Finance Property Property enjoys its best weekend since May 2017

Property enjoys its best weekend since May 2017

weekend auction wrap aug 17
The Toorak home was the nation's top sale at $7.1 million. Photo: Marshall White
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A Toorak trophy home fetched $7.05 million at a weekend auction in the nation’s highest sale, in what has been described as the best weekend for auctions since 2017.

There were just two bidders who took the sale price some $400,000 above reserve.

The result ranked as the most expensive Melbourne auction sale this year, according to CoreLogic.

Auctioneer Justin Long opened with a vendor bid of $5.9 million having pulled it from its May 18 election day auction, after the vendor had had a medical scare the night prior.

The Herald Sun reported the five-bedroom property sold to a young couple.

weekend auction wrap Aug 17
The house featured an al fresco area with barbecue and pizza oven. Photo: Marshall White

The 1930s home on 739 square metres at 19 Sargood Street had a $6 million to $6.5 million price guidance.

weekend auction wrap Aug 17
The house last sold in 2011 at $4.7 million. Photo: Marshall White

Sydney’s top sale was $6 million for a new build at Strathfield.

The six-bedroom 10 Chalmers Road, Strathfield mansion was sold by Lawrence Chong, at Richardson and Wrench, who had offered a price guide of $5 million to $5.5 million.

Weekend auction wrap aug 18
The house has an internal lift to all three floors. Photo: Richardson and Wrench

The home had full resort-style amenities, including a home theatre, gym, sauna, pool, wet bar, billiards room and an al fresco dining area.

Brisbane’s top sale was $1.75 million at Camp Hill, which just edged out a $1.73 million sale of a restored Queenslander at Balmoral.

The 42 Koondara Street, Camp Hill offering was a five-bedroom home marketed by Place agent Joanna Gianniotis as having a Hamptons-style interior.

weekend auction wrap Aug 17
The house has great indoor-outdoor flow and plenty of natural light. Photo: Place

The elevated house on a double block at 62 Victoria Street, Balmoral last sold for $79,000 in 1984.

weekend auction wrap Aug 17
The house has panoramic views over Brisbane’s CBD. Photo: Ray White

Auctioneer Phil Parker took bids from four of the 14 registered bidders after a successful marketing campaign by Ray White agent Damon Warat.

Brisbane saw a 47 per cent success rate.

The other smaller auction markets – Canberra, Perth and Adelaide – performed strongly returning preliminary clearance rates of 81 per cent, 71 per cent and 70 per cent respectively.

There were 1221 homes taken to auction across the combined capital cities, returning a preliminary clearance rate of 76.6 per cent.

It was up on the previous week in which 1111 homes were taken to auction, returning a final clearance rate of 67.8 per cent.

“I expect the final clearance rate across the combined capitals will revise lower, however it will likely hold above 70 per cent which is something we haven’t seen since May 2017,” CoreLogic auction analyst Kevin Brogan said.

Over the same weekend last year, auction activity was higher with 1684 homes taken to auction with a lower clearance rate of 53.3 per cent.

Melbourne was host to 588 auctions, returning a preliminary clearance rate of 78.3 per cent.

Last week saw 500 homes taken to auction and a final clearance rate of 72.3 per cent.

Over the same weekend last year, a clearance rate of 54 per cent was recorded across 860 auctions.

The highest reported number of registered bidders was when some 22 registered bidders descended on the semi-rural 2.4-hectare acreage property at 56-62 Ashley Road, Yarrambat, 23 kilometres north-east of Melbourne’s CBD.

weekend auction wrap Aug 17
The auction had 50 bids, selling for 43 per cent above its top price guidance. Photo: Ray White

Ray White Diamond Creek agent Alan King said nine of them were active in the bidding for the property, which had the potential to be sub-divided into one-hectare lots.

One of the two neighbours bought it for $1.42 million after a total of 50 bids.

There had been $900,000 to $990,000 price guidance.

Sydney recorded a preliminary clearance rate of 81.7 per cent across 444 auctions, while final results for the prior weekend showed 76.2 per cent of the 367 auctions were successful.

“It’s likely that the final clearance rate will revise down to similar levels again this week as the remaining results are collected,” Mr Brogan advised.

One year ago, 572 auctions were held across Sydney, returning a final clearance rate of 51.9 per cent.

A four-bedroom penthouse in the Manly apartment complex, Trident, fetched $4.55 million.

The apartment at 41/62 North Steyne offered 214 square metres of space. The apartment had been a $1700-a-week rental.

Candice Cattell, of Stone Real Estate Manly, noted every room had ocean views from the 14th floor, which clears Manly’s renowned Norfolk pine trees.

weekend auction wrap Aug 17
The 1970s block is the second tallest on the oceanfront. Photo; Stone Real Estate Manly

The penthouse last sold for $2.9 million in 2011, and for $2.5 million in 2003.

Jonathan Chancellor is editor at large with Property Observer

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