Only the slightest dip as Sydney and Melbourne auctions resume with energy after Easter
The record-breaking Sydney weekend auction streak resumed after the Easter holidays with an initial 86.8% clearance rate reported this weekend. Melbourne auctions remained strong, recording a clearance rate in the high 70s.
Sometimes the Easter break triggers a change in energy, sometime upwards, sometimes downwards (as it did in 2014), but not this year in the major auction cities which have been both having schools holidays.
There were 525 Sydney auctions listed this weekend with another rise in numbers scheduled next weekend, before a pause in activity for the centenary of the Anzac landings at Gallipoli.
Abbotsford secured the top sale at $5,215,000, while there were nine auctions at Neutral Bay followed by St Ives, Ryde and Wahroonga each with seven offerings, according to Australian Property Monitors.
These had been a record initial 87.5% election day auction success rate on the pre-Easter 28 March weekend as Sydney’s supercharged housing market hit eight weeks above 80%. The revised figure was 83.7%. The Easter weekend had just the 34 offerings.
There was a strong $1.28 million McGrath auction sale (below) of a Toongabbie development offering.
The 1,552 square metre approved two lot Toongbabbie subdivision with existing three bedroom cottage had been marketed at $990,000 plus expectations.
The Abbotsford top seller had been held by the same family for six decades on the shores of the Hen and Chicken Bay.
Selling agent Fayez Yammine of Devine Real Estate said the past record was set in February with a sale on St Albans Street at $4.9 million, well up on the suburb's CoreLogic RP Data $1.46 million median house price.
Melbourne had a 78% weekend success rate among the initial 540 REIV results.
The REIV was expecting about 670 auctions in 252 suburbs on the 11 April weekend across Melbourne.
The top Melbourne auction locations were Reservoir (11 auctions) and Mount Waverley (10 auctions), followed by Carnegie and South Yarra with seven auctions in each.
There were just the 44 auctions, mostly coastal, on the Easter weekend in Victoria.
On the busy 28 March pre-Easter weekend there was a Melbourne clearance rate of 79% on the initial 1,291 auctions reported to the REIV.
Auctions included a three-level warehouse residential conversion at 118 Victoria Street, Brunswick East, (top above) that been listed with adjusted expectations above $875,000. It fetched $917,500.
The open-air home comes with two bedrooms, industrial concrete floors, trussed ceilings, and infinity edge pool.
Jellis Craig agent Craig Shearn had the scheduled auction.
It last sold at $614,000 in 2006 when Craig Shearn was quoting $500,000 to $550,000.
It had been the Youngs Motor Product premises.
The REIV reported the top sale was in Middle Park. Realestateview indicates it was a 1915 single fronted terrace sold through Marshall White agents Oliver Bruce and Michael Paproth.
Top 5 Houses
162 Page St MIDDLE PARK $3,375,000
3 Edwin Rd TEMPLESTOWE $3,100,000
1 Nerolie Ct Wantirna South $2,210,000
259 Bridport ALBERT PARK $2,022,000
1/96 Campbell Rd Hawthorn EAST $1,915,000
3 Fuchsia Ct NEWCOMB $235,000
70 Cox Rd CORIO $237,000
19 Mortlake Av DALLAS $283,500
43 Filipi Dr ST ALBANS PARK $314,000
25 Wynnette Ct EPPING $325,000
Top 5 Flats/Apartments
23/156 Rose St FITZROY $1,400,000
80A Marriage Rd BRIGHTON EAST $1,175,000
1/8 Loddon St BOX HILL NORTH $1,170,000
33 Lilly St CLIFTON HILL $1,115,000
2/65 Park La MOUNT WAVERLEY $1,000,000
Top 5 Bargain Flats/Apartments
1/38 Balliang St SOUTH GEELONG $195,000
18/54 Balston St BALACLAVA $270,000
3/54 Cunningham St NORTHCOTE $290,000
21/81 Edinburgh St RICHMOND $300,500
6/5 Redan St St Kilda $326,000