Finance Property AFL grand final slows Melbourne auctions, but Sydney market was greater

AFL grand final slows Melbourne auctions, but Sydney market was greater

"Exuding charm": The New Farm, Queensland, was sold by McGrath at auction.
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The Melbourne auction market had a weekend off as the city’s attention turned instead to AFL footy, while Sydney saw its busiest Saturday so far this year.

There was an significant drop in the auction volume across the combined capital cities, with 1262 homes taken to auction, down on the 1983 auctions held in the prior week.

The overall lower activity was mostly attributable to the drop in activity across Melbourne, given the AFL grand final long weekend.

The Sydney auction market had its busiest weekend for auctions since November, with 939 homes taken to market over the week.

There were 719 Saturday auctions, with 558 results captured and 442 sold, with NSW having a pause next weekend.

The weekend results reflected a preliminary clearance rate for Saturday of 79 per cent, which was slightly higher than the prior weekend, suggesting demand was keeping up with supply.

Last year, 608 Sydney homes were auctioned when a much lower 43 per cent sold,  the CoreLogic auction analyst Kevin Brogan noted.

Saturday’s highest reported result in Sydney was when seven registered bidders sought the five-bedroom, three-bathroom offering on Cherry Street, Warrawee.

It fetched $5.35 million when sold to a local family whose son attended nearby Knox Grammar.

Sydney’s cheapest was $290,000 at Greenwich for a studio unit within a 1965 apartment complex.

The unit, at 303/284 Pacific Highway, had 26 square metres of open-plan space and a kitchenette.

The Greenwich property boasted “glimpses” of the water. Photo: Better Homes and Gardens Real Estate

There was a covered car space on title. The flat previously sold in mid-2005 for $160,000.

It has been rented out to tenants since, with a most recently advertised rental of $335 per week.

It was sold by Better Homes and Gardens Real Estate agents Justine Collins and Lloyd Allen.

Melbourne saw a significant drop in volumes with only 103 homes taken to auction, down from the week prior when 1020 Melbourne homes were taken to auction.

The lower volumes returned a preliminary auction clearance rate of 82 per cent, coming in higher than last week’s final clearance rate of 75 per cent and last year’s 57 per cent when there were 70 auctions.

First-home buyers secured the four-bedroom, two-bathroom offering at 382 Dandelion Drive, Rowville.

The Ray White marketing suggested the home needed TLC, with keen renovators bidding after the initial bid of $480,000.

The Rowville home sold to first-home buyers. Photo: Ray White
The agents said the property was “in need of a makeover”. Photo: Ray White

There were five bidders for the house, which was called on the market at $620,000. A young couple paid $760,000.

Across the smaller auction markets, auction volumes were lower week on week across all cities.

The best performing in terms of clearance rates was Adelaide with 62 per cent of auctions returning a successful result, Canberra followed with a 58 per cent preliminary auction clearance rate.

There was a 50 per cent success rate in Brisbane, where the top sale was a four-bedroom, two-bathroom house at New Farm in the city’s inner north.

The Queenslander at 77 Langshaw Street attracted six registered bidders when sold for $2,195,000.

It last sold in 1988 at $205,000.