The childhood home of Oscar-winning Hollywood fashion designer Orry Kelly sold at auction on Saturday, as Sydney clearance rates jumped from last weekend.
The 125-year-old Kiama home was sold for $1000, and is now set to be relocated to a farm in Jamberoo, NSW.
The sale of the property on Sydney’s south coast at 4 Terralong Street included only the 92sq m house, and not the block of land.
The vendors who plan to rebuild on the block saved themselves around $30,000 in demolition fees.
Transportation of the period gem, two-bedroom cottage with high ornate ceilings, polished floorboards and stained glass windows, was estimated at about $30,000.
Kelly, who had grown up in the home in the early 1900s, won three Oscars for his costume design in An American in Paris (1952), Les Girls (1958) and Some Like It Hot (1960).
Kelly grew up in the home until the age of 17 when he moved to Sydney to study banking. It was there he developed his love of the theatre, before moving to America.
A percentage of the proceeds from the sale of the cottage will be donated to charity.
Sydney was the busiest capital city auction market, given Melbourne’s holiday long weekend distraction.
There was a jump back to an above 70 percent clearance rate for Sydney to boot.
An original condition Curl Curl fibro cottage, which was set to take a starring role in the 2004 film Eucalyptus, captured the enthusiastic spirit when sold at $1.933 million at its onsite auction.
The 1940s house missed its chance in the spotlight given the cancellation of the film adaption of the Murray Bail book, but its Ray White agents secured $213,000 above reserve.
Some 11 registered bidders sought the rare offering as the 40 Bennett Street property had last traded for £3500 in 1953.
Sitting on 700sq m of level land, the original cottage has three bedrooms and a sunroom, all a short walk to the beach.
With 680 Sydney auctions there was a 72 per cent clearance rate, up on last week’s dip to 68 per cent.
Sydney’s strongest-performing sub-regions were Ryde (86 per cent), followed by the eastern suburbs (84 per cent) and inner west (78.6 per cent).
With Monday a public holiday for four out of the eight states and territories, the week saw 1426 auctions held across the combined capital cities, substantially lower than the 2304 held last week.
The combined capital city clearance rate softened this week, down from 68 per cent last week to 66 percent, pulled lower by softer clearance rates in Brisbane (44 per cent), Perth (46.7) and Tasmania (33.3).
CoreLogic RP Data noted one year ago, the weighted average clearance rate was 77 per cent.
The nation’s top auction sale was a triplex Drummoyne development site on Sydney Harbour that fetched $11 million.
Sprawling Sydney apartment soars over reserve
It was downsizers who competed at Cremorne Point for a three-bedroom triplex garden apartment that fetched $4,065,000 in the highest Sydney single abode price.
The auction saw 10 parties raise their bidding cards after the $3.1 million opening bid. There had been a $3 million to $3.3 million auction price guide.
Hawthorn leads the way in Melbourne
Melbourne’s priciest sale was a $3.35 million Preston development site, while 46a Kinkora Road in Hawthorn was the dearest house sale at $2.83 million, at well above reserve.
The renovated four-bedroom, two-storey 1986 home had sold at $2,071,000 in March two years ago, with just a minor refurbishment in between sales.
A Victorian-era Hawthorn home at 5 Yarra Street was passed in on a $4.4 million vendor bid, after the one buyer bid at $4.35 million. It had sold in spring 2014 at $4.36 million, suggesting little if any price growth.
Only 414 Melbourne auctions were held with the 70 per cent success rate, a slight decrease on the 72 per cent last week.
Melbourne’s north west was the best performer, with 80 per cent of reported auctions successful followed by the inner south at 79 per cent.
A three-bedroom home at Melton West was the nation’s cheapest sale at $261,000, narrowly edging out a $262,500 sale in Loganholme, set midway between Brisbane and the Gold Coast.
The basic two-bedroom Queenslander had last sold in 1986 for $41,500.
Jonathan Chancellor is editor-at-large at Property Observer