Finance Property Finch enjoys a weekend to remember, with apartment sale delivering results

Finch enjoys a weekend to remember, with apartment sale delivering results

The Kensington apartment of Australian cricketer Aaron Finch went under the hammer. Photo: Rendina
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Run out but triumphant Melbourne Renegades captain Aaron Finch had a big weekend leading his victorious first-time Big Bash League champion team.

Off field he also secured the sale of his Melbourne investment apartment at weekend auction.

The $590,000 sale for the two-bedroom Kensington warehouse conversion apartment was touch and go, too, only narrowly higher than the $579,000 paid off the plan in 2010.

Finch watched the Saturday auction, where two bidders competed for 303/18 Bent Street.

The bedroom view from the Bent Street apartment. Photo: Rendina
The apartment sold just above its 2010 sale price. Photo: Rendina

Rendina selling agent Lou Rendina had marketed it with $550,000 to $600,000 hopes.

After a $550,000 opening bid, a local couple looking for a new home outbid the investor for the 76-square-metre apartment.

Melbourne was the busiest auction market with 560 auctions, up from 352 auctions on the weekend before, returning a preliminary clearance rate of 53.5 per cent.

There were 430 Sydney homes auctioned, returning a preliminary auction clearance rate of 56.1 per cent, according to Domain.

The highest priced sale was in Sydney when 2 Gipps Street, Bronte sold for $3,180,000 through Phillips Pantzer Donnelley.

The price guide had been $2.95 million.

This Gipps Street property in Sydney fetched the highest price at the weekend’s auctions. Photo: Phillips Pantzer Donnelley
The home had been in the family for more than 100 years. Photo: Phillips Pantzer Donnelley
The north-facing garden includes a paved courtyard. Photo: Phillips Pantzer Donnelley

There had been a nearby pre-auction Bronte sale of $5.5 million at 21 Yanko Avenue, after a $5.25 million price guide.

Domain reported the cheapest notified capital city auction sale was in Melbourne’s Melton South.

The three-bedroom, late 1970s house at 9 Macquarie Street sold through PRDNationwide Melton for $308,000.

The price guidance had been $275,000 to $295,000 for the listing, which last sold in 2010 at $237,500.

This Melton South home was the cheapest auction sale. Photo: PRD Nationwide Melton
There’s no mincing words, this house is a renovator’s delight. Photo: PRD Nationwide Melton

Positioned on a 580-square-metre lot, the home was marketed as offering “fantastic potential to someone who is a professional renovator or the handyman”.

“Bring your toolbox, hammer, and paintbrush and get stuck into this great opportunity,” agent Cory Cassar said.

Louis Christopher at the SQM property research company calculated next Saturday would see about 780 auctions for Sydney and more than 1000 auctions for Melbourne.

“It will be a very large test for the market as we return to normal volume levels,” Mr Christopher said.

Canberra returned a preliminary clearance rate of 46 per cent, while Brisbane’s preliminary result came in at 38 per cent, both down in clearance rates on the prior weekend.

Adelaide was the top-performing market with a 69 per cent success rate, with 60 scheduled auctions.

It included a renovated 1880s St Peters home, which fetched $1.285 million after being listed with $1.1 million to $1.2 million hopes.

The 2 St Peters Street home, listed through Kirsty Davies at Fox Real Estate, had previously traded at $470,000 in 2005.

This St Peters address sold above its $1.2 million hoped price. Photo: Fox Real Estate
The kitchen and dining space overlooks the pool and courtyard. Photo: Fox Real Estate
The home was built in 1880 and has been updated. Photo: Fox Real Estate

CoreLogic noted national auction activity remains quieter year-on-year with 1444 homes taken to auction across the combined capitals.

While increasing from the previous week when 928 auctions were held, the activity was lower than the same week last year when 1992 auctions were held.

Preliminary results show a clearance rate of 55.2 per cent.

Last week’s final clearance rate came in at 51.1 per cent across the combined capitals, which CoreLogic’s auction analyst Kevin Brogan noted was the first time the final clearance rate sat above 50 per cent since September 2018.

CoreLogic put Sydney’s auction clearance rate at a nine-month high.

One year ago, the national clearance rate was 66.1 per cent.

Jonathan Chancellor is editor at large at Property Observer

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