Young couple snaps up inner-city Edwardian for $1,080,000 after pass in

November 7, 2026 — 4:25pmA young couple bought an Edwardian in inner-city Prahran for $1,080,000, clinching it for $20,000 below its advertised reserve after it was passed in to them at auction.They were the sole bidders for the two-bedroom 10 Vail Street, in a tree-lined neighbourhood. Their single bid of $1,060,000 was $40,000 shy of the $1.1 million advertised reserve.The property was one of 612 scheduled to go to auction in Melbourne this week.Biggin Scott Stonnington agent Michael Tynan later negotiated with the pair, who increased their offer to $1,080,000. It was enough to close the deal.The period home at 10 Vail Street passed in, but later sold to its sole bidders.JOE ARMAOEarlier, auctioneer James Burne asked for an opening bid, but onlookers played it cool. He launched with a vendor bid of $1,050,000, then paused for discussions. When he returned, the eventual buyers put forward a $1,060,000 bid, and the home was passed in.Two other prospective buyers had flagged their interest in the brick period house, which had decorative fireplaces, a courtyard and a shed, between Williams Road and Orrong Road. However, one didn’t attend the auction and the other sat it out.The courtyard at 10 Vail Street.Domain“It’s not turnkey, but if you put the work into it, you’ve got a really great home that’s only going to go up in value, especially when the market recovers,” Tynan said. “This one, people will regret not purchasing.”Tynan said homes not needing renovations, priced between $1 million and $3 million, were performing well in the current market. Interstate investors are also active, with their eye on older one- and two-bedroom apartments.“The yields are starting to get to 6 to 7 per cent for some of these apartments that are selling,” he said.In Fitzroy North, first home buyers kissed and hugged as the hammer fell in their favour, following a fast auction.They are renting around the corner and paid $1.78 million for the classic three-bedroom terrace at 168 Scotchmer Street, against its reserve of $1.67 million.“They had come off a couple of losses, so it was good to finally win,” agent and auctioneer Mark Verrocchi of Nelson Alexander Fitzroy said.Five bidders – four first home buyers and one downsizer – registered for the auction, and all took part.“I think a lot of them were really hopeful,” Verrocchi said. “They saw the reserve, and they thought, ‘Geez, that’s incredible value for North Fitzroy’.”The auction opened with a bid of $1.6 million and quickly sailed past the reserve. Bidding persisted in speed and strength, mostly in rises of $5000 and $10,000, until Verrocchi closed the contest at $1.78 million.An indoor outdoor living area at the Fitzroy North home.DomainThe underbidders were also trying to buy their first property. One of their mothers stepped in and took over bidding in the closing stages. The buyers confided in Verrocchi afterwards that their final bid was their maximum.The auction lasted about five minutes – just enough for the full array of Melbourne’s weather.“It started with sunshine and ended with torrential rain,” Verrocchi said.He said bidders were attracted to the home’s proximity to the city, schools, trams and the Edinburgh Gardens.In Thomastown, a Sydney investor struck a $710,000 deal before the auctioneer could warm up their vocal cords, selling a 1970s property to an interstate buyer who is relocating to Melbourne and will make it her home.Three potential bidders turned up for the auction of 311 High Street, including a family representative of the buyer.The three-bedroom house on 555 square metres had a reserve of $700,000, a lavender sink and bath and a metal Hills Hoist in the garden.Harcourts agent Kiara Comans spoke to the prospective buyers separately during the 30-minute open for inspection before the auction, and negotiations kicked off.The buyer’s representative offered $680,000, and after some back-and-forth, the vendor agreed to a sale price of $710,000.“It’s maybe not where we would have been 12 months ago, but it’s definitely a good result for the market that we’re in,” Comans said.The lavender-hued bathroom at 311 High Street. DomainComans said the buyer was always serious, and made an offer before the home was even listed.“The owner decided that they would be better off to go ahead with an auction, just to see what we could get for the property by putting it on the market,” she said.Property alerts are now available in The Age app. Turn them on to receive the latest market news and trends.More:AuctionsAuctionsProperty marketMelbourne house pricesProperty investmentProperty pricesHousing slumpHousing affordabilityThomastownFitzroy NorthPrahranProperty listingsFrom our partners