$12 million Centennial Park sale tops weekend results

$12 million Centennial Park sale tops weekend results
$12 million Centennial Park sale tops weekend results

A Centennial Park weekend auction offering sold for around $12 million post auction, with just the one Saturday to go before the onset of spring listings.

The London-based bankers Peter Stokes and Annabel Spring placed a vendor bid of $11.8 million at the auction.

The subsequently negotiated sale price has not been disclosed by agent Ben Collier who has always advised $12 million expectations for the Federation mansion (above and below).

Collier had previously sold the property for $9.8 million in 2015 when it was bought by the then Commonwealth Bank wealth boss Annabel Spring and her Macquarie director husband Peter Stokes. 

The Lang Road residence was built in 1909 for bookmaker Alfred E. Hickey.

 million Centennial Park sale tops weekend results

Sydney recorded a bullish preliminary clearance rate of 84.7 per cent across 500 auctions, the highest preliminary clearance rate since February 2017.

Over the prior week, final extra results being reported showed 76.2 per cent of the 446 auctions were successful.

One year ago, 721 auctions were held across Sydney returning a final clearance rate of 53.2 per cent.

Sydney's top reported under the hammer price was in Willoughby. It sold for $4.01 million, which was $10,000 above reserve.

The offering at 7 Cobar Street, Willoughby (below) had been listed for auction last year.

 million Centennial Park sale tops weekend results

The renovated five-bedroom, four-bathroom 1920s house had bidding from all four registered bidders.

It last sold at $1,515,000 in 2013.

The number of homes taken to auction across all the capital cities increased to 1,412 returning a national preliminary clearance rate of 79.6 per cent, while the previous week saw 1,228 homes taken to auction returning a final clearance rate of 73 per cent, the highest final clearance rate recorded in over two years. 

"Although the clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold stronger than last week’s final," CoreLogic auction analyst Kevin Brogan said.

AMP Capital senior economist Shane Oliver said the emerging stronger clearance rates was still premised on low volumes.

"Rate cuts still work," he said, adding that the traditionally busier spring selling season would prove to be a test.

"Tight credit, the unit supply and unemployment will constrain prices versus past cycles," Oliver forecast.

Over the same week last year, auction activity was significantly higher with 1,915 homes taken to auction, returning a much lower clearance rate of 54.6 per cent.

Perth had the weakest clearance rate at 62 percent, and other smaller auction markets put in strong performances including Brisbane at 67 percent, Canberra at 69 percent and Adelaide at 72 percent.

Domain advised the cheapest weekend sale was in Adelaide at $280,000.

The two bedroom house at 35 Maturin Avenue, Christies Beach (below) had sold at $325,000 in 2016.

 million Centennial Park sale tops weekend results

It was marketed as partially renovated by Harcourts Christies Beach.

Melbourne was the busiest capital.

It was host to 665 weekend auctions, returning a preliminary clearance rate of 79.7 per cent marking the fifth consecutive week where the clearance rate held above 70 per cent. The prior week saw 588 homes taken to auction with a 76.2 per cent final clearance rate.

Over the same week last year, a clearance rate of 56.5 per cent was recorded across 899 auctions.

There were four bidders when a 2018-built Camberwell property fetched $4,566,000.

The five bedroom, four bathroom house at 38 Cochran Avenue saw agent Brett Vanderwart at RT Edgar place a $3.6 million opening bid.

It was announced on the market at $3,750,000.

Buyers agent Mal James advised it was a "40-minute spectacle" with an offering with "strong Asian market appeal."

The home was a collaborative design by Christopher Krambias and Petrifies Architects which was initially listed 300 days ago.

The 800 sqm block sold at $2,665,000 in 2015 with the building approval cost at $1.2 million.

 

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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