Finance Property Clearance rates hold firm as one tiny garage sells for almost $650,000

Clearance rates hold firm as one tiny garage sells for almost $650,000

The most expensive sale of the week was at 74 Cascade Street, Paddington, NSW. Photo: Phillips Pantzer Donnelly
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Capital city auctions saw a success rate hovering around 78 per cent this weekend.

Canberra came top of the pile with a 90 per cent clearance rate, while Sydney’s came in at 80 per cent.

Melbourne was the busiest auction market with just over 700 auctions, CoreLogic reported.

“Sydney was the second busiest with 578 offerings.

Of the 386 Sydney results captured, 304 homes sold.

In Melbourne, 586 results were captured and 464 homes sold.

Sydney had the most expensive sale among the capitals.

Phillips Pantzer Donnelley sold 74 Cascade Street, Paddington before auction for $4,675,000.

It was architecturally designed by Noekdesign and newly rebuilt by Huntsman Constructions.

The then three-bedroom, two-bathroom house had previously sold for $2.3 million. It sits on a 183-square-metre block and has been transformed into a luxury home with aged-brass finishes and Venetian plaster walls.

This three-bedroom house in Paddington sold for $4,675,000. Photo: Phillips Pantzer Donnelley

Elsewhere, a four-bedroom, two-bathroom house sold before auction for $4,510,000 at 10 Peronne Avenue, Clontarf through Stone Estate Agents. It previously sold for $3,120,000 in 2009.

And a six-bedroom, three-bathroom house at 25 South Street, Strathfield sold under the hammer for $4,420,000 through Richard Matthews Real Estate.

At the other end of the market, Sydney’s most affordable auction was at 10/39 Bathurst Street, Liverpool.

Ray White Parramatta sold the one-bedroom apartment for $340,000. It last sold for $410,000 in 2016.

In Melbourne, the highest residential sale was a four-bedroom, two-bathroom house at 50 Chaucer Street, St Kilda, according to Domain.

The 399-square-metre holding sold through Belle Property for $3,710,000.

There was a $2.7 million to $2.9 million price guide, and an opening bid of $3 million from the first of three bidders.

The city’s cheapest auction sale took place at 8/182 Coppin Street, Richmond.

Biggin & Scott Richmond sold the one-bedroom, one-bathroom unit for $290,500. Its price guide was $265,000 to $290,000.

It last sold in 1982 for $16,250.

Someone paid more than $4 million for these views in Clontarf, NSW. Photo: Stone Estate Agents

Brisbane’s top sales included 12 Clay Street, New Farm, which sold through Ray White at $1,895,000.

Built in 1890, it last sold for $1,030,000 in 2014.

The five-bedroom, three-bathroom house sits on 298 square metres of land.

Meanwhile, Brisbane’s most affordable house sale was 45 Grice Crescent, Ningi, which sold for $370,000 through Raine & Horne.

The three-bedroom, two-bathroom house sold at a loss, with its last sale in 2013 coming in at $413,900.

The shock sale of the weekend was the garage at 32 Little Graham Street, Albert Park.

Belonging to a retired plumber, Frank Davis, it fetched $645,500.

This four-bedroom house in St Kilda was the most expensive sold in Melbourne. Photo: Belle Property

It sold through Greg Hocking, whose price guide had been $365,000 to $400,000.

The 90-year-old paid $8000 for the property in 1984 for “storing my plumbing gear”.

Some seven bidders battled for the 46-square-metre garage, among a crowd of more than 100.

The buyers, Lola and Brenton Smith of Templestowe Lower, secured the property with plans to redevelop it into a two-storey terrace.

Over in Canberra, volumes were down on previous weeks.

But the capital recorded the nation’s strongest clearance rate of 90 per cent.

There were 14 registered bidders at an auction for a large home at 16 Bussell Crescent, Cook, which sold for $1.3 million to a local family.

Ray White agent Troy Reddick noted the average number of bidders was rising “so we’re expecting to have a strong year”.

This Chifley home fetched $1,135,000. Photo: McGrath Woden

Another sale was 6 Welsh Place, Chifley, a four-bedroom, two-bathroom house which fetched $1,135,000 through McGrath Woden.

It last sold for $235,000 in 2002.

Meanwhile, Adelaide had the cheapest sale across the capital cities.

Harcourts sold 12 Walpole Street, Davoren Park for $117,000 at its mortgage action.

Sitting on 720 square metres of land, the three-bedroom, one-bathroom property last sold for $127,000 in 2005.

This week, 1555 homes were taken to auction across the capital cities.

Last week, 1167 auctions were held, returning a revised clearance rate of 67 per cent, according to CoreLogic.

Over the same week last year, auction volumes were slightly lower with 1450 homes going under the hammer across the capital cities, returning a combined, final auction clearance rate of just 51 per cent.

Cassandra Lau is a reporter at Property Observer

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