Beyonce, Baz and Barbara: weekend property action

Beyonce, Baz and Barbara: weekend property action
Beyonce, Baz and Barbara: weekend property action

Unswayed by the recent 60 Minutes segment forecasting a 50 percent house price crash, the national auction clearance rate edged up to 72 percent, from the prior week's 71 percent.

This weekend television news bulletins were more focused on the little ramshackle Brunswick house made famous by Beyonce in her No Angel video clip (above) that sold at auction for a silly $650,000.

The auctioneer Steven James declared the price as having a “Beyonce premium” when 20 Beith Street sold on Saturday reportedly to a neighbour. 

Not even the auction price forecasting website, realAs could anticipate the premium as it suggested a likely $539,000 sale price, as against the agent's $470,000 to $510,000 price guidance. 

Acclaimed Australian filmmakers Baz Luhrmann and Catherine Martin finally found a buyer for their Darlinghurst mansion, Iona on Friday evening.

It was listed for private treaty sale for $16 million last July marketed as "a once in a lifetime opportunity to possess a heritage masterpiece."

The couple, along with their two children, spend much of their time in New York so will now look for a smaller Sydney home and office as Iona is also the headquarters of Luhrmann’s production company Bazmark.

The Italianate late 1880s trophy home sits on a 2700 square metre block in the centre of Darlinghurst surrounded by established gardens. 

Luhrmann and Martin had rented Iona for nine years before purchasing it in 2006 for $10 million.

Another 1880s Sydney home - Sunnyside, a sandstone Hunters Hill riverfront residence - topped the weekend auctions with a $6.51 million result through BresicWhitney agent Nicholas McEvoy.

Click to enlarge

Beyonce, Baz and Barbara: weekend property action

Sunnyside, on 1900 sqm north facing square metres at 22 Vernon Street, had been in the same family for almost seven decades.

A north-west facing single storey Toorak home on half that size ranked as the second highest weekend sale when $5,795,000 was secured through Sothebys.

It had sold at $4.7 million in 2007 when bought by the late philanthropic Carlton bookseller Barbara Tucker, widow of the modernist artist Albert Tucker, who moved from Woodside, St Kilda. 

Melbourne's Murrumbeena had the nation's cheapest sale when a one bedroom, 46 sqm unit fetched $280,000. It reflected six percent annual price growth since selling at $119,000 in 2001.

Brisbane had the cheapest house sale at $301,000 when a three bedroom, late 1980s Beenleigh house sold, having traded at $259,000 in early 2013. 

Auction activity saw 2,113 offerings which continues to pick up with 2,620 auctions scheduled this week.

Last week marked the fourth consecutive week when the national capital city clearance rate sat above the 70 percent mark. 

CoreLogic RP Data noted the prior four week period when clearance rates sat higher than 70 percent was last September.

The robust rate of auction clearance, together with the moderating rate of growth through February suggest to CoreLogic that housing markets are in a controlled slowdown rather than showing any signs of a sharp correction. 

Melbourne’s preliminary clearance rate was 75 percent, up from 74 percent last week, but lower than the 77 percent of properties that sold at the same time last year.

It took the baton for strongest capital city from Sydney.

Melbourne’s top performing sub-region was the inner south, where both a high volume of auctions were held (224) and the strongest clearance rate achieved at 84 percent.

Inner Melbourne had the most auctions this week (289), however the clearance rate was the second lowest of any Melbourne subregions at 72 percent. 

Sydney’s preliminary auction clearance fell to 73 percent, following on from the previous week’s result of 76 percent.

There were 872 auctions held, rising from 800 last week, but lower than the 1,223 over the comparable week one year ago.

Sydney’s Eastern Suburbs 87 percent topped the regions. 

The number of Brisbane homes taken to auction sats at around 175, with its auction clearance rate strengthening to 58 percent.

Some 43 Gold Coast auction results were reported with a 49 percent clearance rate.

There were 118 Adelaide auctions held this week and its 72 percent the third strongest capital city result.

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.

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Auctions Clearance Rate

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