Damien Leith fails to sell Petersham home amid 82% Sydney weekend success rate
The stellar property run of Australian Idol 2006 winner Damien Leith and his wife Eileen Stapleton has stalled.
Their inner west 1920s Petersham house didn't sell at weekend auction. It was withdrawn and is now available via private treaty.
The four bedroom 133 square metre house, on a 278 square metre block, cost $940,000 in 2011.
More than $1.2 million was tipped ahead of its 1 November McGrath auction, with the Leiths holding $1.3 million aspirations. The couple will be trading up to something larger again.
The musician had enjoyed great private property success since he won the hit singing competition.
In 2009, the Leiths spent $675,000 on a Marrickville house which was sold for $935,000 in 2010.
Their two-bedroom Stanmore unit, which cost $291,000 in 2005, was for rent at $360 a week in 2009, and sold in 2011 for $481,000.
The Sydney home auction market steamed into November at record pace at the weekend despite the Leith result.
Sydney recorded an 82.4% initial clearance rate which was well ahead of last weekend’s 78.9% result which was revised down to 77%.
It was above the 81.2% recorded over the same weekend last year.
Sydney’s lower north was the leading suburban region on the weekend with a strong 89.0% clearance rate with 65 sales from 73 reported results.
The northern beaches also reported a strong result with 86.5% closely followed by the inner west at 85.8% with the highest number of sales at 103.
The next best was the upper north shore with 84.1%, while the south followed with 80.7%, Canterbury Bankstown 80% and the city and east with a clearance rate at the weekend of 79.8%.
"Sydney buyers however remain hungry for property with the market bouncing back with vengeance at the weekend," Andrew Wilson, the Australian Property Monitors senior economist said.
Some 883 homes were listed to go under the hammer, which was well ahead of the 753 conducted last weekend and the 739 auctions listed over the same weekend a year ago.
"Auction numbers will continue to surge over the remainder of the year with Sydney set to break the November record for auction activity following record breaking performances over August, September and October," Wilson said.
"Sellers are rushing into the market to take advantage of high competition for property amongst buyers."
The most expensive property reported sold at auction at the weekend was a four bedroom home at 5 Simmons Street Balmain East sold for $6,560,000 by McGrath Balmain.
The most affordable property reported sold at the weekend was a one bedroom unit at 18/8 Hope Street, Rosehill sold for $181,000 by Ray White Parramatta.
It was a split level one bedroom fully furnished serviced apartment, leased and managed by 4.5 star APX Hotel Apartments, situated opposite Rosehill racecourse. The current net rental return is $1,258 per month, reflecting an 8% yield.