Investor relists Moonee Ponds terrace at lower price after auction failure

A renovated terrace house in Moonee Ponds, Melbourne, failed to sell at auction last weekend. The only bid was a vendor bid of $1 million, and no buyers made a competing offer. When a property passes in at auction, it means the reserve price was not reached and the home does not sell on the day.

After the failed auction, the investor who owns the property lowered their reserve price. They then relisted the home for private sale at $1,045,000, which became the new reserve. Private sale means buyers can make an offer directly, without the pressure of an auction.

The price change appears to have helped. Early interest from buyers has been reported since the home went back on the market at the adjusted price.