Ragtraders return to Surry Hills as Sydney records highest clearance rate

Capital city auctions saw a national clearance rate of 77 per cent as 2,446 homes went under the hammer. 

Sydney recorded the highest clearance rate with 81 per cent of listings finding buyers, with Melbourne closely behind at 79 per cent. 

Both major market improved their success rates on higher volumes, CoreLogic auction analyst Kevin Brogan noted.

Once again, Melbourne was the busiest auction market with a total of 1,215 auctions , according to CoreLogic. Sydney was the second busiest with 938.

Of the 557 Sydney results captured, 454 homes sold.

A Surry Hills terrace with a colourful brothel past soared $440,000 above reserve selling for $2.87 million at its weekend auction.

It was the first sale in more than 100 years of the three-bedroom Victorian terrace.

It was a suspected former brothel during the Great Depression with links to the infamous madam Tilly Devine.

The Surry Hills terrace attracted 17 registered bidders for the 448A Bourke Street premises.

Bidding started at $2.3 million and quickly passing the $2.43 million reserve for the 125-square-metre block.

It sold to the family of wealthy rag trader Michael Gazal.

It was held by the same family for four generations.

The terrace was transferred last for £30 in 1916.

Elizabeth “Granny” Lynn, the vendors great grandmother had been friends with Tilly Devine, hence the reputed association.

Sydney had the most expensive sale among the capitals when 15 Stanley Avenue, Mosman sold through Simeon Partners for $8,460,000. 

The four-bedroom, three-bathroom early 1980s home had a price guide of $6.5 million.

However, after 21 contracts were issued, and 11 registrations, the selling agent Richard Simeon advised there was "one delighted vendor." 

The Mosman Daily reported there were 65 bids lodged during the 30 minute auction.

The residence situated on 600 sqm was offered to the market for the first time in some 37 years. 

Sydney's most affordable auction was a two-bedroom, one-bathroom apartment at 10/118 Woodbury Road, Berala.

Built in 1969, the unit fetched $387,000 through R&W. It had last sold at $29,950 in 1979.

Housing commentator Dr Andrew Wilson at My Housing Market noted the Sydney auction market had recorded "the highest for the year so far despite another surge in listings."

Sydney's Northern Beaches secured the highest clearance rate among all sub-regions.

It saw a clearance rate of 95 per cent from 100 auctions, reports CoreLogic.

The Hotspotting housing commentator Terry Ryder recently suggested among Sydney sub-regions "the leading market is the Northern Beaches."

In Melbourne, of the 970 weekend auction results captured, 772 homes were sold.

The highest residential sale reported in Melbourne was at 69 Fitzgibbon Street, Parkville when the five bedroom Postmaster's residence sold through Woodards for $4,040,000.

Its price guide had been between $3.6 million and $3.9 million given it currently returns $72,000 from the retail and residential components.

The post office lessee is open to staying on at a current annual rental of around $31,000.

It last sold 23 year ago.

Built in 1889, the 510 sqm residence features a grand arched hallway and staircase which transitions through to the north-facing lounge area. 

The property has a spacious rear yard accessible via the Post Office Lane. 

The post office at the front of the building is currently leased on a monthly basis by Australia Post.

There was a higher undisclosed sale in Kooyong when three bidders took the top offer for 3 St Martins Close to $5,561,000. It was sold after auction at an undisclosed price.

The Steve Domoney Architecture designed home set in Jack Merlo gardens was a four bedroom, five bathroom home with a study set on a 600 sqm block.

The price guidance had been $5.5 million to $5.9 million.

Melbourne's cheapest auction sale was a beachside apartment at 11/62-72 Bay Road, Sandringham.

It was the nation's cheapest capital city result.

The one-bedroom, one-bathroom apartment sold two days prior to auction through Hodges Real Estate for $275,000.

The price guide had been $270,000 to $297,000.

Last advertised as a $310 a week rental in 2016, it sold in 2009 at $355,900.

Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate of 70 per cent, followed by Brisbane at 62.7 per cent. 

Brisbane's most expensive auction, according to Domain, was the Queenslander at 50 Groom Street, Gordon Park.

The four-bedroom, three-bathroom home was sold through Belle Property for $1,950,000

It sat on a 1,214 sqm parcel of land with solar heated pool. 

Meanwhile Domain reported Brisbane's most affordable auction was a two-bedroom, two-bathroom apartment at 11/23 Playfield Street, Chermside. 

The 306 sqm unit sold through LJ Hooker for $345,000.

The third-floor apartment in the HQ complex sold at a loss given its last sale in 2008 for $445,000.

It had been a $400 a week rental offering in 2018.