Money Property Sportsbet chief backs a $2.4 million winner in South Yarra

Sportsbet chief backs a $2.4 million winner in South Yarra

32 nicholson street south yarra
Cormac Barry's South Yarra home sold for $175,000 over reserve. Photo: JellisCraig
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Sportsbet chief executive Cormac Barry has secured the sale of his three-bedroom South Yarra offering, amid Melbourne’s record auction spree ahead of the spring racing carnival interlude.

Mr Barry’s punt of putting his property up for auction on Super Saturday paid off handsomely when the double-fronted Victorian-era home on Nicholson Street fetched $2.4 million.

It was $175,000 over reserve after keen competition between three homebuyers.

Last traded at $1.48 million in 2011, it had come with a pre-auction price guide of $2.1 million to $2.3 million.

The listing had a celebrity connection too, as fashion designer Bettina Liano had previously owned the charming Victorian home, selling it in 2007 at $1.35 million.

cormac barry
Sportsbet CEO Cormac Barry fronts a Senate inquiry into the promotion and advertisement of gambling in sport in 2013. Photo: AAP
32 nicholson street south yarra
The double-fronted home fetched $2.4 million. Photo: JellisCraig
32 nicholson street south yarra
The Nicholson Street, South Yarra, home was $175,000 over reserve. Photo: JellisCraig
32 nicholson street south yarra
The Victorian-era home last traded at $1.48 million in 2011. Photo: JellisCraig
32 nicholson street south yarra
Mr Barry’s three-bedroom home was previously owned by designer Bettina Liano. Photo: JellisCraig

Melbourne had the nation’s cheapest weekend offering when $237,000 secured a Brunswick West one-bedroom apartment.

The top floor 38 square metre 1970s apartment at 17/558 Moreland Road had been tipped to fetch $235,000.

The unit last sold at $235,500 in 2010. It had been listed for most of the past year with $265,000 hopes, having been rented at $285 a week.

The top sale across the nation was a $7,168,000 Waverton sale in Sydney through McGrath Estate Agents.

The 30 Larkin Street five-bedroom home was built on a 560 square metre block bought in 2006 for $2.2 million.

30 larkin street waverton
The nation’s biggest sale was a $7,168,000 home in Waverton, Sydney. Photo: McGrath
30 Larkin Street, Waverton, NSW
The five-bedroom home on Larkin Street had been last sold in 2006 for $2.2 million. Photo: McGrath
30 larkin street waverton
The Waverton home features a home theatre. Photo: McGrath
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The Larkin Street property also boasts a pool, gym, and wine cellar. Photo: McGrath

A three-storey house in Strathfield sold for $6.6 million, some $600,000 over the reserve.

Melbourne’s dearest result was a $6.4 million pre-auction sale of an Edwardian home at 659 Orrong Road, Toorak followed by another five-bedroom home at 33 Grant Street, Malvern East which fetched $6,125,000.

It was a three-year-old Canny-built home.

Canberra took the baton as the capital city with the strongest weekend auction clearance rate of 77.1 per cent sold under the hammer.

Prices ranged between $330,000 at Belconnen and $2,235,000 at O’Connor.

The Syme Crescent five-bedroom house was a modern home with pool on its 960 square metre block.

The one-bedroom cheapie at 231/41 Chandler Street had been tipped to fetch $359,000-plus.

The 17th floor Altitude apartment enjoyed water and mountain views.

659 Orrong Road, Toorak
Melbourne’s dearest result was a $6.4 million pre-auction sale in Toorak. Photo: RT Edgar
659 Orrong Road, Toorak
The Toorak home has a 21.7 metre frontage and circular driveway. Photo: RT Edgar
659 Orrong Road, Toorak
The property sits on a generous plot of 1195 square metres. Photo: RT Edgar
659 Orrong Road, Toorak
The home has abundant natural light and looks out to surrounding garden. Photo: RT Edgar
659 Orrong Road, Toorak
The Edwardian home on Orrong Road has five bedrooms, plus study. Photo: RT Edgar

Canberra’s clearance rate was 77.1 per cent this week across 128 auctions, up from 68.2 per cent last week from 71 auctions.

Melbourne recorded its busiest auction week on record, securing a 71.7 per cent success rate from 1983 auctions.

Melbourne’s bumper auction volume surpassed the previous peak in late November 2015 when 1876 auctions were held, CoreLogic calculated amid nascent signs of spring listings overload.

Sydney also saw a substantially higher volume of auctions (1196), though recording a weakening clearance rate of 64.1 per cent.

“Sydney’s clearance rate has been consistently below 65 per cent since the first week of October,” according to CoreLogic’s auction commentator Kevin Brogan.

This week, the combined capital cities saw the number of auctions held reach a new year-to-date high, with a total of 3690, surpassing the previous 2017 high recorded over the week prior to Easter when 3517 auctions were held.

The higher volumes returned a national auction clearance rate of 67.8 per cent.

“Historically auction volumes have peaked around late November/early December; so if this trend holds true this year, we could see new records being set for auction volumes as the spring season concludes,” Mr Brogan suggested.

The other capital city auction markets were mixed with Brisbane recording the lowest clearance rate of just 47.1 per cent.

There were 188 Brisbane auctions, virtually unchanged from 47 percent last week across 174 auctions and similar to one year ago when there were 192 auctions with a success rate of 46.6 per cent.

Brisbane’s unsuccessful auctions included a classic Queenslander which was passed in at $2.05 million in Paddington.

The five-bedroom Tooth Avenue home came with polished timber floors, high ceilings and VJ walls.

A total of 143 Adelaide homes were taken to auction with a preliminary clearance rate of 70 per cent.

Adelaide’s cheapest result was $246,000 at Para Hills.

The three-bedroom 1962 brick home last sold at $180,000 in 2008.

There were 46 Perth auctions, with 54.5 per cent clearing, rising from last week when 44 auctions were held and 40 per cent cleared.

Jonathan Chancellor is editor at large at Property Observer.

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