An updated brick townhouse in Elsternwick, Melbourne, is passed in at $950,000 at auction after just two vendor bids. Multiple outlets report that the property had a reserve price of $1 million, which is not reached during the auction bidding. The home does not sell under the auction terms as the vendors choose not to proceed with a private sale following the result. Instead, the auction ends with the property passing in at the $950,000 figure. Sources agree there are only two vendor bids, indicating limited bidding activity compared with the reserve threshold. The reports state that the vendors ultimately decide against pursuing the sale privately, leaving the auction outcome as the final result at that time. Overall, the coverage focuses on the gap between the reserve price and the highest bid at auction, and the vendors’ decision not to continue marketing the property via private sale after it fails to meet the reserve.