Gaby Kennard, the first Australian woman to fly around the globe by airplane, scored the nation’s top auction result at the weekend when her Woolloomooloo Wharf apartment sold for $5.55 million in Sydney.
The three-bedroom, two-bathroom harbourfront apartment was snapped up pre-auction having had a $5-$5.5 million price guidance through Bresic Whitney Darlinghurst agent Nic Krasnostein.
Ms Kennard, who had renovated after paying $3.31 million in 2013, is remembered for her accomplishment of taking 99 days to complete a journey circling the world in the late 1980s.
She covered 29,000 nautical miles (54,000 kilometres) and followed Amelia Earhart’s route as closely as possible.
Despite Ms Kennard’s lofty sale, the Sydney auction clearance rate was now approaching levels associated with prior price declines, AMP Capital chief economist Shane Oliver suggested.
Mr Oliver said, based on Domain data, the weekend’s result of 66 per cent for Sydney, and its prior weekend result of 56 per cent, was at levels similar to when there were price declines in 2008-09 and 2011-12.
Adelaide had the cheapest weekend sale when $222,500 was paid for a one-bedroom house.
The 340 square metre Waite Street, Ethelton, offering was marketed as set for demolition.
There were significantly fewer homes taken to auction across the combined capital cities on the weekend, after last weekend’s year-to-date high of 3713.
There were a total of 2019 auctions held, returning a preliminary clearance rate of 66.8 per cent, a tad up on last week’s final clearance rate of 64.5 per cent, CoreLogic advised.
Over the corresponding weekend last year, 73.6 per cent of the 2517 auctions held were successful.
Melbourne saw a notable decrease in volumes given the spring racing festivities, with only 309 auctions.
CoreLogic calculated 77.3 per cent sold across Melbourne with its biggest result, unusually, in Wheelers Hill at $2.82 million. The 2 Latrobe Court home was a modern rendered 60 square metre residence.
Sydney’s preliminary auction clearance rate sat at 67.4 per cent, according to CoreLogic, who put last week’s final auction clearance rate at 58.3 per cent, its lowest recorded since early 2016.
There were 1217 homes taken to auction across Sydney, including 900-plus on Saturday – virtually unchanged from the previous week.
Sydney’s cheapest sale came when $470,000 was paid at Rosemeadow. The three-bedroom Tamora Street offering was a 1960s brick veneer home on its 442 sqm Campelltown district block.
The preliminary auction clearance rate in Brisbane was 53.5 per cent, increasing from 44.8 per cent over the previous weekend.
Auction volumes were lower this week across Brisbane with 169 auctions held, down from 190 last week.
Brisbane’s top price was a modern, three-level riverfront home that fetched $4.125 million. The 29 Laidlaw Pde, East Brisbane offering was a five-bedroom, three-bathroom house, which Ray White agent Dean Yesberg said was “one of only 25 homes that enjoys this irreplaceable position”.
Brisbane’s cheapest result was a loss-taker near Goodna. The sale of the three-bedroom home at 5 Drysdale Avenue, Collingwood Park, at $240,000 was down on its prior $293,000 sale in 2009, and just above its $232,000 sale in 2005.
Adelaide saw an auction clearance rate of 65.5 per cent, across a total of 125 auctions, increasing from the previous week’s 62.5 per cent, and similar to the 65.6 per cent one year ago.
Adelaide’s dearest sale was $1.32 million when a three-bedroom house at 21 Northgate Street, Unley Park, was sold. The sandstone house on 890 square metres had a $1.295 million price guide through Scarce Real Estate.
Canberra’s preliminary auction clearance rate of 68.2 per cent was down on the weekend prior when the final auction clearance rate was 72.6 per cent.
Its top sale was a Forrest house designed in 1927 by Oakley & Parkes, who had previously designed The Lodge. The home on its 1500-sqm Barkly Crescent block last sold in 1997 at $525,000.
There were 48 Perth auctions this week with only 30 per cent clearing.
Jonathan Chancellor is editor at large at Property Observer.