Upsizer gets a $45,000 discount on Essendon home with stylish reno

Key points

• A four-bedroom Art Deco home in Essendon passed in at $2.55 million at auction on Saturday, then sold in post-auction negotiations for $2,655,000. The buyer, a local professional looking to upgrade, paid just below the $2.7 million reserve.
• Domain recorded a preliminary clearance rate of 58 per cent across Melbourne, with 78 auctions withdrawn. From Friday, new state laws require vendors to publish reserves at least seven days before auction.
• Agents say buyer hesitancy is growing after the September interest rate rise.