Money Property Auctions quiet as federal election takes poll position
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Auctions quiet as federal election takes poll position

weekend property wrap May 18
This Bronte home was Sydney's top sale at $4.65 million. Photo: McGrath Real Estate
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Election day predictably saw further subdued auction numbers across already quiet autumn auction markets.

But clearance rates remained solid.

With the quieter winter-selling hibernation now fast approaching, hopes for a market revival likely rest on a spring bounce.

It was a close call between the top sales across the two big auction capitals.

Sydney secured a $4.65 million sale in Bronte, while the top sale in Melbourne was $4.6 million in Camberwell.

The Bronte sale was a five-bedroom house at 14 Blandford Avenue which sold through McGrath agent Chris Volpatti who had given a $4.3 million price guide.

It was a modernised home behind its two-storey, art deco facade.

weekend property wrap May 18
The art deco home had been updated with a contemporary extension at the rear. Photo: McGrath Real Estate

It had last sold at $1.78 million in 2012 before its extension.

The Camberwell sale came after the property at 61 Prospect Hill Road was passed in with just one bidder at $4.55 million.

weekend property wrap May 18
It was the first time the house had sold in 70 years. Photo: Kay & Burton

The top bidder was assisted by the agency’s China desk, represented by Isabella Lu, an international client relationship manager.

Set on the corner of Kingsley Street, the 1886 Victorian residence sits on 1672 square metres.

Listed with $5 million hopes, it had last traded in 1949.

Concerned neighbours handed out a flier to the onsite auction attendees saying “local residents will strongly resist any plans to demolish the house, or any development plans that are not appropriate”.

weekend property wrap May 18
The home was set on a block of more than 1600 square metres. Photo: Kay & Burton

In Melbourne there was a preliminary auction clearance rate of 62.9 per cent making it the best performing auction market with 427 auctions.

There were fewer homes taken to auction across the combined capital cities, as the nation paused for the federal election.

Of the 917 homes that did go to auction across Australia in the past week, the preliminary national result saw a 57 per cent success rate..

The week prior saw 1218 homes auctioned across Australia with the final 54 per cent auction clearance rate – the highest final result since September last year, according to CoreLogic.

Comparing results from the same week last year, 2100 homes were taken to auction, returning a 56.8 per cent final clearance rate.

Sydney’s final clearance rate has come in at the high 50 per cent range for the last two weeks.

“The last time Sydney’s clearance rate was in the high 50’s was mid-May last year,” CoreLogic auction analyst Kevin Brogan said.

There were 270 auctions held in Sydney this week, with just under 200 on Saturday, returning a preliminary clearance rate of 60.7 per cent.

Last week, a higher 445 homes were taken to auction returning a 59 per cent final Sydney auction clearance rate.

Looking at the smaller auction markets, Canberra came in with the strongest preliminary result with 56 per cent of homes selling at auction this week, while only 25 per cent of homes in Perth sold.

Canberra’s top sale was $1.02 million when the four-bedroom house at 9 Grylls Crescent in Cook was sold through Ray White.

weekend property wrap May 18
The property is just a 15-minute drive from the Canberra CBD. Photo: Ray White

The three-level home came with a spacious gourmet kitchen with Corian and stainless-steel bench tops and quality Miele appliances.

Canberra’s cheapest was $550,000 when the three-bedroom house at 37 Livingston Avenue, Kambah was sold.

weekend property wrap May 18
The property last sold for $220,000 in 2002. Photo: Luton Properties

The 858-square-metre holding was marketed as a RZ2 redevelopment block or first home.

Brisbane had the cheapest sale across the nation, with 16/9 Houghton Street, Petrie selling at $240,000 through Harcourts.

weekend property wrap May 18
The property sold for well below the $285,000 asking price over the past two years. Photo: Harcourts

It was a 2017-built, one-bedroom apartment with 78 square metres of space.

It had been on and off the market since 2017 when it was listed at $285,000, and a $275-a-week rental proposition.

Jonathan Chancellor is editor at large at Property Observer

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