Finance Property Heat comes back in the market on first weekend of spring

Heat comes back in the market on first weekend of spring

weekend auction wrap August 31
Melbourne's top sale was this home in Malvern East at $4.67 million. Photo: Jellis Craig
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The cheapest auction offering across the rebounding major capital cities at weekend auction was in Melbourne’s West Footscray.

Buyers snapped it up the day prior at $210,000, as buyer confidence heightened before the spring selling season.

The $210,000 sale was a spacious one-bedroom apartment.

Having last sold in 2013 at $173,500, the price guidance for 18/436 Geelong Road had been $196,000 to $215,000.

weekend auction wrap August 31
The property will rent for up to $250 a week, the agent advised. Photo: Jas Stephens Real Estate

Its most recent rental had been a $220 weekly asking rental in 2017, but the selling agent Taylor Romao at Jas Stephens Real Estate had suggested it now potentially sat around $250 a week, reflecting a likely 6 per cent yield.

Melbourne’s dearest sale was $4.67 million in Malvern East.

It was announced on the market at $4.52 million with three bidders then competing for the 68 Central Park Road property, after the announcement by the Jellis Craig auctioneer.

There was a sale, but no price disclosure when the retired AFL forward Jarrad Waite and his wife Jackie sold their Strathmore house.

weekend auction wrap August 31
The post-war home had been extensively renovated. Photo: Alexkarbon

The former North Melbourne and Carlton star was seeking $1.35 million to $1.46 million for their home of three years.

Situated at 2 Head Street, it last sold in 2016 for $1.4 million.

weekend auction wrap August 31
The home has a gas- and solar-heated swimming pool. Photo: Alexkarbon

Alexkarbon director Charles Bongiovanni was marketing the post-war home.

Melbourne returned a preliminary auction clearance rate of 76.1 per cent on the last weekend of winter, as volumes increased across the city.

There were 769 homes taken to market across Melbourne, up on the 662 auctions held last week when a higher 77 per cent sold as at final figures.

There were 1605 homes taken to auction across the combined capital cities this week, increasing on the week prior when 1415 homes were auctioned.

CoreLogic reported the higher volumes saw the preliminary clearance rate soften, coming in at 73.6 per cent after the week prior returned a final auction clearance rate of 74.2 per cent; the highest since April 2017.

In Sydney, 584 homes were taken to auction returning a preliminary auction clearance rate of 78.9 per cent, increasing on the 503 auctions held the week prior when it returned a final clearance rate of 78.1 per cent.

Across the smaller auction markets, Adelaide saw 62.5 per cent of homes sell at auction, making it the best performing of the smaller auction markets,

Canberra wasn’t far behind with a preliminary clearance rate of 61.5 per cent, with a top sale of $2.25 million in Red Hill.

It was a five-bedroom house at 16 Roebuck Street, which Belle Property sold. It had last sold in 2010 for $1.725 million.

weekend auction wrap August 31
The home had a 323-square-metre floorplan. Photo: Belle Property

SQM analyst Louis Christopher noted auction clearance rates remained firm and at levels that suggest prices are rising at a strong clip.

“The ongoing question in my mind is when will APRA/RBA step in with new credit restrictions,” he suggested.

A pre-auction sale of a Woollahra trophy home topped the recorded Sydney weekend prices.

Jacinta McDonell, the entrepreneurial co-founder of Anytime Fitness Australia, and her partner, Matthew Connolly, founder of Concept Projects, secured $7.35 million for their recently refurbished home.

weekend auction wrap August 31
The couple bought the home for $5.5 million in February 2017. Photo: Phillips Pantzer Donnelley

The buyer emerged in less than two weeks of marketing. It was listed with a $7 million price guidance.

The couple installed a lift, which Phillips Pantzer Donnelley agent David Tyrrell suggested was what you “would expect in a high-end renovation’’.

Their renovation on View Street saw every tradie donate a percentage of their works contract to the Human Kind Project, a non-profit foundation that funds life-changing projects in Africa.

The renovation raised more than $65,000 for the African community.

Ms McDonnell set up the foundation in 2015.

A large top-floor, one-bedroom Punchbowl unit was Sydney’s cheapest sale at $320,000.

weekend auction wrap August 31
The late owner paid just under $20,000 for the unit 43 years ago. Photo: The Professionals

The Matthew Street deceased estate was just 58 square metres, plus an enclosed garage.

The apartment last traded in 1976, with the late owner, a factory hand, paying just $19,750.

One-bedroom apartments are few in Punchbowl, with less than 10 being sold in the past year, one fetching $310,000 in March.

Michael Ristevski and Simon Keremelevski, of Professionals Punchbowl Real Estate, secured the sale.

Jonathan Chancellor is editor at large with Property Observer

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