Two Sydney brothers have broken into the property market by paying almost $200,000 more than the reserve for a small cottage in Rozelle.
First homebuyers Wallace and Jack Bruderlin paid $1.49 million for the property at 12 Crescent Street, which is located in the White Bay Power Station area before it undergoes significant redevelopment.
The NSW government proposes transforming the site with a waterfront promenade, markets and light rail.
The two-bedroom cottage attracted an opening bid of $1 million before it was called on the market at $1.3 million and the hammer fell after 12 more bids at $1.49 million – $190,000 above the reserve.
Meanwhile, Adelaide’s strong 78 per cent weekend auction clearance rate was a year high – and the top result around the nation.
With subdued long weekend offerings, capital city auction volumes sat at 1053, down significantly given most states and territories have a Monday public holiday.
The national 67 per cent success rate compared to 68 per cent last week when there were 2008 auctions, CoreLogic advised.
It was 75 per cent one year ago.
Sydney vendors sustained their success rate in the 70s on the weekend.
With around 280 Sydney homes auctioned, Sydney didn’t quite see the same fall in weekend activity that occurred in Melbourne where there were only 265 auctions.
The REIV reported the top clearance-rate suburbs in May were Yarraville, Caulfield South and Pascoe Vale, each with more than nine in 10 homes sold at auction last month.
The best-performing weekend sub-region was in Sydney, where the weather-battered Northern Beaches secured a stellar 95 per cent success followed by the Mornington Peninsula, outside Melbourne, with a strong clearance rate of 93 per cent, based on 15 results.
Melbourne will see one of its busiest June auction weekends next Saturday when more than 980 auctions are scheduled.
Next weekend’s offerings include 14 Lyndhurst Crescent, Hawthorn, with $3 million-plus hopes given its modern extension by architect Drew Cole behind its quaint cottage facade.
The Saturday Age even got legendary Hawthorn full-forward Peter Hudson to pose for a photo at the front of the pale grey facade because it was where he boarded in his early days of his football career.
The 1900s Hawthorn cottage, last traded for $1,511,000 in 2010, was where some 100 of the Hawks’ country and interstate recruits lived with Hawthorn supporter Percy Cavell, his wife Miriam and their four children during a two decade period from the 1960s.
There’s a $2.85 million asking private treaty price for the Sydney home of dual international Craig Wing.
His former Centennial Park home, bought when he was playing for the NRL Sydney Roosters in 2003 for $1.3 million, has hit the market.
He has returned to Sydney from playing rugby union in Japan, and had decided the four-bedroom home is a bit too big.
Last weekend, former Wallabies and Brumbies captain Ben Mowen sold his Holland Park, Brisbane, investment property for $762,500.
Mowan, currently playing in France, paid $667,000 in 2008 for the 1930s property.
The cheapest price at any auction across the long weekend was $213,000 at Brisbane’s Beenleigh. The two-bedroom Hawthorne Street unit last sold at $300,000 in 2009.
The top price at any auction across the long weekend was when ‘Highbury’ sold at $2.86 million in Sydney’s Roseville, to narrowly eclipse a $2.84 million post-auction sale in Melbourne’s Alphington.
‘Highbury’ is a five-bedroom bungalow on 670 sqm at Roseville that last sold in 1995 at $530,000. It was briefly listed for sale in 2005 at $1.4 million but did not sell.
The Alphington result was a record suburb price, bettering a $2.684 million result achieved by the architect-designed 27 Keith St last year.
The new record holder, completed 12 months ago, drew four bidders when 83 Fulham Road was offered through Nelson Alexander auctioneer Spiros Karagiannidis who had passed it in at $2.83 million.
Bigger results were achieved late last week as agents sought to avoid long weekend onsite auctions.
Brighton had a $5 million sale at 35 Seacombe Grove.
Set on a compact 590 sqm, the five-bedroom house had last sold in 1995 at $820,000.
In Sydney’s Rose Bay, the beachfront home of the Dupree family fetched $14,875,000 at its 40-minute-long auction when sold mid-last week to the Fuller family.
Its Ray White Double Bay listing agents Michael Finger and Diane Wilson had four bidders, with one only entering after it was called on the market at $14.5 million by auctioneer James Keenan.
The property previously traded four decades ago when bought by the late arts patron Annette Dupree with the family undertaking a $1 million redesign by Misho and Associates around 10 years ago.
Annette Dupree, nee Fielding-Jones, was a journalism cadet on the Sydney Morning Herald in the 1950s, and wrote the first architectural features in the paper.
Her home was a Pettit & Sevitt-built home on the Collins Avenue, Rose Bay foreshore.
Adelaide’s weekend prices ranged from $495,000 for a townhouse at North Adelaide to $1.6 million at Gulfview Heights.
The two-bedroom 1960s townhouse on Barnard Street had traded at $365,000 in 2007.
The 41 Bellevue Circuit two storey home sold pre-auction.
The four-bedroom home with 78 sqm space sits on a 1056 sqm block.
“The home could be an eight-bedroom home if necessary, however the current layout works as a comfortable four-bedroom,” selling agent Colin Martin said.
He said there was also space to park eight cars.
Jonathan Chancellor is editor-at-large at Property Observer.