The Properties That Passed In at Port Melbourne Auctions and Why

Three properties in Port Melbourne failed to sell at auction on 7 July 2026, including a two-bedroom unit on Rouse Street that passed in with no bids after the reserve stayed above $980,000.

The result comes as the suburb records a clearance rate of 48 per cent for the month to date, the lowest figure since March 2025, when several waterfront blocks near Beacon Cove also failed to meet expectations.

One four-bedroom house on Graham Street passed in at $2.15 million after three registered bidders withdrew once the price exceeded $2 million, a figure above recent sales on the same street. Another listing, a one-bedroom apartment on Bay Street opposite the Port Melbourne Primary School, attracted only one bid before the auctioneer passed the property in at $645,000. Both cases occurred within 400 metres of the Station Pier redevelopment site, where new commercial leases have added to local supply.

Local data released by the Port Phillip City Council on 5 July shows 14 auctions scheduled in the suburb this month, with only seven results lodged so far. The median auction price for properties that did sell reached $1.48 million, down $85,000 from the same week in 2025. Agents at the Port Melbourne branch of Hocking Stuart noted that four of the passed-in properties carried reserves set between 12 and 18 per cent above comparable recent sales on the same blocks.

Why reserves stayed out of reach

Vendors on Rouse Street and Graham Street had set reserves after receiving written offers in May that later fell through when finance terms changed. Buyers at the Rouse Street auction cited uncertainty over new commercial tenancies at the nearby Waterfront Place precinct as a reason for holding back. The single bidder at the Bay Street apartment auction stopped once the price moved past the $620,000 mark, matching the most recent sale two doors away in April.

One terrace on Crockford Street also passed in after reaching $1.65 million, short of its $1.82 million reserve. Records from the same agency show that property last changed hands in 2021 for $1.39 million, a gain that vendors had hoped to lock in fully this round.

What vendors can do next

Owners of the passed-in properties now have seven days to negotiate with the highest bidders under Victorian rules before the listings return to the open market. Local agents recommend reviewing reserves against the latest sales on adjacent streets and considering a private treaty campaign timed before the next round of auctions scheduled for 21 July. Prospective buyers can register interest directly with the selling agencies to receive updates on any post-auction price adjustments.

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.