Sydney’s pricey suburb Woollahra has secured the nation’s top weekend auction result, while Toorak in Melbourne surprised with the cheapest offering.
There were just two ultra-cautious bidders completing for the wide Woollahra terrace.
The five-bedroom, four-bathroom home with 7.5 metre frontage had been tipped by Ben Collier at The Agency to fetch $6.3 million-plus, but the bidding petered out at $6.35 million.
It was, however, sold within an hour of its onsite auction at a considerably higher, though undisclosed price.
The downsizing vendor was Dr Lisa O’Brien, who leads Australia’s major education-oriented children’s charity, The Smith Family, and was also a founding member of Sydney’s Lou’s Place, a drop-in centre providing respite and support for women in need.
It last sold at $4,225,000 in 2006.
Auction volumes steadied across the capital cities, according to CoreLogic’s latest report, while the preliminary clearance rate improved in the second-last winter weekend.
Across the combined capital cities, the preliminary auction clearance rate rose to 71.7 per cent, up from the final clearance rate that came in at 67.5 per cent.
There were 2041 capital city auctions over the week to Saturday, virtually unchanged from last week’s 2040 auctions.
But it was higher than the 1795 auctions held one year ago.
Melbourne took back the baton from Canberra as the strongest weekend auction market.
Melbourne’s preliminary clearance rate sat at 77.7 per cent, after the prior weekend’s final results fell below 70 per cent for the first time since July last year to 69.8 per cent.
Melbourne was host to 997 auctions this week, higher than the 955 held last week.
It had the nation’s cheapest sale when a Toorak studio sold pre-auction for $250,000.
Located at 47/145 Canterbury Road, the studio apartment was marketed as an entry-level property for the suburb which has a $925,000 median apartment price.
The weekend offering – which last sold at $113,000 in 1999 – features a galley kitchen that is adjacent to the living and dining space.
The 36 square metre studio with car space was offered through Little Real Estate agent Rob Exell. It had been a $260 a week rental when offered this time last year.
A four-bedroom Kew house was Melbourne’s top sale at $4 million.
Located at 37 Wellington Street, the English-style home on a 792 sqm block last sold in 2007 for $2.12 million.
In Canberra, 68 auctions were held with 75.4 per cent successful.
Last weekend the Canberra clearance rate was a higher 87 per cent.
Canberra’s top sale was a four-bedroom Hackett house for $1.06 million.
Located at 4 Brennan Street, the 958 sqm property with views of Mount Majura and Mount Ainslie, last sold for $405,000 in 2002.
Sydney’s clearance rate improved to 70.8 per cent, however volumes were lower week-on-week in Sydney.
Across Sydney, 704 properties were taken to auction this week. Last week, the final clearance rate for the city was 67.6 per cent, across 798 auctions.
The cheapest sale was a Lakemba unit for $415,000.
Located at 10/10 Fairmount Street, the two-bedroom 1970s last sold for $315,000 in 2014.
Sydney secured the highest sale across the nation when a Chatswood house sold for $5.635 million.
Located at 17 Dulwich Road, the six-bedroom home sat on a 1800 sqm block.
There were 100 Adelaide auctions this weekend with 58.7 per cent selling. Last year there was a 62 per cent clearance rate from 97 offerings.
Brisbane’s preliminary auction clearance rate was 45.9 per cent, increasing from 43.8 per cent last week.
There were 131 Brisbane auctions this week, compared to 103 last week.
Farleigh, a five-bedroom Annerley house, sold for $1.21 million making it Brisbane’s most expensive weekend auction sale.
Located at 11 Pitt Street, the 1914 home was built by the pioneering Mackenzie family. It last sold in 2005 for $565,000.
There were 34 Perth auctions and so far 17 results have been reported, with 47.1 per cent selling.
Of the seven Tasmanian auction results reported so far this week, two sales have been recorded.
Jonathan Chancellor is editor in chief at Property Observer.