A harbourfront McMahons Point property has sold for $8.3 million at auction – Australia’s most expensive sale over the weekend.
The 1940s house on the 720 square metre property was marketed as a “once in a lifetime” buy, with a boat shed, jetty and slipway on Berrys Bay.
Located at 6 West Crescent Street, it is set close to Blues Point Road’s many eateries.
The Sydney property was sold by boatbuilder Bill Barnett who had bought the building block for £300 in 1941.
In the late 1960s he was commissioned to build the 12-metre America’s Cup contender Dame Pattie, and then Gretel II.
According to CoreLogic’s auction report, there were 2490 auctions held across the capital cities, up from 2258 over the previous week, making it the busiest week for auctions since June.
Based on preliminary results, the combined capital city success rate came in slightly up at 70.3 per cent this week. It increased from 66.9 per cent last week.
Over last year’s corresponding week, auction volumes were lower with 2149 properties auctioned and a clearance rate of 76.2 per cent.
Melbourne had the highest number of auctions – 1268 – registering a preliminary clearance at 73.6 per cent.
The weekend’s result reflected a rise in the clearance rate, after Melbourne’s final rate was recorded at 71.8 per cent last week.
It was lower in comparison to this time last year at 77.8 per cent across 965 auctions.
The nation’s highest preliminary clearance rate was recorded in Adelaide at 75 per cent across 72 reported auctions, compared to the week prior at 66.2 per cent and last year at 74.7 per cent.
A sandstone three-bedroom College Park house sold for $1.21 million making it Adelaide’s most expensive weekend auction sale.
Located at 24 Harrow Road, the 1900 cottage last sold for $960,000 in 2015.
Adelaide’s cheapest was a three-bedroom Para Hills house sold for $273,000.
Located at 20 Frank Street, the early 1960s property last sold for $291,315 in 2011.
The property is currently tenanted on a lease for $290 per week.
In Sydney, 897 auctions were held, up from 826 over the previous week.
The preliminary clearance rate of 69.4 per cent was up from 65.8 per cent last week. However it was much lower than this time last year, when 81.6 per cent was recorded across 815 auctions.
“The clearance rate for Sydney is yet to drop below 65 per cent this year so it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released,” CoreLogic’s auction commentator Kevin Brogan said.
But Domain commentator Dr Andrew Wilson noted that “very low results” in Sydney’s western suburbs had been a downward force on the market.
“We’re back to the underlying trend of lower clearance rates in a market that has run out of puff,” Dr Wilson told Domain.
“Western Sydney, south western Sydney and the north west all had clearance rates well under 50 per cent.
“It shows the two-speed nature of the market with the inner suburbs, where buyers are less discretionary still very strong [with around 80 per cent clearance rates].”
There were 132 Brisbane homes taken to auction, with so far 98 results reported.
The preliminary clearance rate was 49 per cent, up from 38.8 per cent last week.
A four-bedroom Marsden house sold for $320,000 making it Brisbane’s cheapest weekend auction sale.
Located at 6 Yale Street, the house sits on a 1028 sqm holding.
Brisbane’s top sale was a three-bedroom Bulimba house sold for $1.885 million.
Located at 11 Pine Street, the 835 sqm holding was marketed as “suitable for development”.
There were 33 Perth auctions with 35.3 per cent having been sold.
Last week there was a 41.7 per cent clearance rate for Perth.
Across Canberra a total 62 auctions were held, compared to 72 last week and 87 at the same time last year.
Canberra’s preliminary clearance rate of 73.1 per cent was higher than it was the previous week at 70.1 per cent.
Canberra’s most expensive weekend auction sale received $1.3 million for a five-bedroom 2013-built Harrison house.
Located at 56 Albatross Avenue, the 663 sqm land holding was sold in 2012 for $327,500.
Jonathan Chancellor is editor-in-chief at Property Observer.