Money Property Clearance rates hold firm, but stock numbers still down
Updated:

Clearance rates hold firm, but stock numbers still down

weekend auction wrap Sept 14
This 1888-built Hawthorn home sold before auction after being marketed at $6 million to $6.5 million. Photo: Marshall White
Share
Tweet Share Reddit Pin Email Comment

The $4.62 million sale of Brooklyn, the heritage-listed 1880s Fitzroy property currently operating as a four-star hotel, topped the nation’s weekend auction sales.

It was on the market for the first time in a decade, listed by the filmmaker and designer Maggie Cooke.

The Castlemaine-bound Ms Cooke paid $1.5 million for the landmark property in 2006.

The George Street building was built in 1865 and later extended in Ecclesiastical Gothic style with a double-loggia facade by the shoe importer, Joseph Levy.

Weekend auction wrap September 14
The property with 12 rooms had also previously been run as a boarding house. Photo: Nelson Alexander

The property with 12 rooms had also previously been run as a boarding house.

Nelson Alexander agents Arch Staver and David Sanguinedo gave a $4.2 million to $4.5 million pre-auction price guide, suggesting it was suitable for conversion into a luxury family home.

Weekend auction wrap Sept 14
The new owners plan to convert the hotel to a private residence. Photo: Nelson Alexander

After it sold $125,000 above reserve Mr Staver confirmed to Domain the piece of “old Fitzroy” would be converted into a private home.

It fell short of Fitzroy’s $4.9 million price record on Gore Street in 2017.

The number of homes taken to auction across the capital cities increased to 1633 this week, returning a preliminary clearance rate of 75.7 per cent, according to CoreLogic.

The previous week saw 1533 homes taken to auction returning a final clearance rate of 72.3 per cent.

“Although the final clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold above 70 per cent for the fifth consecutive week,” CoreLogic auction analyst Kevin Brogan said.

Over the same week last year, auction activity was higher with 1983 homes taken to auction, returning a significantly lower clearance rate of 51.8 per cent.

Melbourne was host to 824 auctions, returning a preliminary clearance rate of 75.7 per cent, marking the eighth consecutive week where the clearance rate has held above 70 per cent.

There were several trophy homes sold pre-auction with undisclosed outcomes, including an 1888 Hawthorn home marketed with $6 million to $6.5 million price guidance.

The five-bedroom home at 518 Glenferrie Road was built on a 1297-square-metre block.

weekend auction wrap Sept 14
The house last sold in 2004 for $2.1605 million. Photo: Marshall White

It features four bathrooms, an internal lift, a cellar and five-car basement garage.

weekend auction wrap Sept 14
The house underwent significant renovation in 2010, when a pool and spa were added. Photo: Marshall White

Nikki Van Gulick, Hamish Tostevin and James Tostevin, from Marshall White Boroondara, listed the home that had last sold in 2004 for $2.1605 million.

The prior weekend in Melbourne saw 765 Melbourne homes taken to auction with a 74 per cent final clearance rate.

Over the same week last year, a clearance rate of 54.1 per cent was recorded across 988 auctions.

Melbourne had the nation’s cheapest sale when $255,000 was paid in St Kilda.

It was the one-bedroom 208/127-129 Fitzroy Street, set within the George Hotel.

Weekend auction wrap Sept 14
The property last sold for $159,500 in 1995. Photo: Woodards

Woodards agent Juanita Kelly had given a $250,000 to $275,000 price guide.

Sydney recorded a preliminary clearance rate of 80.3 per cent across 580 auctions this week.

Over the previous week, final results show 75.7 per cent of the 528 auctions were successful.

One year ago, 669 auctions were held across Sydney, returning a final clearance rate of 48.6 per cent.

Sydney’s top sale was at Northwood, when $3.71 million was paid for 46 Northwood Road, a two-storey, five-bedroom brick house.

Weekend auction wrap Sept 14
The property is set on a 733-square-metre block. Photo: McGrath Real Estate

It was marketed by McGrath agent Brent Courtney as having water and city views.

Weekend auction wrap Sept 14
The property was marketed with city and water views. Photo: McGrath Real Estate

Across the smaller auction markets, Adelaide, Canberra and Perth saw lower auction volumes week on week, while Brisbane and Tasmania saw an increase in the number of homes taken to auction over the week.

Adelaide prices ranged between $420,000 at St Agnes, to $1.047 million at Myrtle Bank.

Both were three-bedroom homes.

The 16 Radar St, St Agnes, offering sold through Harcourts Sheppard Property had $400,000 price guidance.

Weekend auction wrap Sept 14
The home at 16 Radar St, St Agnes was marketed at $400,000. Photo: Harcourts Sheppard Property

The three-bedroom, 1925 bungalow at 3 Lindsay Avenue, Myrtle Bank, was sold by Peter Emes at Raine and Horne Glenelg, having sold in 2010 for $800,000.

weekend auction wrap Sept 14
A pool was installed several years ago at a cost of $35,000. Photo: Raine and Horne

Jonathan Chancellor is editor at large with Property Observer

Comments
View Comments