Finance Property Modest Sydney home sells for eye-watering amount

Modest Sydney home sells for eye-watering amount

sydney home
Would you pay $5.5 million for it? Photo: Devine Real Estate
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Sydney’s auction market had its weakest start to the spring selling season for five years.

Sydney’s clearance rate of 67.1 per cent was down on the 67.9 per cent recorded on the last weekend of winter, Domain reported.

Both results sit well below the 80 per cent reported this time last year.

Saturday’s tally was the third consecutive decline in weekend rates.

“Sydney’s auction market has had its worst start to the spring selling season since 2012 with the local market clearly running out of puff over the last month,” Domain economist Dr Andrew Wilson said.

“The lower north was sharply down this weekend with just 63.3 per cent.

“Inner-suburban, higher-priced regions continue to generally produce the best suburban results in Sydney, but clearance rates in those areas are now consistently lower than recorded over autumn and the early winter market.”

CoreLogic’s entire week results were a slightly healthier 70.5 per cent across Sydney, but leading auctioneers reported a weakening trend.

Cooley Auctions secured 56 per cent from its 50-plus auctions.

“A balanced or normal market clearance rate is 50 per cent to 60 per cent and that’s where we are headed,” Damien Cooley said.

Ray White Sydney auctioneer Jerome Smith said the market was patchy in some parts.

The most expensive house sold at auction in Sydney was a five-bedroom Strathfield home.

Set on 1416 square metres at 73 Newton Road, Strathfield, Devine Real Estate sold the home for $5.5 million as a deceased estate.

It was on the market for the first time in 88 years.

It certainly wasn’t the exterior that the successful bidder was paying $5.5 million for. Photo: Devine Real Estate
Nor were the interiors anything to write home about. Photo: Devine Real Estate
A clue to the whopping sales price: the block is “one of the last few potential tennis court blocks left in Strathfield”, according to the agent. Photo: Devine Real Estate

Melbourne’s top sale was a grand Victorian in South Yarra which sold for $7.015 million, after a contest between three bidders.

The buyers had sold the four-bedroom terrace at 16 William St to the vendors six years ago, Abercromby’s Armadale auctioneer Tim Derham told The Herald Sun.

The current owners engaged Techne Architecture + Interior Design to renovate and extend it shortly after purchasing it for $3.755 million in 2011.

Across Melbourne 73.5 per cent of the 839 reported auctions sold on the weekend.

There were 976 properties taken to auction across the city, down from 1124 last week when the final clearance rate was recorded at 72.3 per cent.

Over the same week last year, 830 auctions were held and a clearance rate of 79.3 per cent was recorded.

The strongest Melbourne clearance was recorded across the outer east region, where 80.8 per cent of the 52 auctions were successful.

The $7 million sales price on this Melbourne property is more understandable. Photo: Abercromby’s
The landmark home has featured in numerous architectural, lifestyle and design publications, and for good reason. Photo: Abercromby’s
The impeccably renovated home is located right in the urban heart of South Yarra. Photo: Abercromby’s
It boasts four double bedrooms and two bathrooms, including a sublime master bedroom. Photo: Abercromby’s
It boasts four double bedrooms and two bathrooms, including a sublime master bedroom. Photo: Abercromby’s
Best of all, it even has a pool. Photo: Abercromby’s

There was a tie for the nation’s cheapest result.

A one-bedroom Brunswick East apartment sold pre-auction for $320,000 making it Melbourne’s cheapest weekend auction listing.

The 40 sqm apartment had been a $300 a week rental.

Located at 3/50A Brunswick Road, the 1970s Monte Carlo apartment last sold in July 2000 for $89,950.

In Adelaide, a 1910 Mount Barker house sold for $320,000.

Located at 20 Albert Road, the three-bedroom home on the 1200 sqm block has many original features including a rare pressed tin facade.

It also has pressed tin ceilings.

There is an open fireplace in most rooms.

In Adelaide, a 60.4 per cent preliminary result was recorded across 75 auctions.

While the weakest capital city, the preliminary clearance rate in Brisbane increased to 47.1 per cent, from 43.9 per cent last week.

Brisbane auction volumes were slightly lower with 136 auctions held, down from 140 last week.

But Brisbane achieved one of the highest under the hammer results for some time when a four-bedroom Teneriffe house sold for $4.8 million.

Located at 77 Macquarie Street, amid some of Brisbane’s most exclusive real estate, it features three levels of riverfront living with views.

Built in 2001 it last sold for $3.785 million in 2014.

The property, with 488 sqm of living space, was offered through Ray White agents Matt Lancashire and Brandon Wortley.

Brisbane best auction result was this ultimate prestige property. Photo: Ray White
It was marketed as the perfect balance between central location and peaceful residential pocket. Photo: Ray White
It boasts three levels of riverfront living with panoramic views. Photo: Ray White
It has four bedrooms, a study and multiple living areas. Photo: Ray White
And it’s located just 2kms from the CBD. Photo: Ray White

Perth’s clearance rate of 63.6 per cent across 11 auction results is up from last week, when 35 auctions were held and a clearance rate of 48.3 per cent was recorded.

Across Canberra, 69 homes were taken to auction this week.

Preliminary results show a clearance rate of 68.4 per cent, down from 71.9 per cent the previous week.

Canberra prices ranged from a $540,000 three-bedroom Dunlop townhouse and a four-bedroom O’Malley house that sold for $1.4 million.

Located at 20 Numeralla Street, O’Malley, the 1995-built home on a 1049 sqm block last sold for $1.23 million in 2009.

Canberra’s cheapest weekend result at 3/34 Sunshine Loop last sold for $409,000 in 2014

CoreLogic’s latest weekend update indicated that auction numbers were down for spring’s opening compared to the prior weekend.

There were 2060 properties taken to auction this week, down from 2270 last week.

It was higher than this time last year, when 1899 auctions.

Jonathan Chancellor is editor at large at Property Observer.

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