Finance Property Pop star’s home helps Melbourne auction market, but winter brings on nationwide slump

Pop star’s home helps Melbourne auction market, but winter brings on nationwide slump

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The Hawthorn East home of Australian pop princess Dannii Minogue sold after its weekend auction for $2.56 million having drawn only one bid from a buyer.

The sale helped Melbourne return to rank as the nation’s strongest auction market.

The star’s former home on Tooronga Road did sell at a slight discount to the $2.6 million pre-auction price guide.

weekend property wrap June 22
The home attracted just one bid. Photo: Jellis Craig

The four-bedroom home was auctioned by Peter Batrouney of Jellis Craig, who placed a vendor bid of $2.5 million, with the sole bidder then offering $2.525 million.

Minogue paid $2.05 million in 2010.

Melbourne’s top sale was the townhouse at 2/10 Clark Street, Williamstown at $2.65 million. It was a contemporary four-level offering by designer Tina Lindner.

weekend property wrap June 22
The modern townhouse was just one block back from The Strand. Photo: Sweeney

It had a price guide of $2.5 million to $2.7 million through Sweeney Estate Agents.

In Melbourne, 644 auctions were held across the city, returning a preliminary clearance rate of 69.7 per cent.

Last week saw 724 homes taken to auction with a final clearance rate of 64.9 per cent.

The Herald Sun reported a 410-square-metre Surrey Hills offering, occupied by a scout hall, failed to raise any interest at auction.

It had been listed by Fletchers Canterbury with a price guide of $1.3 million to $1.4 million.

weekend property wrap June 22
The hall was built in the 1950s. Photo: Fletchers

The 7 Robinson Road holding has been listed now at $1.38 million.

Scouts Victoria bought the property in 1955 and built the hall.

“Melbourne’s final clearance rate has been increasing each week over the month of June and this week is likely to hold above 65 per cent for the first time in over a year,” CoreLogic auction analyst Kevin Brogan said.

Over the same week last year, a clearance rate of 59.9 per cent was recorded across 941 auctions.

The nation’s top auction sale was $7.1 million at 23 Newton Rd, Strathfield, one of only two homes remaining from a housing estate developed in 1927-28.

weekend property wrap June 22
The Strathfield property was the nation’s top sale at $7.1 million. Photo: Devine Real Estate

It sold for $300,000 over reserve, according to the Sunday Telegraph.

Sutherwood, a Tudor-style home, sold at $300,000 above its 2016 sale price of $6.8 million.

The vendors undertook a major renovation, adding an upstairs extension which was costed at $420,000, and installing a new kitchen.

Selling agent Steven Devine of Devine Real Estate said the 2036-square-metre property probably had the biggest tennis court in Strathfield.

Five buyers registered for the auction, with four taking part after its $5.8 million opening bid.

Sydney recorded a preliminary clearance rate of 67.1 per cent across 551 auctions.

Over the previous week, 66.4 per cent of the 534 auctions were successful, the highest final clearance rate the city has seen since Easter 2018.

“This week’s final figure will be lower week on week, although it will likely hold above or close to 60 per cent,” Mr Brogan advised.

One year ago, 641 auctions were held across Sydney returning a final clearance rate of 50.1 per cent.

There was no sale with a Freshwater offering. The 23 Carrington Parade property was won by the vendor in a 2016 RSL Art Union raffle in 2016.

weekend property wrap June 22
The property passed in with a bid of $3.8 million, below its $3.9 million auction guide. Photo: Stone Real Estate

AMP Capital’s Shane Oliver noted that the “post-election bounce was continuing but looks constrained, especially in Sydney”.

Across the smaller auction markets, Perth saw lower volumes week on week and just a 16 per cent success rate while all other cities saw an increase in auction volumes.

Brisbane had 114 scheduled auctions and a reported clearance rate of 34 per cent.

Queensland had the nation’s cheapest auction result.

It was 22 Rosemary Street, Caboolture South, which fetched $171,000 at a mortgagee auction. There were two bidders.

The three-bedroom. high-set home came with a two-car garage underneath on its 405-square-metre block, inland from Bribie Island.

It last sold at $143,000 in 2004.

“The upstairs living area needs repairs and will make a good project,” advised selling agent John Dunne at the Professionals Caboolture.

There were 1480 homes taken to auction across the combined capital cities, returning a preliminary clearance rate of 63.7 per cent.

It was down on last week which saw 1505 homes taken to auction with the final clearance rate coming in at 61.8 per cent, the highest final clearance rate since May last year.

“After remaining results are collected, we expect the final clearance rate to be slightly lower week on week,” Mr Brogan said.

Over the same week last year, auction activity was higher with 1849 homes taken to auction, returning a clearance rate of 55.5 per cent.

Mr Brogan said the influence of winter was clear in the overall decline in auction volumes.

Jonathan Chancellor is editor at large at Property Observer

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