Finance Property From waterfront luxury to quaint country cottages, auction volumes improving
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From waterfront luxury to quaint country cottages, auction volumes improving

30 Elizabeth St Malvern.
Bidders in Melbourne paid a princely sum for this Malvern home. Photo: RT Edgar
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Sydney has seen its second-busiest auction week of the year, with vendors securing a preliminary clearance rate of 81 percent, according to CoreLogic.

There were 931 homes taken to auction across Sydney over the week, with some 600-plus on Saturday.

The previous week saw a final clearance rate of 74 percent across 843 auctions.

One year ago, 844 auctions were held across Sydney returning a 42 percent clearance rate.

The top reported national sale was in Sydney’s Strathfield at $4.85 million.

8 Cotswold Road, Strathfield.
This stunning home was NSW’s most expensive property this week. Photo Belle Property

The five bedroom, European-style offering at 8 Cotswold Road – sold by Belle Property – was built in 2007 with 500 sqm internal living space.

It last sold at $2.85 million in 2013.

Adelaide had the cheapest sale across all the capitals at $275,000 at Kersbrook under instructions of the public trustee.

Primrose Cottage had an auction guide of $290,000 through Harcourts.

Primrose Cottage.
Primrose Cottage’s history can be traced back to the 1940s. Photo: Harcourts

The two bedroom 1940s cottage sits on 2000 sqm at 22 Scott Street.

Sydney’s cheapest auction sale was $410,000 for a Newtown studio, a 39 sqm second floor corner position overlooking King Street.

It was recently offered as a $430 a week rental, putting the sale at a 5.45 percent gross rental yield.

It had traded at $345,000 in 2014.

“There were 2,375 homes taken to auction across the combined capital cities this week,” Kevin Brogan, CoreLogic auction analyst said.

That is up from 1,555 over the previous week.

Preliminary results show a national clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 percent.

“Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row,” Kevin Brogan said.

One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.

Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent.

Over the same week last year, a clearance rate of 46 per cent was recorded across 1,127 auctions.

The dearest sale in Melbourne was in Malvern at $4.75 million.

The four bedroom 30 Elizabeth Street house sold through RT Edgar who had offered $4.6 million price guidance based on sales.

Melbourne’s cheapest sale was $292,000 at Newport.

The 4/29 Schutt Street offering was a one bedroom garden apartment through Hocking Stuart.

4/29 Schutt St Newport.
Lush gardens surround this 1 bedroom apartment. Photo: Hocking Stuart

AMP Capital chief economist Shane Oliver noted Melbourne “looks to have cooled a bit from September, especially relative to Sydney.”

He also said sales volumes was up from lows “but still well down from boom time highs.”

Across the smaller auction markets, Canberra and Perth saw an increase in auction volumes week-on-week while Adelaide, Brisbane and Tasmania saw fewer homes taken to auction over the week.

There was a big sale on the Gold Coast when the Benowa Waters family home of late developer Con Nikiforides sold under the hammer for $2.728 million.

Benowa Waters home.
This luxurious waterfront home even sports its own private jetty. Photo: Ray White

The Gold Coast Bulletin reported three of the four registered bidders got to bid at the auction.

Jonathan Chancellor is editor at large at Property Observer