Jul 26, 2026 – 2.32pmA dilapidated East Melbourne residence has sold for $400,000 above its reserve price, defying market expectations as the country’s early auction clearance rate came in below 60 per cent for the 12th week in a row.It was the first time the three-bedroom home in the premium Melbourne suburb was listed for sale in more than 80 years. The Saturday auction attracted four active bidders and the winning bid of $2 million was well above the $1.55 million to $1.65 million price guide, and $1.6 million reserve.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
‘Unlivable’ Melbourne home smashes reserve by $400,000 in weak market
While the country’s auction clearance rate is still hovering in the mid-50 per cent range, some exceptional sales in prestige suburbs are proving the exception.
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