Fewer vendors going to auction in cool market
This Petersham house sold well above its reserve after attracting 22 bidders. Photo: Cobden & Hayson
It was dentist Nasser Elhage and his cosmetic surgeon wife Dr Alia Nasser who secured the top weekend sale across the nation.
Their Paddington property at Caledonia Street, Paddington was sold soon after being passed in at its onsite auction.
The Agency’s Ben Collier secured only one bid of $7.625 million for the 459-square-metre, five-bedroom property.
The property sold after auction with the agent securing just one bid. Photo: The Agency
It was sold at an undisclosed price.
The Caledonia Street holding cost $4.779 million in 2013, along with a further outlay for a one-bedroom apartment with car space across the street.
The highest declared sale price was at 67 Wallaroy Road, Woollahra, where $5.65 million was secured.
The Woollahra home had four bedrooms and three bathrooms. Photo: The Agency
The 1930s home had sold in 2010 at $4.95 million.
There was an $8.6 million bid on an unsuccessful Woollahra offering.
Melbourne’s top notified price was when Vadlure, at 9 Kintore Street, Camberwell fetched $3.05 million, just above its $3 million price guidance.
The home sat in gardens designed by landscape architect Anthony Scott on the 693-square-metre block.
Vadlure, built in 1905, had outstanding heritage features. Photo: Jellis Craig
Vadlure has high period ceilings, marble fireplaces, bright baltic pine floors and stained-glass windows reflecting the federation-era elegance.
One buyer’s agent described it as “a ‘B’ grader in a signature street, with great potential to become an ‘A’ grader.
Last sold at $2.25 million in 2014, Vadlure likely takes its name from a village in the Shetland Islands, famous for craft, fishing, gossamer-fine knitwear and its Nordic-Celtic heritage.
A two-storey, brick Toorak house was passed in at $4.9 million before selling at an undisclosed higher sale price.
Melbourne recorded a preliminary clearance rate of 55 per cent over the weekend from 775 scheduled auctions, just shy of the 57 per cent success rate in Sydney from 621 scheduled auctions, according to Domain Group.
The revised clearance rate is expected to fall, according to AMP Capital’s chief economist Shane Oliver.
Sydney’s median house price was $1.26 million, and it had an $825,000 median unit price.
Melbourne had a $940,000 median house price and a $623,000 median unit price, according to Domain.
There were very high numbers of properties being pulled from auction in Sydney.
In Sydney, more than 110 properties were pulled from auction as home owners are increasingly withdrawing their properties due to lack of competitive buying interest.
The weekend data put the withdrawn-before-auction property numbers at about 18 per cent of auction listings, up from the decade average of about one in 10 homes.
“The rise in sellers willing to pull their home from auction has risen at a greater pace compared to other downturns, indicating the market is under stress,” Domain data analyst Nicola Powell said.
“It suggests particular homes have insufficient bidders to create a competitive auction, rather than an auction not hitting the vendor’s reserve.”
A six-bedroom beach home at 94 Whale Beach Road, Avalon Beach, was among the listings pulled from weekend auction by the ASX-listed McGrath Estate Agents.
McGrath agents pulled 12 listings, or 14 per cent of its reported weekend offerings.
The Avalon Beach house now has a $3.5 million asking price having last sold for $2.925 million in 2017.
The Avalon home has an asking price of $3.5 million after being pulled from auction. Photo: McGrath Estate Agents
There had been a $3.5 million price guide.
There was no trouble selling a freestanding home in Petersham that attracted 22 registered bidders.
The four-bedroom, 1900-built home at 107 Brighton Street, Petersham, in the inner-west Sydney suburb sold for $350,000 above its reserve for $2.25 million through Julie Hatch at Cobden & Hayson.
The Petersham home attracted an “unheard of” 22 bidders at auction. Photo: Cobden & Hayson
It last sold in 2001 for $875,000.
Getting 22 bidders at an auction in the current market was “unheard of”, auctioneer Damien Cooley said.
However, properties with just one or two things wrong with them weren’t attracting interest, Mr Cooley added.
Adelaide had the nation’s cheapest result.
The three-bedroom house at 26 Panorama Crescent, Reynella fetched $253,000.
The bargain of the weekend, at just $253,000, was at Reynella, about 25 kilometres south of Adelaide. Photo: Harcourts
“This once-loved family home could do with a little TLC but roll up your sleeves and put in a little effort and you are sure to reap the rewards,” Harcourts selling agent Kelly Eustice said.
The brick house sits on an 860-square-metre lot in the Onkaparinga municipality.
Jonathan Chancellor is editor at large at Property Observer
