Three Oakleigh Homes Pass In When Bids Fall Short of Reserves

Three Oakleigh properties passed in at auction on July 5 after bidding stalled well below vendor reserves, pushing the local clearance rate to 48 percent for the week.

The result stands out because Oakleigh recorded clearance rates above 65 percent in the prior four weeks, when stock moved quickly at or near asking levels. Current conditions reflect tighter lending rules and buyers holding firm on valuations rather than chasing every listing.

One four-bedroom house on Eaton Street in Oakleigh East attracted a single bid of $1.05 million before passing in, with the reserve set at $1.25 million. A two-bedroom unit on Atherton Road near the Oakleigh Community Centre also passed in after reaching $685,000 against a $780,000 reserve. Both sales campaigns were handled through the Oakleigh Chamber of Commerce referral network, which tracks local auction data for its members.

Domain Group figures released July 6 show Oakleigh’s median auction price for the June quarter sat at $1.12 million, up 3.8 percent from March. The same report listed 22 scheduled auctions for the coming weekend, with four already withdrawn after similar reserve gaps appeared in pre-auction negotiations.

Why reserves stayed firm

Vendors cited recent comparable sales along Huntingdale Road and the ongoing upgrades at Oakleigh Station precinct as justification for holding prices. Buyers countered that recent rate rises and slower tenant demand at the nearby Oakleigh Flower Market had reduced borrowing capacity. Auctioneer records show the average number of registered bidders per property fell from 4.2 in May to 2.8 last weekend.

Next steps for buyers and sellers

Properties that passed in remain available for private treaty offers this week, with agents required to disclose the highest bid to all interested parties within 48 hours. Prospective buyers should review the latest Domain clearance data and inspect comparable homes on Eaton Street before submitting revised offers. Sellers facing similar reserve shortfalls are advised to adjust expectations ahead of the 12 July auction round or risk further delays.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.