments of $25,000 until they reached $1.5 million. After this point, the increments slowed to $10,000, $5,000, and even $2,000.
Hingston aimed to get the property on the market at $1.65 million but consulted the vendor after a final bid of $1,585,000 was placed. It’s important to note that there is no legal requirement for a vendor’s reserve price to align with the property’s price guide. Following this, the second bidder was invited to negotiate directly with the vendor, with discussions ongoing at the time of publication.
The house was among 814 properties scheduled for auction across Melbourne that week. Lead agent Katie Ryan commented that the market for 2024 has “started stronger than it finished last year,” indicating a potentially positive trend in real estate activity.
As the negotiations continue, the demand for properties in this vibrant area remains high, reflecting the competitive nature of the current market. The outcome of this auction highlights the challenges and dynamics faced by both buyers and sellers in a fluctuating economic climate.
