Development sites top Sydney and Melbourne's strong weekend auctions

Development sites top Sydney and Melbourne's strong weekend auctions
Development sites top Sydney and Melbourne's strong weekend auctions

Sydney and Melbourne weekend auction clearance rates both sat at 77 percent this week.

Melbourne saw 1,241 homes taken to auction, the second busiest auction tally this year.

It was quieter that last year's 1,400 offerings when the success rate was just 41 percent.

Sydney had 932 homes taken to auction, up slightly on the same time last year when 875 auctions were held returning a final clearance rate of 42 per cent, according to CoreLogic.

There were "robust results for sellers generally despite the typical late spring rise in listings," Dr Andrew Wilson at My Housing Market advised.

"Buyer and now seller confidence has clearly regenerated this spring with results continuing to track well above those recorded a year ago.

"Latest economic news however remains underwhelming with the jobless rate rising, employment falling and wages growth declining – all likely to contribute to another cut in interest rates which will certainly help to keep housing markets ticking over," Dr Wilson suggested.

The highest confirmed weekend residential sale was in Sydney's Maroubra for $7 million (pictured above and below).

The Phillips Pantzer Donnelley offering, known as North End, had $6.5 million price guidance.

Development sites top Sydney and Melbourne's strong weekend auctions

The 1950s home was being offered for the first time in five decades. Five of the six bidders were developers, one of whom secured the 544 sqm site.

There was also a $6.05 million sale in Strathfield marketed through Joseph Georges at Georges Ellis & Co.

With some 660 sqm of living space, the luxury five bedroom, five bathroom Barker Road home on an 1889 sqm block was listed after 18 years ownership. 

Melbourne's top sale was a development site in Brighton at $4.05 million (below).

The 768 sqm site, 1&3 Collins Street, had been listed with $3.5 million to $3.85 million price hopes through Campbell Cooney at Hodges.

Development sites top Sydney and Melbourne's strong weekend auctions

It came with two brick veneer homes plus duplex development approval.

The next dearest home was the five bedroom offering at 14 Neath Street, Surrey Hills for $3,843,000, some $543,000 above reserve.

West Footscray unit sold for $216,000 was Melbourne's cheapest auction outcome, after being listed with a $190,000 to $209,000 price guide.

The ground-floor Rupert Street apartment came with one bedroom and bathroom, plus off-street parking. 

Located just 10km from the CBD, the 1970s-built home last traded in 2005 for $112,000.

West Footscray's median unit price is $455,000.

Deon Dardha, from Hockingstuart Yarraville, sold the property. 

There were 2,571 homes taken to auction across the combined capital cities last week, up from 2,412 over the previous week making it the second busiest auction week of the year.

Development sites top Sydney and Melbourne's strong weekend auctions

The national preliminary result showed a clearance rate of 74 per cent, compared to last week’s final clearance rate of 70 per cent.

"One year ago, 2,745 auctions were held across the combined capitals, with only 42 percent returning a successful result," CoreLogic auction analyst Kevin Brogan said.

Across the smaller auction markets, Brisbane, Canberra and Perth saw fewer homes taken to auction week-on-week.

Tasmania saw no change in auction numbers week-on-week while Adelaide saw an increase in auction volumes week-on-week.

Canberra saw a $3,675,000 sale in Yarralumla.

The five bedroom house at 8 Hunter St (below) was sold through Mario Sanfrancesco at the Peter Blackshaw agency.

Development sites top Sydney and Melbourne's strong weekend auctions

Their marketing said the 2,829 sqm block with native gardens came with court and pool. 

It had last sold at $605,000 in 1997.

An $80,000 sale was the weekend's cheapest sale which came at an Adelaide auction.

It was a fire damaged property at Elizabeth North.

The 44 Charford St, Elizabeth North offering was listed under instructions from The City of Playford.

This three bedroom semi sits on a 542 sqm lot. 

Regional Victoria saw a converted World War II bunker at Yelta sell for $250,000.

Built in 1941 by the Royal Australian Air Force to store fuel for its nearby Mildura base, it closed in 1945.

Located close to the Murray River, it was converted into a four-bedroom house by vendor Stephen Gooding.

The Herald Sun reported the young buyers plan to renovate the bunker’s top floor as it is still a shell.

The bunker, set on 5000 sqm, was listed with a $260,000 to $280,000 price guide through Professionals Mildura agent Tony Graham.

The buyers were from nearby Merbein. 





Clearance Rate Weekend Auctions

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