The Balwyn home of the Health Services Union national secretary Kathy Jackson now has a $1.99 million asking price guide, having been listed previously with $2.1 million expectations.
The four-bedroom house passed in at its September auction on a $1.85 million vendor bid through Fletchers agents Jeremy Desmier and Daiman Kane.
The tree-lined Balwyn property is being marketed as a "developer's dream", given it's a 1,452-square-metre block.
The four-bedroom, three bathroom house sits on part of the holding, easily allowing some land to be sold or redeveloped.
It was transferred into Jackson's full ownership by her former husband, Peter Jackson, in March 2010.
It last traded at $1.15 million in 2004.