Finance Property Even Tina Arena is struggling to sell in ‘cooling’ market

Even Tina Arena is struggling to sell in ‘cooling’ market

tina arena fitzroy
Buyers appear to be retreating across the nation. Photo: Jellis Craig
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With a rare off-note for Melbourne, singer-songwriter Tina Arena’s Fitzroy property has been passed in on a vendor bid of $1.75 million at weekend auction.

There is now a $1.795 million asking price for the Fitzroy terrace which Arena, one of Australia’s highest-selling female artists, has restyled since paying $1.38 million in August 2015.

But Melbourne did record the nation’s highest result when an Edwardian era home in Middle Park sold for $6.4 million, shortly after being passed in at $6.25 million through Marshall White Port Phillip.

Located at 136 Page Street, there were three bidders for the five-bedroom home that last sold in 2015 for $5.5 million.

tina arena
Tina Arena is still looking for a buyer. Photo: Getty
kerr street fitzroy
Tina Arena’s pad is footsteps away from Melbourne’s famed Brunswick Street. Photo: Jellis Craig
kerr street fitzroy
The double-storey terrace is zoned for residential or commercial use, so it could easily be converted into a trendy office. Photo: Jellis Craig
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It boasts three bedrooms and a secluded courtyard. Photo: Jellis Craig
kerr street fitzroy
It’s still on the market if you’re keen to buy. Photo: Jellis Craig

There’s been a slight improvement in the national auction clearance rate, according to CoreLogic’s latest report, which comes as national spring auction volumes have increased on the second spring weekend.

The combined capital city preliminary clearance rate rose to 70.2 per cent for the week.

It was after last week’s revised final clearance rate fell to 66.4 per cent, which was the lowest combined capital city clearance rate so far this year, and the lowest since June 2016.

The clearance rate was lower than this time last year in all capitals, except Perth.

Auction volumes increased week-on-week with 2225 properties taken to auction, up from 2074 last week, and higher than this time last year (2062).

Melbourne had the most auction stock and the highest success rate.

Its preliminary results had 73.2 per cent of the 938 reported auctions sold this week.

There were 1097 properties taken to auction, up from 976 last week when the final clearance rate was recorded at 71.3 per cent.

Over the same week last year, 974 auctions were held and the clearance rate was 78.3 per cent.

The cheapest sale was when a one-bedroom West Footscray apartment sold for $208,000.

Located at 20/697 Barkly Street, the 33 sqm unit was marketed with $195,000 to $214,000 hopes.

It last sold at $45,500 in April 1989 and $17,950 in March 1976.

Sydney was host to 810 auctions with a preliminary clearance rate of 72.3 per cent, rising from 65.5 per cent last week across 779 auctions, although CoreLogic auction analyst Kevin Brogan advised this will fall over the week as late results come in.

One year ago, 758 auctions were held across Sydney and 80.6 per cent were successful.

Sydney prices peaked in Pymble where a six-bedroom house sold for $5.7 million. It was among the increasing numbers of pre-auction sales.

Domain noted sold priors sat at 145, up from 109 in the previous weekend, given the increased paucity of active auction buyers, with vendors taking what was on the table.

Located at 33 Pymble Avenue, the 2100 sqm property had been marketed as the “pinnacle of prestige in Pymble”.

33 pymble avenue
This chateau is less than six years old. Photo: Sotheby’s
The prestige property spans over 2100sqm. Photo: Sotheby’s
It’s located on a premier street merely 400 metres to rail and boasts direct keypad entry to Pymble Ladies’ College. Photo: Sotheby’s
Opulent finishes and fixtures abound, including 100 per cent wool carpet, plantation shutters and crystal chandeliers. Photo: Sotheby’s
It also has a 10-metre swimming pool and a tennis court. Photo: Sotheby’s

Domain chief economist Andrew Wilson said the spring selling season was shaping up to be one of the slowest in five years.

“It is becoming a much more level playing field between buyers and sellers,” Dr Wilson said.

The preliminary clearance rate in Brisbane was 43.9 per cent, down from 45.6 per cent last week.

Auction volumes were similar this week with 137 auctions held, compared to 138 last week.

A two-bedroom Macleay Island house sold for $138,000 making it regional Brisbane’s cheapest sale.

Located at 29 Nugent Street, the 665 sqm property was marketed as an excellent investment return proposition having been offered recently as a $250 a week rental.

Built in 2006, it was offered last October at $245,000, with reduced $180,000 hopes in June this year.

Situated in a quiet part of the island it was marketed as fully Crimsafe screened.

Brisbane’s top sale was a Hamilton house sold for $2.58 million.

Located at 11 Czar Street, the four-bedroom 1930s property was redesigned by architect Derek Trebilcock and interior designer Mary Durack.

Last sold for $1.14 million in 2009, the property was offered through Ray White agent Matt Lancashire.

In Adelaide, a 67.2 per cent preliminary result was recorded this week across 74 auctions.

A three-bedroom Vista house, 13 kms from the CBD, sold for $315,000 making it Adelaide’s cheapest weekend auction sale.

Adelaide’s most expensive auction sale went for $1.27 million. Photo: Harris
It is a well-maintained classic 1925 Bungalow. Photo: Harris
It is nestled behind an attractive brush fence and stylish automated solid gates, beautifully lined with designer foliage. Photo: Harris
An elegant formal lounge/dining room commands immediate attention with fireplace, high ceilings and ornate double windows. Photo: Harris

Located at 1407 Grand Junction Road, the property is ripe for renovation.

Built in 1972 it last sold in 2011 for $330,000.

A classic 1925 Myrtle Bank house that sold for $1.27 million was Adelaide’s most expensive sale.

Located at 31 Ferguson Avenue, the renovated four-bedroom bungalow on 1010 sqm last sold for $317,000 in 2000.

Perth’s clearance rate of 36.8 per cent across 19 auction results compared to the 27.3 per cent last year.

Across Canberra, 72 homes were taken to auction.

Preliminary results show a clearance rate of 69.2 per cent, up from 66.1 per cent the previous week.

A mountain-view five-bedroom Deakin house sold for $1.675 million making it Canberra’s most expensive weekend auction sale.

Located at 36 Norman Place, the two-storey brick house on 679 sqm also has glimpses of the lake.

Situated in a cul-de-sac, it last sold for $363,000 in 1998.

Jonathan Chancellor is editor at large at Property Observer.

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