Money Property Melbourne auctions boom as property sales stagnate

Melbourne auctions boom as property sales stagnate

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Melbourne finished as the only capital city to sell over 70 per cent of properties up for auction. Photo: Brisbane Real Estate
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Melbourne was the only capital city to record a weekend auction success rate of more than 70 per cent, continuing its sparkling performance.

Melbourne vendors sold 72 per cent of their listings, while clearance rates across Sydney remained below 70 per cent for the 11th consecutive week.

Sydney did retain its ranking as the second-strongest auction capital, according to CoreLogic.

Melbourne hosted 1111 auctions, similar to the same time last year when there was a stronger 78.4 per cent cleared.

An art-deco Hawthorn house sold pre-auction for $3.22 million making it Melbourne’s most expensive weekend auction offering.

Located at 9 Auburn Road, the 1938 home was marketed as one of “the most exquisite restorations to have hit the market”.

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The Auburn property owners purchased the property for $501,000 in 2001. Photo: Whitefox
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The home also boasts fully renovated kitchen and classically restored bathrooms. Photo: Whitefox

The property, last sold for $501,000 in 2001, features original features including black manganese bricks, terrazzo floors and curved textured walls.

Melbourne auction numbers will rise steadily over coming weekends until the Melbourne Cup long weekend. 

A prize listing includes an inner city vineyard on the Yarra River at Hawthorn with $12 million to $13 million hopes through Scott Patterson at Kay & Burton for November 1 auction.

The vineyard, just four kilometres from the Melbourne CBD, is the home of Coppin Grove Wines, a boutique family vineyard established in 1998, comprising 1000 Pinot Noir, Chardonnay and Nebbiolo vines.

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The stunning four-bedroom Hawthorn vineyard is up for auction. Photo: Kay & Burton
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The property is expected cost over $12 million when it goes under the hammer. Photo: Kay & Burton
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Melbourne’s most remarkable offering spans 8174 sqm. Photo: Kay & Burton
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The Hawthorn vineyard goes on sale November 1. Photo: Kay & Burton

The vineyard, the work of Michael Cohn and his wife Ann, supplies its signature Coppin Grove Sparkling to George Calombaris Hellenic Republic restaurants. 

The Cohns completed a viticultural course at the University of Melbourne’s nearby Burnley Horticultural College.

Sydney had the nation’s top weekend sale when a four-bedroom Strathfield house sold for $5.1 million.

Located at 7 Torrington Road, the two-level brick house on 858 square metres is situated on Strathfield’s so-called Golden Mile.

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This Strathfield’s home sold for more than $5 million. Photo: Strathfield Partners
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The full brick two-level family home built on a 858 sqm block. Photo: Strathfield Partners

Last sold in 1998 for $831,000, the property was offered through Strathfield Partners agents Vanessa Kim and Sunny Nguyen.

It was a tie for the nation’s cheapest – between Brisbane and Melbourne. 

A one-bedroom Mentone apartment sold for $275,000 making it Melbourne’s cheapest weekend auction sale.

Located at 10/56 Milan Street, the property was marketed as a “shrewd investment opportunity, fantastic flip or perfect first-step on the property ladder”.

Built in 1970, the Regency Gardens offering last sold in 1987 for $52,200.

A two-bedroom house at Kallangur sold for $275,000 making it Brisbane’s cheapest weekend auction sale.

Located at 45 Boardman Street, the 607 sqm property with unrenovated older-style lowset brick home last sold in 2006 for $231,000.

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This Brisbane property was a cheapest auction at $275,000. Photo: LJ Hooker
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It was marketed as a great location and a home “that is in need of a handyman’s touch”. Photo: LJ Hooker

The nation’s preliminary auction volumes bounced higher after last week’s long weekend, according to CoreLogic’s latest report.

Auction activity across the combined capital cities increased after last week’s grand finals, school holidays and public holiday slowdown.

Around 2286 homes were taken to auction, returning a preliminary national auction clearance rate of 68.1 per cent.

The national preliminary clearance was up from the 66.3 per cent of the long weekend. But it was lower than one year ago, when there was a 76.4 per cent clearance rate on similar volume.

Sydney’s preliminary clearance rate was 67.2 per cent across 591 auction results, according to Coreogic.

There were a total of 800 auctions held across Sydney.

There were 149 Brisbane homes taken to auction, recording a preliminary auction clearance rate of 49.5 per cent, unchanged from final results last week.

The Brisbane result sat slightly lower than one year ago, when 53.5 per cent of the 157 properties taken to auction were successful.

A five-bedroom house at Chapel Hill sold for $1.95 million making it Brisbane’s most expensive weekend auction sale.

Located at 68 Tristania Road, the 2003 sqm property was marketed as “reminiscent of a charming country lane”.

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The five-bed Chapel Hill property sold for $1.95 million. Photo: Brisbane Real Estate
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The home, which comes with a pool, sauna and generous open spaces, was Brisbane’s most expensive property at the weekend. Photo: Brisbane Real Estate

It was built in 2013 after the block cost $1.55 million in 2011.

A total of 108 Adelaide homes were taken to auction, with a preliminary clearance rate of 65.3 per cent, down from 71.1 per cent last week when 40 auctions were held.

It was lower than one year ago when 98 auctions were held and 75.3 per cent cleared.

A Norwood property sold for $2.44 million making it Adelaide’s most expensive weekend auction sale.

Located at 25 William Street, the 1560 sqm property has five one-bedroom units.

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The five one-bedroom units in Norwood, South Australia. Photo: Harris
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The five homes span over a 1560 sqm block. Photo: Harris

There were 33 Perth auctions this week, with a preliminary clearance rate of 60 per cent. Last week, 70 per cent of the 13 auctions held were successful.

Canberra’s preliminary auction clearance rate of 62.7 per cent is lower than last week, when the final auction clearance rate was 75.7 per cent and also lower than the 85 per cent recorded last year.

Canberra’s sales ranged between a three-bedroom Kaleen apartment for $385,000 at 3/112 Baldwin Drive, and a Crace house sold for $1.157 million.

Located at 30 Ivory Street, the house on the 555 sqm property features four bedrooms and three designer bathrooms.

Jonathan Chancellor is editor at large at Property Observer.

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