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

The updated brick home had a reserve of $1 million but it failed to sell at auction after the vendors decided against a private sale....

News Desk

Staff Writer

Published

Jun 13, 2026

Source

The Age

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

AI Insight:This sale highlights the current state of Melbourne's real estate market, where homes are selling below reserve in a buyer's market.

The Elsternwick townhouse, which had a reserve of $1 million, was sold at auction for $950,000 after just two vendor bids. The updated brick home had been listed for sale after the vendors decided against a private sale. The sale of the townhouse marks a significant drop in price from its original reserve, indicating a shift in the Melbourne real estate market. With the current market trends suggesting a buyer's market, it is not uncommon for homes to sell below reserve. This sale serves as a reflection of the current market conditions, where buyers are holding out for better deals and sellers are being forced to adjust their expectations.