Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market
Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

Capital city auction markets recorded their highest preliminary clearance rate in over a year, reaching 70 per cent, but price recovery remains erratic even as Sydney and Melbourne forged a path towards being a sellers' market.

After having quit Melbourne, Socceroo Aaron Mooy scored a sale at weekend auctions when his Yarraville penthouse fetched $901,000 (top and below).

While the Herald Sun advised there was a shootout between three bidders, it sold for less than its initial purchase price.

The UK based star midfielder bought it off the plan for $914,000 in boom time 2015, when he was playing for Melbourne City in the A-League.

Having never got to reside there after signing a £10 million deal with Huddersfield Town in 2017, the 608/125 Francis Street penthouse had an $800,000 to $880,000 price guide.

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

The three bedroom apartment sits in the sort-after north-east, south floor corner position on the top floor in the tallest residential building in Yarraville.

Mooy retains a house in Scotland, in the west end of Glasgow.

A modern 2012-built French-inspired Hawthorn East trophy house (below) was passed in at weekend auction at $2.7 million from the only bidder.

The auction commenced with a $2.65 million vendor bid.

The four-bedroom Edwardian style 52 Harold Street was last sold in 2018 for $2.9 million by Appetite for Excellence’s 2010 Young Restaurateur of the Year Kim Cornice.

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

Greg Hocking Persichetti had price hopes of $2.75 to $3 million for the four bedroom home which features a glass encased cellar encased with a wine and cheese display area.

Queensland had the nation's cheapest sale when 21 Frome Street, Laidley (below) fetched $175,000 through Elders agent Darryl Muckert.

Set in the Lockyer Valley of South East Queensland, it had sold in 2008 at $209,000 when rented out at $210 a week.

The now vacant three bedroom home, that sits on a 1015 sqm holding, had a had fresh paint job on the inside along with new floor coverings. 

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

There is a reverse cycle air-conditioner in the lounge room, meals area off the kitchen, and internal laundry and bathroom. 

Sydney topped the nation's weekend results with a $4.68 million sale in Pymble.

The 36 Bobbin Head Road offering (below) was marketed as a "modern interpretation of Federation style that satisfies contemporary living while embracing classic grandeur."

Set on 1896sqm with manicured gardens with a pool and tennis court, the two storey home had six bedrooms.

The home with 596sqm of solid brick construction had a price guide of $4.5 million through McConnell Bourn Lindfield agents Carole McCrea and Matthew Bourn.

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

It last sold at $1.4 million in 2001.

There was also a $4.065 million sale when 25 Campbell Street, Abbotsford (below) went to auction through Cobden Hayson.

Built in 2000, the five bedroom contemporary home was sold sold at $1.95 million in 2012.

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

"The auction market is back favouring sellers in a big way," said estate agent Matt Hayson.

"What a wild eight weeks it has been for Sydney property which has completely flipped the script," he said.

There were 350 fewer auctions held nationally on the weekend, compared to 2018, with the drop in Melbourne offerings at 32 percent and in Sydney with 25 percent fewer listings.

There were 901 homes taken to auction across the combined capital cities this week returned a preliminary clearance rate of 70.6 per cent.

Price recovery remains eratic even as Sydney and Melbourne forged a path towards being a sellers' market

CoreLogic advised the the prior week saw 847 homes taken to auction with the final clearance rate at 65.4 per cent, the first time a final clearance rate held above 65 per cent since March last year.

Over the same week last year, auction activity was higher with 1,257 homes taken to auction returning a clearance rate of 57.0 per cent.

Melbourne was host to 416 auctions on the weekend, returning a preliminary clearance rate of 70 per cent. 

The same week last year saw a clearance rate of 59.9 per cent across 613 auctions.

Sydney recorded a preliminary clearance rate of 81.5 per cent across 303 auctions this week. 

"It is likely that the final clearance rate will revise down to around the mid-70s once remaining results are collected," a CoreLogic spokesperson said.

Over the previous week, 72.8 per cent of the 316 auctions were successful, the second week in a row where the final clearance rate held above 70 per cent. 

One year ago, 407 auctions were held across Sydney returning a final clearance rate of 55.2 per cent.

The smaller capitals have yet to get much momentum with Canberra at 60 percent, Adelaide at 58 percent, and Brisbane with a 45 percent success rate.

SQM auction analyst Louis Christoper said the end of school holidays would "very likely start to see a rise in auction volumes from as early as next weekend." 

 

 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Clearance Rate Weekend Auctions

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