Properties That Passed In This Week and Why

Three properties in Port Melbourne passed in at auction on July 7 after final bids fell short of vendor reserves by margins between $85,000 and $140,000.

The outcome arrived during a week when local clearance rates dropped to 58 percent, the lowest recorded for the suburb since early March 2026. Buyers cited higher-than-expected reserves set against recent rate movements and slower enquiry volumes at open homes held over the previous fortnight.

One four-bedroom terrace on Liardet Street near the Port Melbourne Market drew strong early bidding yet stalled at $1.65 million. Another three-bedroom home on Graham Street, two blocks from the Sandridge Beach foreshore, reached $1.38 million before passing in. A third listing on Bay Street near the Port Melbourne Football Club oval attracted only one genuine bidder and finished without a sale.

Figures compiled by the Port Melbourne Real Estate Association show eight auctions scheduled for the week ending July 7, with just five properties selling under the hammer. The median sold price for those five homes stood at $1.42 million, down $65,000 from the same week in June.

Why the Properties Passed In

Vendors on Liardet Street had set their reserve after receiving an offer of $1.72 million during the campaign that they later declined. The Graham Street owners had instructed agents to hold firm above $1.45 million following advice from their valuer dated June 22. The Bay Street property carried a reserve of $1.55 million that reflected comparable sales from February rather than current buyer activity. Agents noted that several registered bidders withdrew after inspecting comparable homes that sold privately the prior month for lower figures.

Interest rate expectations and recent global market volatility also factored into decisions. Multiple buyers told agents they preferred to wait for clearer signals on borrowing costs before committing above $1.4 million. One couple who had inspected the Liardet Street terrace twice decided instead to pursue a property listed for private sale on nearby Ross Street.

Next Steps for Buyers and Vendors

Passed-in properties will now move to post-auction negotiations, with agents expecting first offers to land within 48 hours. The Liardet Street terrace is already under discussion with the underbidder at $1.62 million. Buyers seeking similar stock are advised to monitor listings on the Port Melbourne Real Estate Association portal and attend the next scheduled auction round on July 14 at the Town Hall. Vendors considering an auction in the coming fortnight have been urged to review reserves against the latest sold prices before finalising marketing campaigns.

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.