An updated Carlton balcony terrace sold for $2.3 million, its reserve price, after auction on Saturday.

The three-bedroom home at 64 Neill Street – a short walk from parks and the popular Rathdowne Street village – has period charm with modern features.

“It’s a wider-than-normal, double-front balcony terrace with a great Carlton location,” Nelson Alexander listing agent Charlie Barham said. “It was ready to move straight in, but it still had the potential to update it.”

Barham listed the property for sale with the reserve advertised. He said it had been confusing for some potential buyers, but all appreciated knowing the vendor’s price expectations.

“There was no ambiguity around the price that was required to buy it,” he said. “A few people weren’t familiar with it … when we explained the mechanics around it, buyers appreciated the extra transparency.”

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In Victoria, a property can be marketed with a price guide of a single price or a 10 per cent range, but vendors are free to set their reserve higher on auction day.

The auction began with a vendor bid of $2.25 million, and the home passed in after receiving one bid of $2.26 million. The sole bidder bought it afterwards in negotiations.

Barham said the buyers were downsizers. “It was a downsizer moving into the inner city, which we’re noticing a lot of. They’re a big part of the city market at the moment.”