$7.05 million Toorak auction result topped the weekend results

$7.05 million Toorak auction result topped the weekend results
$7.05 million Toorak auction result topped the weekend results

A Toorak trophy home fetched $7.05 million at weekend auction in the nation's highest sale, in what has been described as the best weekend for auctions since 2017.

There were just two bidders who took the sale price some $400,000 above reserve.

The result ranked as the most expensive Melbourne auction sale so far this year, according to CoreLogic.

Auctioneer Justin Long opened with a vendor bid of $5.9 million having pulled it from its May 18 election day auction given the vendor had had a medical scare the night prior.

The Herald Sun reported the five-bedroom property sold to a young couple. 

The 1930s home (top) on 739 sqm at 19 Sargood Street had $6 million to $6.5 million price guidance.

It last sold in 2011 at $4.7 million.

Sydney's top sale was $6 million for a new build at Strathfield.

The six bedroom 10 Chalmers Road, Strathfield mansion (below) was sold by Lawrence Chong at Richardson and Wrench who had offered a price guide of $5 million to $5.5 million.

.05 million Toorak auction result topped the weekend results

The home, with an internal lift to all three floors, had full resort-style amenities, including a home theatre, gym, sauna, pool, wet bar, billiards room and an alfresco dining area.

Brisbane's top sale was $1.75 million at Camp Hill, which just edged out a $1.73 million sale of a restored Queenslander at Balmoral.

The 42 Koondara Street, Camp Hill offering (below) was a five bedroom home marketed by Place agent Joanna Gianniotis has having a Hamptons style interior.

.05 million Toorak auction result topped the weekend results

The elevated house on a double block at 62 Victoria Street, Balmoral last sold for $79,000 in 1984.

Auctioneer Phil Parker took bids from four of the 14 registered bidders after a successful marketing campaign by Ray White agent Damon Warat. 

Brisbane saw a 47 percent success rate.

The other smaller auction markets – Canberra, Perth and Adelaide – performed strongly returning preliminary clearance rates of 81 per cent, 71 per cent and 70 per cent respectively.

There were 1,221 homes taken to auction across the combined capital cities returning a preliminary clearance rate of 76.6 per cent, up on the previous week that saw 1,111 homes taken to auction returning a final clearance rate of 67.8 per cent.

.05 million Toorak auction result topped the weekend results

"I expect the final clearance rate across the combined capitals will revise lower, however it will likely hold above 70 per cent which is something we haven’t seen since May 2017," CoreLogic auction analyst Kevin Brogan said.

Over the same weekend last year, auction activity was higher with 1,684 homes taken to auction with a lower clearance rate of 53.3 per cent.

Melbourne was host to 588 auctions returning a preliminary clearance rate of 78.3 per cent. 

Last week saw 500 homes taken to auction and a final clearance rate of 72.3 per cent.

Over the same weekend last year, a clearance rate of 54 per cent was recorded across 860 auctions.

The highest reported number of registered bidders was when some 22 registered bidders descended on the semi-rural 2.4ha acreage property at 56-62 Ashley Road, Yarrambat, 23 km north-east of Melbourne's CBD.

Ray White Diamond Creek agent Alan King said nine of them were active in the bidding for the property which had the potential to be sub-divided into 1ha lots.

One of the two neighbours bought it for $1.42 million after there was a total of 50 bids.

There had been $900,000 to $990,000 price guidance.

Sydney recorded a preliminary clearance rate of 81.7 per cent across 444 auctions, while final results for the prior weekend showed 76.2 per cent of the 367 auctions were successful.

"It’s likely that thefinal clearance rate will revise down to similar levels again this week as the remaining results are collected," Brogan advised.

One year ago, 572 auctions were held across Sydney returning a final clearance rate of 51.9 per cent.

A four bedroom penthouse in the Manly apartment complex, Trident fetched $4.55 million.

Over 120 groups inspected the apartment throughout the campaign.

Over 13 contracts were issued with three registered bidders present at the auction.

There were two bidders after the $4 million opening bid.

The apartment at 41/62 North Steyne offered 214 sqm space which had been a $1700 a week rental.

Candice Cattell, of Stone Real Estate Manly, noted every room had ocean views from the 14th floor which clears Manly’s renowned Norfolk pine trees.

The 1970s block is the second tallest on the oceanfront.

The penthouse last sold at $2.9 million in 2011 and at $2.5 million in 2003.

 

 

Tags: 
Clearance Rate Weekend Auctions

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