Melbourne’s auction results peaked in mid-September: Shane Oliver

Melbourne’s auction results peaked in mid-September: Shane Oliver
Melbourne’s auction results peaked in mid-September: Shane Oliver

Melbourne had the nation's top auction sale when $6.3 million was paid in South Yarra.

The home at 104 Caroline Street (pictured top) saw bidding commence with the Marshall White auctioneer Justin Long placing a $5 million vendor bid.

At $5.45 million it was declared on the market.

The fourth bidder only come in at $5.9 million, and fended off the opening bidder in the final straight. 

The initial price guidance had been $5 million to $5.5 million for the 1920s Georgian-style home that was marketed as "retaining its original charm."

There was higher bidding at a Kew offering, with city skyline views, which was passed in at $6.6 million on a vendor bid.

The 7 Wrixon Street offering (below) is now for sale at $6,895,000 through Marshall White who had offered an initial $6.8 million to $7.2 million auction price guide.

Melbourne’s auction results peaked in mid-September: Shane Oliver

It was a five bedroom contemporary home of a deep 1565 sqm block with tennis court and pool.

Melbourne also had the cheapest sale around the capital cities too.

It was when the ground floor one bedroom apartment at 2/4 Prince Street, Essendon North (below) sold for $215,000.

Melbourne’s auction results peaked in mid-September: Shane Oliver

The Nelson Alexander price guidance had been $225,000 to $240,000. 

It sold at $72,500 in 1997.

There were 912 Melbourne homes taken to auction this week, according to CoreLogic, with a 75 per cent success rate, similar to the prior weekend's final auction clearance last week when volumes were slightly higher at 974 offerings.

One year ago, 45 per cent of the 1,087 Melbourne homes taken to auction found buyers under the hammer.

Melbourne’s auction market was starting to moderate, the AMP chief economist Shane Oliver told Domain.

“Melbourne’s results look to have peaked in mid-September,” Dr Oliver said.

“More sales volumes could have weighed on them.”

Sydney returned a preliminary auction clearance rate of 84 per cent across a similar volume of auctions week-on-week.

There were 724 Sydney homes taken to auction.

The top sale was a pre-auction result in Hunters Hill at $4,408,000 through McGrath to an inner west family.

The Toocooya Road home, TreMon (below) last sold at $2.2 million in 2005, but had been listed twice last year without success.

Melbourne’s auction results peaked in mid-September: Shane Oliver

There was no bid when a lavish whole-floor apartment in the Harry Siedler-designed Horizon building went to private auction.

There was only a vendor bid of $16 million for the five-bedroom 40th-floor residence which was listed with a revised price guide of $16.5 million, after being listed at $20 million earlier this year.

It comes with $565 sqm of internal space, but 710 sqm with balconies and garaging.

It is credited as the largest single level apartment in its Knight Frank marketing.

Sydney's prior week’s figures saw 76.9 per cent clear as at final figures.

Last year, a lower 675 Sydney homes were auctioned returning a 44 per cent success rate.

Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate this week of 64 per cent, Adelaide followed closely with 63 per cent of homes selling at auction.

Melbourne’s auction results peaked in mid-September: Shane Oliver

The South Australia auctioneer John Morris noted the 30 Ray White auctions clearance rate was sitting at 78 per cent.

"Stock is still quite low and this is resulting in large turnouts and lots of registered and active bidders at auction," Morris said.

The agency sold 14 Leisure Court, Fulham for $1,035,000.

“The highest offer we had previously was below the figure it sold for under the hammer,” selling agent Leon Yuan said.

CoreLogic tallied just under 2,000 capital city homes taken to auction, steady week-on-week although the 75.6 per cent clearance rate came in lower than the previous week’s preliminary figure of 77.3 per cent, which revised down to 73.5 per cent at final figures. 

"It’s expected that this week’s final figure will come in below that given the lower preliminary figure," Corelogic auction analyst Kevin Brogan said.

Last year, 2,139 homes were taken to auction over the same week, however only 46 per cent of these sold.

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