Finance Property Toorak tennis court nets big return at auction

Toorak tennis court nets big return at auction

toorak tennis court
The tennis court on Stradbroke Avenue, Toorak, presents premium opportunity for development, agents say. Photo: Marshall White
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A redundant Toorak tennis court block has claimed the nation’s top-selling auction result, proving the extremes to which buyers will go to enter Melbourne’s most exclusive suburb.

The $7.8 million sale secured a 773 square metre Stradbroke Avenue block.

It was sold on Saturday morning to a local Toorak family for $7,805,000 after a June pre-auction sale fell over at around $6 million.

It was sold by the neighbours on the eastern side who had paid $710,000 in 1996 and then knocked down the house.

The sale was almost $2 million above the reserve price of $5.9 million.

toorak tennis court
Until this weekend, the tennis court belonged to the neighbours. Photo: Marshall White
A house once sat on the block, but it was knocked down in the 1990s. Photo: Marshall White

Auction activity increased across the combined capital cities over the past week with 2239 homes taken to auction.

It was the largest number of auctions held since the first week of June, CoreLogic auction analyst Kevin Brogan said.

The larger volume of auctions returned a preliminary auction clearance rate of 71.1 per cent, up from last week’s final results when 2064 auctions were held and 69.8 per cent cleared.

Over the corresponding week last year, the clearance rate was 74.5 per cent when 2153 auctions were held.

“It is expected as more results are collected that the final auction clearance rate will revise lower to remain within the high 60 per cent range, where clearance rates have been tracking since early June,” Mr Brogan said.

Melbourne’s 1116 offerings ranked as the highest volume of auctions for the weekend and then the highest clearance rate of 73.8 per cent.

The city’s highest house sale was at Glen Iris when a 2011-built five-bedroom house fetched $5.77 million.

The 1000 square metre Anthony Street block had sold at $1.83 million in 2009.

The Glen Iris home of three-time track and field Olympian Lauren Fox (nee Hewitt) was passed in on a $2.85 million vendor bid.

Marshall White agent Zali Reynolds said the 1920s Britten Street home was for sale at $3.15 million.

At $5 million, not even this Glen Iris mansion could rival the Toorak tennis court’s auction price. Photo: Marshall White
The Hamptons-style home boasts a pool, large covered terrace, and a landscaped garden. Photo: Marshall White
The home has inflated in price by $3.94 million since it was last sold in 2009. Photo: Marshall White

Sydney’s preliminary clearance rate increased to 71.6 per cent across a higher volume of auctions week-on-week (814).

The highest notified Sydney price across its 644 auction results was $7.11 million on Macquarie Street, in the Sydney CBD.

It was a three-bedroom penthouse in the late 1990s Pullman Quay Grand featuring Circular Quay and Botanic gardens views from its 242 square metre space.

It had previously sold at $3.7 million in 2012.

Last week’s final figures saw 67.8 per cent of the 720 auctions cleared, which was down on one year ago, when 788 auctions were held across Sydney at a 78.5 per cent clearance rate.

Brisbane’s preliminary clearance rate was 45.4 per cent, similar to the 45.1 per cent over the previous weekend.

Auction volumes were similar with 138 auctions held, as against 135 last weekend.

Sydney’s most expensive auction sale has a stunning view of the harbour. Photo: Morton
The luxury penthouse is in the Pullman Quay Grand, one of Sydney’s most prestigious buildings. Photo: Morton
Fancy a lazy Sunday? The residents can order room service right to their door. Photo: Morton

Adelaide recorded a preliminary clearance rate of 75.5 per cent across 68 auctions, up from 62.4 per cent across 98 auctions last week.

Over the corresponding week last year, 83 Adelaide homes were taken to auction, with 63.3 per cent recording a successful result.

There was a narrow $2250 difference between the nation’s cheapest weekend results at Brisbane and Adelaide.

There was a $265,000 Deception Bay three-bedroom house sale, some 32 kilometres north of the Brisbane CBD.

In Adelaide there was a $262,750 sale when a three-bedroom Para Hills house was sold, some 17 kilometres north of the Adelaide CBD.

There had been $250,000 pre-auction hopes for the Adelaide offering.

In Perth, 33 auctions were held this week with 62.5 per cent successful, up on last week when the final auction clearance rate was 50 per cent across 35 auctions.

Canberra’s preliminary auction clearance rate of 71.2 per cent is lower than last week, when the final auction clearance rate was 74.6 per cent and lower than the 71.4 per cent recorded last year.

The top ACT sale was at Yarralumba where $1.39 million was secured for a three-bedroom home with the cheapest a three-bedroom home at Charnwood that sold for $401,500, that had been listed with $390,000-plus hopes.

Tasmania saw eight auctions take place, with six results reported so far, and five sales.

There was a $336,000 sale at East Launceston, a three-bedroom 1880s weatherboard home.

Jonathan Chancellor is editor at large at Property Observer.

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