Finance Property More vendors take the money before auction with market still flat

More vendors take the money before auction with market still flat

weekend auction wrap
At $3.64 million this Glen Iris home was Melbourne's biggest sale. Photo: Marshall White
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Many Sydney vendors avoided weekend auctions given the clash with the NSW state election.

There were just 355 auctions across Sydney, substantially lower than the prior weekend’s 513 listings.

The listings pattern that had been affected by the election would now likely revert to the big run-up to the pre-Easter weekend, CoreLogic auction analyst Kevin Brogan said.

CoreLogic also noted the trend of more houses and apartments being sold pre-auction, than under the hammer, continued to occur.

Sydney’s top sale in Mosman was pre-auction.

weekend auctions March 23
The Mosman home was last offered in 1993 when it sold for $770,000. Photo: Belle Property

The four-bedroom 57 Shadforth Street, Mosman offering fetched $3.47 million through Belle Property. It was slightly below expectations.

The home had stunning views. Photo: Belle Property

The price guide had been $3.5 million for the house last sold in 1993 at $770,000.

Another sold before scheduled auction was a spacious warehouse-style property at 31 Blenheim Street, Queens Park at $4 million.

Agent Alexander Phillips from Phillips Pantzer Donnelley had 98 groups though the property, which sold within two weeks of marketing.

weekend auction wrap March 23
The property was part of the increasing tendency of homes selling before auction. Photo: Phillips Pantzer Donnelley

The five-bedroom house last changed hands four years ago for $3.34 million.

There were 1669 homes taken to auction across the combined eight capital cities, down from 1875 over the previous week.

Mr Brogan noted the same time last year, volumes were significantly higher with 3990 homes taken to auction over what was the pre-Easter weekend, traditionally one of the busiest weeks for auctions each year.

Preliminary results show a national clearance rate of 56 per cent, up from last week’s revised 51.4 per cent.

“Although this will revise lower as the remaining results are collected,” Mr Brogan said.

CoreLogic calculated the finalised clearance rates have sat above 49 per cent for five of the past six weeks.

“And it’s likely that this week will be no different,” Mr Brogan said.

Over the same week last year, the final clearance rate was recorded at 62.7 per cent.

The dearest reported result in Melbourne was a four-bedroom house in Glen Iris that sold under the hammer at $3,642,500, with three bidders.

The four bedroom home at 17 Vincent Street, Glen Iris sold through Marshall White, whose price guidance had been $3.5 million to $3.75 million.

weekend auction results March 23
Three bidders fought it out for the Glen Iris home. Photo: Marshall White

It was announced on the market at $3,575,000 having last sold in 2009 at $2.25 million.

A contemporary four-bedroom home at 7 Campbell Street, Brighton was passed in at $4.11 million with just the one bid.

weekend auctions March 23
The house was quoted at $4.2 million to $4.62 million. Photo: Hodges

The custom-built Atkinson Pontifex home had a $4.2 million to $4.62 million price guidance.

A home used as a location in the 2004 film The Brush-Off sold in Melbourne’s north after auction, the Herald Sun reported.

The Moonee Ponds period home at 22 Bloom Street sold for an undisclosed sum but within the home’s $1.5 million to $1.6 million advertised range through Nelson Alexander Real Estate.

A Brighton beach box has likely matched the record price for the limited offerings along the iconic stretch of sand.

The quaint bathing Box 89 sold pre-auction for an undisclosed figure, but reportedly matching the record price of $337,000 set at an April 2018 auction for bathing box 76B.

weekend auction results March 23
The sale price is understood to have equalled the record price set in April 2018. Photo: Marshall White

Marshall White agent Matthew Pillios confirmed to the Herald Sun that No.89 sold above its price range of $300,000 to $330,000.

The beach box has a mural of a koala enjoying a relaxing day at the beach painted by the artist Daniel Worth.

It was once awarded by the City of Bayside as the best exterior mural along the beach.

The beach box had been owned for three decades by the vendors, who sold to a local middle-aged couple with children.

weekend auctions March 23
The box had been in the same family for three decades. Photo: Marshall White

It was awarded by the City of Bayside as the best exterior mural along the beach, according to the listing.

The colourful beach box had been owned for three decades by one family and was picked up by a local, middle-aged couple with children.

Domain had Sydney’s weekend clearance rate at 61 per cent, with Adelaide the second best at 55 per cent.

Melbourne was at 54 per cent; Canberra at 47 per cent and Brisbane at 34 per cent.

A $188,000 sale outside Brisbane was the nation’s cheapest result.

It was a three-bedroom house on 420 square metres at 91 Rosemary Street, Caboolture South, north of Brisbane and inland from Bribie Island.

weekend auction results March 23
The $188,000 sale price represented an 8.5 per cent drop since its last sale five years ago. Photo: Ray White

Agent Peter Wright at Ray White marketed it as an opportunity for investors, families and first-home buyers.

It had last sold when offered as a $250-a-week rental proposition for $205,000 in 2014, reflecting a $17,000 price dip over the five years.

Jonathan Chancellor is editor at large at Property Observer

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