Finance Property Cruise ship-inspired luxury home sells for $5.2 million
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Cruise ship-inspired luxury home sells for $5.2 million

tennyson
The Tennyson property helped Adelaide rival Sydney and Melbourne's top prices. Photo: Sotheby's
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Adelaide has delivered the strongest weekend auction result of all the capital cities – and also had one of the notable sales at $5.2 million.

It was a seven-bedroom Tennyson beachside mansion sold by the Shahin family, owners of Peregrine Corporation, one of the state’s biggest petrol convenience store operators.

The three-storey, 2010-built home at 81 Seaview Road, Tennyson had been for sale on and off for four years through almost a dozen different agents, The Sunday Mail reported.

It’s initial asking price was $5.9 million for the home with sea views from most of its 1129-square-metre internal space.

It was built after the 755-square-metre block was bought for $1.95 million in 2009.

“The scope of architectural bravery invested sets a new benchmark in design and functionality,” Sotheby’s selling agent Grant Giordano said.

InDaily reported the home had been designed to emulate “a luxury cruise liner”.

tennyson adelaide
The gigantic entertaining area is bathed in sunlight. Photo: Sotheby’s
Fancy waking up to breachfront views? Photo: Sotheby’s
Naturally, it has an indoor pool. Photo: Sotheby’s
Is that a house, or a decks of a cruise ship? Photo: Sotheby’s

Adelaide’s clearance rate was 64 per cent, according to CoreLogic, well ahead of the next best-selling capital, which was Sydney on 48.5 per cent.

The national national clearance rate sat at 45 per cent but is expected to fall below 45 per cent for the third consecutive week.

Last week’s final auction clearance rate fell to its lowest level since 2012 at 42.7 per cent.

Melbourne delivered a weakened result with a 43.5 per cent preliminary clearance rate from its 1400 auctions. 

Melbourne was host to 1411 auctions, down from the 1732 auctions this time last year.

The top sale at 21 Kinkora Road, Hawthorn was $6.1 million, with two bidders seeking the offering.

The six-bedroom 1920s home on a 1570-square-metre block had been listed with a $5 million to $5.5 million price guidance.

It was announced on the market at $5.7 million, but the buyers agent Mal James suggested the sale price reflected a 15 per cent dip in land price on 2016-2017 results.

The big sales price for this modest Hawthorn may have had something to do with the fact it is close to the Melbourne CBD – and Xavier College. Photo: Marshall White
The home still has plenty of its 1920s appeal. Photo: Marshall White
The rooms are very spacious, as was the style at the time. Photo: Marshall White
And there’s plenty of room for kids in the backyard. Photo: Marshall White

AMP Capital chief economist Shane Oliver told Fairfax Media that Melbourne was “starting to look even weaker than Sydney”.

Melbourne also had the nation’s cheapest sale when 8/177 North Rd, Gardenvale was sold for $250,000 pre-auction.

The top-floor, one-bedroom 1960s unit with 38 square metres of space last sold in 2008 for $180,000.

The revamped childhood home of former North Melbourne and Carlton coach Denis Pagan failed to sell at weekend auction.

The auction offering at 140 Station Street, Carlton was a new townhouse incorporated by developers into the original weatherboard home of the Pagan family.

The three bidders stopped at $2.125 million.

It is now for sale at $2.2 million.

The Herald Sun reported Melbourne auction numbers will remain high until mid-December, with close to 1000 next weekend despite the Victorian state election.

Sydney, with 874 auctions scheduled, returned a preliminary clearance rate of 48.5 per cent.

It was less active than the same week last year, when 1061 homes were taken to auction across the city. 

“The final auction clearance rate for Sydney has been below 45 per cent for three of the past four weeks, and it’s likely that we will see that again this week as final results are collected,” CoreLogic auction analyst Kevin Brogan said.

Last November the clearance rate across Sydney was recorded at 54.8 per cent.

Sydney’s top sale was 13 Cyprian Street, Mosman, which sold for $4,925,000.

The deceased estate was offered to the market for the first time in 57 years.

Brisbane’s clearance rate was the weakest on the east coast at 40 per cent.

There was $4.275 million sale at 34 Satinwood Court, Bardon through Ray White.

There were five local registered bidders who sought the five-bedroom house set on a 3519-square-metre block.

There were 2753 homes taken to auction across the capitals, up from 2386 over the previous week, although much lower than the 3390 auctions were held across the combined capital cities this time last year when there was a 60.9 success rate per cent.

Jonathan Chancellor is editor at large at Property Observer

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