Finance Property Property market across the nation has best weekend in two years

Property market across the nation has best weekend in two years

weekend auction wrap Aug 25
This Camberwell property was Melbourne's top sale at $4.566 million. Photo: RT Edgar
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A luxury Centennial Park weekend auction offering sold for around $12 million post auction, with just one Saturday to go before the onset of spring listings.

The London-based investment bankers Peter Stokes and Annabel Spring placed a vendor bid of $11.8 million at the auction.

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The property was built in 1909 for bookmaker Alfred E. Hickey. Photo: The Agency

The subsequently negotiated sale price has not been disclosed by agent Ben Collier, who has always advised $12 million expectations for the Federation mansion.

Mr Collier sold the property for $9.8 million in 2015, when it was bought by the then Commonwealth Bank wealth boss Ms Spring and her Macquarie director husband Mr Stokes.

weekend auction wrap August 25
The home was on 986 square metres of landscaped gardens, which features an in-ground pool. Photo: The Agency

Sydney recorded a bullish preliminary clearance rate of 84.7 per cent across 500 auctions – the highest preliminary clearance rate since February 2017.

Over the prior week, final extra results being reported showed 76.2 per cent of the 446 auctions were successful.

One year ago, 721 auctions were held across Sydney returning a final clearance rate of 53.2 per cent.

Sydney’s top reported under-the-hammer price was at Willoughby.

It sold for $4.01 million, which was $10,000 above reserve.

The offering at 7 Cobar Street, Willoughby had been listed for auction last year.

weekend auction wrap Aug 25
The home last sold for $1.515 million in 2013. Photo: McGrath Real Estate

The renovated five-bedroom, four-bathroom 1920s house had bidding from all four registered bidders.

The number of homes taken to auction across all the capital cities increased to 1412, returning a national preliminary clearance rate of 79.6 per cent.

The previous week saw 1228 homes taken to auction returning a final clearance rate of 73 per cent, the highest final clearance rate recorded in more than two years.

“Although the clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold stronger than last week’s final,” CoreLogic auction analyst Kevin Brogan said.

AMP Capital chief economist Shane Oliver said the emerging stronger clearance rates was still premised on low volumes.

“Rate cuts still work,” he said, adding that the traditionally busier spring selling season would prove to be a test.

“Tight credit, the unit supply and unemployment will constrain prices versus past cycles,” Dr Oliver forecast.

Over the same week last year, auction activity was significantly higher with 1915 homes taken to auction, returning a much lower clearance rate of 54.6 per cent.

Perth had the weakest clearance rate at 62 per cent, and other smaller auction markets put in strong performances, including Brisbane at 67 per cent, Canberra at 69 per cent and Adelaide at 72 per cent.

Domain advised the cheapest weekend sale was in Adelaide at $280,000.

The two-bedroom house at 35 Maturin Avenue, Christies Beach sold for $325,000 in 2016.

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The house made a loss since its sale in 2016. Photo: Harcourts

It sold for $340,000 in 2010 and at $359,000 in 2008.

It was marketed as partially renovated by Harcourts Christies Beach.

Melbourne was the busiest capital.

It hosted 665 weekend auctions, returning a preliminary clearance rate of 79.7 per cent marking the fifth consecutive week where the clearance rate held above 70 per cent.

The prior week saw 588 homes taken to auction, with a 76.2 per cent final clearance rate.

Over the same week last year, a clearance rate of 56.5 per cent was recorded across 899 auctions.

There were four bidders when a 2018-built Camberwell property fetched $4.566 million.

The five-bedroom, four-bathroom house at 38 Cochran Avenue saw agent Brett Vanderwert at RT Edgar place a $3.6 million opening bid.

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The home has three large living spaces. Photo: RT Edgar

It was announced on the market at $3.75 million.

Buyers agent Mal James advised it was a “40-minute spectacle” with a “strong Asian market appeal”.

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The house has a 63-square-metre rooftop terrace with city views. Photo: RT Edgar

The home was a collaborative design by Christopher Krambias and Petridis Architects that was initially listed 300 days ago.

The 800-square-metre block sold for $2.665 million in 2015, with the building approval cost estimated at $1.2 million.

Jonathan Chancellor is editor at large with Property Observer

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