Albert Park's Lynton fails to sell at auction despite huge crowd

The most expensive property offered for sale last weekend, Lynton, in Albert Park, failed to sell at auction and was passed in on a vendor bid of $6.2 million.

The triple fronted Victorian, at 85 St Vincent Place, attracted one genuine bid of $5.8 million before a crowd of 400 people.

The vendor then made two bids of $6 million and $6.2 million before the property was passed in.

Built in 1892, Lynton is set among leafy surrounds opposite the St Vincent Gardens on 740 square metres. An outstanding example of period architecture, the balconied residence with picturesque front garden has two street frontages, a grand entrance foyer, six bedrooms, five bathrooms and formal sitting and dining rooms.

Its well-appointed kitchen leads to a conservatory meals area, family room, and basement billiard/rumpus recreational area with substantial wine cellar.

The property hasn’t had much luck at auction: it was passed in on a $5.8 million vendor bid in October 2008. Then, after a house contents auction, it sold quietly for $4.8 million in May 2009.

The selling agent, Cayzer Real Estate, in April sold three unrenovated terraces at 73,75 and 77 St Vincents Place for a total of $12.3 million.

The auction clearance rate of 71% came from 681 results reported to the Real Estate Institute of Victoria. Vendor bids were prominent, accounting for 102 of the 197 properties that were passed in.  A further 58 results were still to be reported.