Wolverines drummer caught in Sydney's fading auction clearance rate
Sydney's auction clearance rate weakening continued into July, with a 72.7% success rate achieved today, the Australian Property Monitors data indicates.
Last weekend's revised figure was adjusted to 71.2%, having being reported with an initial clearance rate of 74.1%, which itself was the lowest non-holiday weekend result recorded in Sydney for over a year.
Auction clearance rates have fallen over the five weekends since the June Queen’s Birthday holiday break.
Property Observer notes the last time the clearance rate was in the high 60s rate was in mid-May 2013. Any 70% plus clearance rate is a sellers' market, but the 2013-2014 auction rate has well and truly seen the last of the amazing 80s. It is not just a seasonality issue, as last winter clearance rates improved.
There were almost 440 offerings across Sydney, which was well up on the 290 on the same Saturday last year.
John Clinton, the drummer from the country band, The Wolverines with his wife Kim Clinton didn't secure a weekend sale of their organic-style, all curved Dural home.
The custom-built three bedroom 65 Quarry Road house (pictured above) remains listed through McGrath agent Elise Lau with $2.75 million plus price hopes.
It was passed in at $2.75 million.
The curved two-storey, three bedroom house comes with a self contained two-bedroom studio which was a disused train carriage.
It sits on a 2.85 hectare bush block.
The Wolverines are best known for the song 65 Roses about cystic fibrosis, and the Ballad of Young Bobby Dale.
Once described as a Harley riding, music playing trio, the Wolverines recorded their first album in Nashville in 1996.
Clinton, a former Sydney nightclub owner and yacht charterer, installed a musical mural in the main bathroom by the painter Ken Roberts.
APM had Sydney’s south as having the most number of auctions this weekend with 75 followed by the inner west with 65.
The most popular suburb for auctions was Surry Hills with nine auctions, followed by Concord, Bankstown and Casula each with eight auctions this weekend.
"Activity in Sydney’s home auction market has shifted down a gear over recent months with weekend clearance rates averaging 74.6 percent over June compared to the 77.6 percent averaged over both May and April, and the 82.3 percent averaged over March," Dr Andrew Wilson, the senior economist at Australian Property Monitors advised.