An Albert Park terrace just moments from the beach is testing the market less than a year after it last sold.
The three-bedroom Victorian at 103 Ashworth St is still for sale after it passed in on a vendor bid at auction on the first weekend of February.
It now has a reserve price of $1.58 million, well below its last sale price of $1.65 million in March 2018.
Vendor Romayne Holmes said she had relisted the property after buying a dream home nearby.
“I think this place would suit a young couple, who could easily use the spiral staircase that leads to the main bedroom and bathroom,” Ms Holmes said.
“It’s a very peaceful home, and you can hear the birds singing at all times of the day.”
Its beachside location and ample amount of natural light were other standout features, she added.
The double-storey home passed in on a vendor bid at an auction with more than 50 onlookers.
Wilson agent Grace Le-franke said more than 80 parties had inquired about the home during its campaign.
“We’re getting a lot of young couples showing interest,” Ms Le-franke said.
“It’s an entry-level price point for buyers in Albert Park … most houses in the suburb with three bedrooms and two bathrooms sell for over $2 million.”
The revised sale price was very reasonable for the area, which typically held its value well, she added.
CoreLogic data shows the median house price in Albert Park dropped 6.3 per cent to $1.93 million in the 12 months to October 2018.
Despite the decrease, the suburb fared better than St Kilda, where the median price fell 26.8 per cent to $1,034,500.
Saturday’s auction was the first for Albert Park in 2019. CoreLogic shows only one property, a unit at 9/52 Moubray St, has changed hands in the suburb since the start of the year.
St Kilda’s first auction for the year recorded a strong result, with a one-bedroom apartment at 2/33 Eildon Rd selling $55,000 above reserve for $495,000.
McGrath St Kilda director Michael Townshend said first-home buyers were recognising it was a great time to break into the property market.
SUBURB PROFILE: Albert Park