Finance Property Less is more, as auction clearance rates rise as listings fall
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Less is more, as auction clearance rates rise as listings fall

weekend property wrap July 5
Six-bedroom Highgate in Clayfield was Brisbane's top sale at $2.8 million. Photo: Ray White
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The weekend auction success rate gathered momentum amid the winter seasonal listings slowdown.

With fewer properties offered, Sydney’s preliminary clearance rate jumped to 78 per cent and Melbourne hit 70 per cent.

Auction volumes fell week on week across all capital cities, while the preliminary clearance rate was up in all cities except Perth.

The weekend’s priciest auction offering was a stunning beachside home at Manly, which failed to sell.

Despite the buyer interest, it was passed in on a $15 million vendor bid at Manly, as none of the three registered bidders – nor several other contract holders – were willing to bid for the Vince Squillace-designed home.

Set on an 822-square-metre block, the three level home at 38 Bower Street has multiple living spaces that spill out on to terraces surrounded by tropical gardens.

property wrap July 5
The property did not sell after failing to attract a single bid. Photo: Clarke and Humel

A whole-floor home office opens to a rooftop terrace overlooking Shelly Beach and Cabbage Tree Bay.

The home was auctioned after agents Michael Clarke and Cherie Humel, in conjunction with Jake Rowe, gave a price guide of $15 million to $16.5 million.

It was listed by outdoor sports advertising boss Ray Balcomb and his wife Julie, who designed the home to emulate a luxury Greek villa.

Last sold for $7.25 million in 2013, the Bower Street home was until two years ago their weekender as they lived at Duffys Forest on one of Sydney’s finest equestrian estates.

The dearest sale across the capital cities was $4.175 million at Elizabeth Bay through Ray White agent Nick Thompson.

The three-bedroom, two-bathroom 35/93 Elizabeth Bay Road apartment sits on the top floor of the early 1980s Kincoppal complex.

weekend property wrap July 5
It was the seventh apartment in the complex to have fetched $4 million-plus in the past seven years. Photo: Ray White

It last sold at $925,000 in 1986.

Melbourne’s top sale was also a waterfront property.

Overlooking boat sheds, the 3/15 Morton Grove, Chelsea beachfront townhouse offering was sold pre-auction at $2 million.

weekend property wrap July 5
The townhouse was one of just three. Photo: hockingstuart

It had $2.4 million to $2.5 million guidance late last year through Hocking Stuart after its recent completion.

Brisbane’s top sale was when a Queensland pastoralist bought at Clayfield for $2.8 million.

The 1929 trophy home, Highgate, sold through Ray White, having been initially listed with $3.2 million hopes with another agent.

Designed by Richard Gailey, the Spanish mission residence at 117 Adelaide Street East, Clayfield has been tightly held for the past four decades.

weekend property wrap July 5
The house featured an in-ground, saltwater pool. Photo: Ray White

Set on a 1710-square-metre block, Highgate has six bedrooms, formal and informal dining and lounge rooms, a freestanding office and a billiard room.

Under a terracotta tile roof, Highgate still has a number of original features, including a working fireplace, leadlighting, french doors, hardwood floors, decorative horse-hair plaster ceilings and hand-cut crystal chandeliers.

In the grounds is a saltwater swimming pool.

Christine Rudolph and Matt Lancashire of Ray White New Farm had the listing.

The nation’s cheapest sale came in Sydney when a three-bedroom house at Willmot, in Sydney’s outer west,  fetched $232,000.

The fire-damaged 6 Balboa Place offering was marketed by Laing & Simmons as having dual occupancy potential given its 626-square-metre block.

The first week of July saw the combined capital-city clearance rate above 60 per cent for the fourth consecutive week, according to CoreLogic which put the national figure at 68 per cent.

Auction volumes remain lower year on year, with 1411 auctions held this time last year, compared to 945 capital city auctions this weekend, which included 388 in Melbourne and 552 in Sydney.

There had been a higher 1295 capital city homes auctioned in the last week of June.

Jonathan Chancellor is editor at large at Property Observer

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