A pair of art deco homes in South Yarra is auctioned and does not sell, after bids reach a $2 million vendor bid, according to multiple outlets.
The properties attract buyers with differing plans. Some bidders are reportedly looking to combine the houses into a semi-style setup or to use the site as an investment, while others see potential to convert or live in the homes as a single family residence. Outlets also note the auction outcome in terms of the vendor’s reserved price, with the auction passing in once that $2 million figure is reached.
While all sources describe the same basic event and auction result, they differ slightly in how they frame the prospective buyer intentions—investment and subdivision-oriented thinking versus end-use as a single home. None of the reports indicate a final sale price after the auction, focusing instead on the auction pass-in at the vendor bid level and the range of buyer motivations.
