Finance Property Auction demand plunges – but still yields $9m stunner

Auction demand plunges – but still yields $9m stunner

hawthorn mansion marshall white
Six bedrooms for a cool $9 million in the nation's top auction result. Photo: Marshall White
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Weekend auction results saw the $110,000 sale of a deconsecrated church in central Victoria.

The property at 57 Stanley Street, Tarnagulla was the 1911-built St Francis Xavier’s Catholic Church.

The imposing brick property – suitable for residential conversion or artist’s studio – was auctioned by Maryborough Ballarat Real Estate, before the furniture contents were sold off.

Located 180 kilometres north-west of Melbourne, the former congregation, and auction attendees, was made up mostly of people from Tarnagulla, together with nearby Newbridge, Laanecoorie and Murphys Creek.

“Many in attendance, one bidder congratulations, an absolute bargain,” selling agent Kate Ashton told her social media followers.

The former Catholic church in Maryborough is situated on about one acre of township zoned land. Photo: Maryborough Ballarat Real Estate
The church has power connected but no water, making the presumed renovations just that little bit tougher. Photo: Maryborough Ballarat Real Estate

In Melbourne’s east, it seems the sellers of a $9.01 million Hawthorn home were blessed with good fortune.

Their sale of a six-bedroom mansion on Scotch Hill topped weekend auction results.

With competition from five bidders, the home at 42 Berkeley Street was announced on the market at $8.675 million.

It came with tennis court and indoor pool.

Buyers had been advised an $8 million to $8.8 million price guide on the house on 1400 square metres, which last sold in 2010 at $6.05 million.

hawthorn mansion
The relatively modest frontage of the Hawthorn mansion on Berkeley Street hides some of its best features. Photo: Marshall White
The new owners will enjoy a championship-sized floodlit tennis court, a heated indoor pool and a movie cinema. Photo: Marshall White
hawthorn mansion
The theatre room even has its own bar, separate bathroom and wine cellar. Photo: Marshall White
hawthorn mansion
From the top floor, the master bedroom has city skyline views. Photo: Marshall White

Sydney’s top sale was a four-bedroom Longueville house which fetched $7.41 million.

The three-level 65 Arabella Street non-harbourfront property with water and bridge views had the two bidders.

Mosman went close when $7.2 million was secured by businessman Malcolm Coutts, former CEO of Ronald McDonald House, and his wife Melissa.

Its price expectations were reportedly about $8 million for the Mandalong Road mansion.

The nation’s cheapest weekend result was a three-bedroom townhouse south of Brisbane.

The 5/15 Lane Court Mount Warren Park property fetched $180,000, less than its last $290,000 sale price in 2010.

It was a mortgagee sale in a gated estate near Beenleigh.

This Mosman gem was snapped up by Malcolm Coutts, former CEO of Ronald McDonald House. Photo: R&W
mosman master suite
The master suite has a study, steam room and Japanese-inspired bath tub. Photo: R&W
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The new owners will enjoy coastal views from the comfort of their living room table. Photo: R&W

CoreLogic reported national auction markets soften over the past week, recording a preliminary clearance rate of 65.9 per cent

There were 2980 homes taken to auction across the combined capital cities, while last week 3313 auctions were held and the final clearance rate came in at 66.8 per cent.

Over the same week last year, auction volumes were slightly lower with 2907 homes going under the hammer across the combined capital cities, while the clearance rate was a stronger 74.6 per cent. 

“Units outperformed the house market this week with 67.6 per cent of units selling at auction, while 65.1 per cent of houses sold across the combined capital cities,” Kevin Brogan, auction analyst at CoreLogic, said.

Mr Brogan noted the greatest gap was in pricey Sydney, where 70.9 per cent of apartments sold compared with 64.7 per cent of houses.

There were 1044 auctions held in Sydney over the past week returning a preliminary auction clearance rate of 66.9 per cent, compared to 65.1 per cent across 1259 last week, and 76 per cent across 950 auctions one year ago. Of the 785 weekend offerings the tally sat at around 62 per cent.

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 67.3 per cent was recorded across 1523 auctions, down from 70.6 per cent across 1606 auctions last week.

Houses held the stronger market with 67.7 per cent finding buyers compared to a 66.5 per cent rate for apartments.

There was a $4.75 million Williamstown sale with water views from its 970 square metre Esplanade position.

The home had a pre-auction price estimate of $3.8 million to $4.1 million. 

Canberra was the best-performing capital in terms of clearance rate with a 70.8 per cent success rate.

Canberra’s top sales included $2.1 million in Griffith.

The 4 Grant Crescent home was marketed as “beautiful Old Canberra home of charm and comfort”. Its land value was $1.1 million.

It features entry hall, a spacious lounge with high battened ceilings, open fireplace, large functional kitchen, and a sunny family room with wonderful garden outlook from its many windows.

The Canberra home in Griffith sold for $2.1 million before auction. Photo: Berkely Residential
The three-bedroom house features a garden “with ample room for a swimming pool and extensions”, agents said. Photo: Berkely Residential

 A modern townhouse at Kingston designed by Sydney architects Marchese Partners fetched $2.8 million.

The three-bedroom offering at 84 Dawes Street was built seven years ago.

Adelaide was next strongest weekend auction capital city at 68 per cent.

A three-bedroom brick house in Ottoway was Adelaide’s cheapest sale.

The 88 May Terrace home, some 20 minutes north of the CBD, fetched $335,000.

There were just a handful of Tasmanian weekend auctions.

Sales included a Newstead three-bedroom, two-bathroom home for $406,500.

The 5 Barrington Court home on a 718 square metre block was built in 1966.

Jonathan Chancellor is editor at large at Property Observer.

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