Three Bendigo homes fail to sell as bids miss reserves

Three Bendigo properties passed in at auction over the weekend of 4 and 5 July, including a family home on Somerville Street in Flora Hill and two others in Strathdale, after final bids landed below reserves.

Clearance rates have slipped as higher borrowing costs keep many purchasers from stretching to meet vendor expectations in a market where the Victorian median price hovers near $490,000.

Flora Hill listings near La Trobe University Bendigo and Strathdale addresses close to Rosalind Park continue to draw Melbourne commuters and remote workers, yet several auctions stalled when offers did not reach the figures set after recent capital improvements.

The Real Estate Institute of Victoria reported a 52 per cent clearance rate for regional auctions in the June quarter, down from 61 per cent twelve months earlier, with Bendigo recording 14 auctions and seven sales.

Passed-In Listings and Reserve Gaps

A three-bedroom weatherboard on Somerville Street in Flora Hill passed in at $485,000 after the top bid reached $462,000, short of the vendor reserve set following a $45,000 kitchen upgrade completed in March. Another four-bedroom brick home on Edwards Road in Strathdale attracted eight registered bidders but passed in when the highest offer of $595,000 missed the $635,000 reserve, despite strong turnout at the 2 July open inspection. A third property on View Street near the Bendigo Art Gallery also failed to sell, with bids stopping at $510,000 against a $555,000 target.

Next Steps for Market Participants

Sellers facing passed-in results are now fielding post-auction offers through agents at Ray White Bendigo, while buyers are encouraged to review comparable sales on the Bendigo Property Report website before negotiating on the current stock of unsold homes priced between $450,000 and $580,000.

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.