August 1, 2026 — 1:50pmAn updated all-white Victorian terrace in South Yarra, directly across from Prahran Market, sold for $1.53 million in post-auction negotiations, $20,000 below its reserve.The three-bedroom, north-facing home at 5 Barry Street features tiled and hardwood floors, and a long linear kitchen in a light-filled entertaining and dining area that opens onto a paved rear courtyard.It had a price guide of $1.5 million to $1.65 million, and a reserve of $1.55 million. The property was one of 533 scheduled to go to auction in Melbourne this week.RT Edgar Stonnington agent and auctioneer Michael Ebeling said the auction opened on a vendor bid of $1.5 million. A lone bidder offered a single genuine bid of $1.52 million, and the property was passed in, but sold soon afterward.The South Yarra home features open entertaining and dining area and a north-facing courtyard.RT Edgar Stonnington“The vendor said, ‘Look, we’re happy to meet the market, we want to move on’,” Ebeling said. “So everyone’s happy.”The vendor’s parents had owned the property since 1978 and had since died, which meant the owner was happy for it to be sold to the new owners – a young couple. Ebeling said the buyers had done well, and noted that if the property sold last year the price was likely to have been 10 per cent higher. Federal government changes to negative gearing rules for established properties, in particular, had meant the house was selling in a softer market, Ebeling said.In Richmond, a weatherboard Victorian on a tree-lined street sold for $1,018,500 after auction to its sole bidder, who negotiated about $80,000 down from its $1.1 million reserve.The two-bedroom, long and thin home at 91 Somerset Street features a large rear courtyard, garage and patio, and had a price guide of $1 million to $1.1 million.BigginScott agent and auctioneer Andrew Crotty said he had expected three bidders on Saturday, but one failed to show and another couple didn’t put their hands up as they anticipated another auction later in the day.The bidding opened at $1 million and stayed there, passing in to the sole bidder.Crotty said the vendors were happy to negotiate, and “met the market”, after holding the property as an investment for “many years”. The buyers, a young couple, were “very happy” to be moving in, Crotty said.Despite the negotiated result, he said, “things are still moving” in the current market. He said BigginScott Richmond made 35 sales in July, matching the results for this time last year.More:AuctionsProperty investmentProperty marketProperty pricesAffordable housingMelbourne house pricesFirst-home buyersProperty downsizingProperty upsizingHousing affordabilitySouth YarraRichmondProperty listingsFrom our partners