Sydney's busiest weekend closes spring 2019 on a high

Sydney's busiest weekend closes spring 2019 on a high
Sydney's busiest weekend closes spring 2019 on a high

There were over 3,000 capital city homes taken to auction over the last week of the spring selling season, making it the busiest week for auctions of 2019.

Some 79 percent found buyers, according to preliminary CoreLogic figures, with Sydney out in front on around 84 percent.

"The latest results provide a timely test of the housing markets depth, with clearance rates holding up despite the large number of properties taken to market," Tim Lawless said.

The national tally was significantly higher than final results from one year ago when 41 percent of the 2,749 auctions found buyers.

Houses outperformed units with a success rate of 79.9 percent, while 76.6 percent of units sold at auction.

Melbourne was host to 1,497 weekend with preliminary results showing a clearance rate of 78.3 percent, in what was its second biggest weekend of the year.

Its success rate increased from last week when the final clearance rate sat at 70 percent across 1,221 auctions.

Over the same week last year, the auction clearance rate was significantly lower with 42 percent of the 1,378 auctions returning a successful result.

Melbourne's top sale was $4.51 million in Hawthorn East (below). With five bedrooms and a study, the 7 Rosslyn Street listing which dates back to its 2010 construction had been expected to fetch between $4.1 million and $4.2 million. 

Sydney's busiest weekend closes spring 2019 on a high

There were 1,131 auctions held in Sydney this week making it the busiest week of the year, with preliminary results showing an 84.7 percent clearance rate, up from 76 percent across 940 auctions last week. 

Over the same week last year 937 Sydney homes were taken to auction across the city returning a clearance rate of 41 percent.

The Sydney feel good real estate story was the auction of 39 Cowper Street, Randwick, (below), where the beneficiary of the sale was Charles Sturt University.

Sydney's busiest weekend closes spring 2019 on a high

Chris Williams of Ray White secured a $2,122,000 sale to a family of four. It last chnaged hands in 1986 for $60,000.

The bequests to the university will see scholarships to support disadvantaged women from the NSW Central West Region, enabling them to study at the university.

Results were mixed across the smaller auction markets, with Adelaide and Canberra showing a preliminary clearance rate around 70 percent, while only around half of the homes taken to auction in Brisbane and Perth were successful.

Adelaide had the nation's cheapest result when $145,000 was paid for 32 McKenzie Road, Elizabeth Downs (below) in a mortgagee sale. The three bedroom timber home had last sold at $170,000 in 2009.

Sydney's busiest weekend closes spring 2019 on a high

Brisbane's blue ribbon precinct of Kalinga saw a $5.15 million sale through Ray White New Farm agent Christine Rudolph.

The auction of Winbrook, the five bedroom, five bathroom 2004-built property at 119 Nelson Street saw a massive crowd of 200 onlookers.

The property comes with a full size, flood lit tennis court.

“There were three registered bidders,” said Ms Rudolph.

Haesley Cush, the auctioneer, declared the property on the market at $5 million.

"The winning family, which include three very sporty young boys, are former residents of the street, and familiar with the property.

"When it came on the market they, according to Ms Rudolph “just had to have it.”

It last sold at $4 million in 2017.

Of the 69 ACT homes scheduled for auction, the highest price paid was $3.85 million for a four-bedroom 1930s art deco home on 2475 sqm at 18 Tennyson Crescent, Forrest.

The home with 400 sqm internal space last sold at $3.5 million in 2017.

 

 

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.

Tags: 
Clearance Rate Weekend Sales

Comments

Be the first one to comment on this article
What would you like to say about this project?