Finance Property Archibald Prize winner makes another big sale

Archibald Prize winner makes another big sale

Guy Maestri apartment
Guy Maestri even starred in the marketing campaign. Photo: BresicWhitney
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Contemporary artist Guy Maestri has sold his inner city Surry Hills apartment for $1.33 million ahead of its scheduled weekend auction.

The two-bedroom Chelsea Court apartment cost $590,000 in 2007.

BresicWhitney selling agents Shannan Whitney and James Peach initially priced the apartment with $1.25 million hopes.

Maestri, who won the prestigious 2009 Archibald Prize for a portrait of musician Geoffrey Gurrumul Yunupingu, even starred in the marketing campaign.

Guy Maestri
Guy Maestri won the 2009 Archibald Prize for a portrait of Australian singer and musician Geoffrey Gurrumul Yunupingu. Photo: Getty

The apartment has been described as a “mini museum-like space,” filled with a special collection of Australian art.

Everything in the home is apparently gifted, handmade, found or swapped.

Maestri’s apartment has more than doubled in value in the past decade. Photo: BresicWhitney
It is filled with hundreds of works of art. Photo: BresicWhitney

Some 72.9 per cent of the 660 Sydney auction listings were sold, up from last weekend when the final clearance rate was 68.6 per cent.

Melbourne was the best-performing city with 77.4 per cent of 667 results being successful.

Adelaide was strong as well, with a 75 per cent clearance rate.

The national auction volumes were down for the fourth consecutive week, with school holidays contributing to the reduced stock levels, according to CoreLogic’s latest report.

However, the auction clearance rate has risen.

The number of homes taken to auction across the capital cities was just 1612 this week, down from 1766, though higher than this time last July when 1391 properties went under the hammer.

The combined capital city preliminary clearance rate increased to 72.4 per cent, up from the final clearance rate of 68.4 per cent last week.

In Melbourne’s Northcote, the house of Collingwood midfielder Levi Greenwood was passed in at $1.28 million, but sold shortly afterwards to the highest bidder for $1,307,500.

The single-fronted Edwardian on Arthurton Road was bought unrenovated in late 2014 for $725,000, shortly after the 28-year-old joined the Pies from North Melbourne.

Selling agent Angelo Bafunno had quoted $1.25-$1.35 million for the house, which features a self-contained two-bedroom bungalow at the back.

The property features high ceilings, engineered Oak floorboards and under floor heating. Photo: Ray White
The renovated home also has a fully functional two-bedroom bungalow. Photo: Ray White

There were 116 Brisbane homes taken to auction, with 87 results reported so far.

The preliminary clearance rate for Brisbane was 44.8 per cent, down from 55.7 per cent last week and lower than one year ago, when 47 per cent of the 120 properties taken to auction were successful.

The nation’s cheapest mainland result was a three-bedroom Haigslea house near Ipswich that sold for $277,000.

Located at 304 Haigslea-Malabar Road, the house sat on a 3843 square metre block with paddock views and last traded in 2012 at $325,000.

Cheapest mainland sale but it does have an in-ground salt water swimming pool. Photo: Real Way Property Consultants

There was a $160,000 one-bedroom house sale at Riverside, near Launceston in Tasmania.

The top sale around the nation was in Sydney when a harbour-view five-bedroom house at Balgowlah Heights sold for $3.55 million.

Located at 15 Fisher Street, the 841 square metre property has a 1980s house which was last sold in 2015 for $2.875 million.

The Balgowlah Heights property sold for over $3.5 million. Photo: Clarke & Humel
It is a short stroll to Tania Park and Forty Baskets Beach. Photo: Clarke & Humel

This week, Adelaide had a preliminary clearance rate of 75 per cent, with 36 reported results across a total of 65 scheduled auctions.

In comparison, over the previous week Adelaide’s clearance rate was 59.6 per cent and 54.7 per cent one year ago.

Adelaide prices ranged between $300,000 and $781,000.

A three-bedroom 1960s house on 800 square metres at Marryatville sold for $781,000 at 1 The Crescent.

A three-bedroom Ingle Farm house sold for $300,000, making it Adelaide’s cheapest weekend auction sale.

Located at 3 Haydn Street, the property marketed to first home buyers, investors and downsizes last sold in 2006 for $178,000.

There were 33 Perth auctions this week and so far 18 results have been reported, with 44.4 per cent selling.

Canberra’s preliminary auction clearance rate of 72.7 per cent across 39 auctions is higher than both last week, when the final auction clearance rate was 62.7 per cent, and last year (63.3 per cent).

In Yarralumla four bidders competed for 3B Arkana Street, a five-bedroom house on a 1393 square metre block with resort-style facilities, which Domain reported sold for $2.46 million.

This Canberra home, which features a separate downstairs rumpus/study and bathroom, sold for $2+ million. Photo: Peter Blackshaw

Tasmania saw six auctions take place this week and five results have been reported so far, with three sales.

Jonathan Chancellor is editor at large at Property Observer.

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