Few auctions missing the mark among early bird offerings

Few auctions missing the mark among early bird offerings
Few auctions missing the mark among early bird offerings

Singer songwriter Missy Higgins, the ARIA award-winner, has secured a buyer for her Abbotsford red brick warehouse conversion, as her offering joined the 2016 early bird properties selling quickly and without disappointment.

Higgins paid $1.8 million in mid-2012 for the property (above) with ITN Architects refurb. It was listed by private treaty through Kay & Burton with $2.1 million hopes. There's suggestions 21a Mollison Street, set a short walk to the Yarra River, Studley Park and Victoria Street shops, fetched $2.2 million.

"The market is rocking strong at all levels on almost all properties," said Melbourne buyers agent Mal James.

"Only C grade stock is failing and that is almost always a function of seller opinion versus market opinion on the price," he suggested.

Four sales above $6 million kept the trophy home markets turning over nicely, with agents in Sydney and Melbourne now complaining they don't have the prestige stock to match buyer demand.

Australian test cricketer vice captain David Warner and his wife Candice secured a bullish $7 million plus sale of their South Coogee home three weeks ahead of its intended weekend auction.

The sale was easily above the $6.25 million paid two years ago by the couple who listed following their $4 million purchase of a oceanfront building block in Maroubra

The South Coogee home, once rented by ealier owners to the cast of the Geordie Shore reality television show, sold through McGrath agent Bethwyn Richards.

There was also a $6.45 million Mosman pre-auction sale which the Simeon Manners agency declared for its 61a Muston Street offering.

In Armadale, the price of the under the hammer sale of 12 Barnato Grove through Kay & Burton, was not released publicly.

But attendees said it was sold at $6.74 million with four bidders no doubt attracted to the cutting edge five bedroom home set in Nathan Burkett designed gardens that featured in '100 Australian Gardens & Landscapes.'

There'd been initial $4.5 million-plus price guidance.

A pre-auction modern four bedroom Balwyn home sale presumably took third place on the sales' podium as it was listed with $6 million plus aspirations, selling at an undisclosed price well ahead of the weekend auction.

Piermont, at 4 Boston Road, was a newly completed Phillip Mannerheim-designed home, with eight car basement garage, in the suburb's omnipresent Chateau-style (below).

Few auctions missing the mark among early bird offerings


Few auctions missing the mark among early bird offerings

The nation's cheapest weekend result was a house in the Brisbane suburb of Marsden. The $267,000 sale at 10 Birch Street secured a three bedroom house which last sold at $90,000 in 1993. It fell short of the $285,000 asking price when listed by private treaty last November.

With less stock on the market there were more sales at higher than reserve than in previous weeks.

Wildly exceding expectations, in Sydney's Kingsford, an unrenovated, three-bedroom house attracted 27 bidders who forced the price to $3,065,000 – $1,065,000 over its reserve.

It traded in 2008 for just $1,015,000 with NG Farah selling agent Glenn Farah saying the weekend result at 6 Eddie McGuire was “out of line” with other results in the area.

The auction of a classic Pettit and Sevitt house at West Pennant Hills, where seven parties lodge 68 bids before the hammer fell at $1,237,500 for the unrenovated house at 31 Eaton Road – $237,500 more than the reserve.

In St Kilda, the 1919 Aston Court, Spanish Mission apartment at 2/43 Acland Street had been listed with $900,000 plus hopes. Last traded at $635,000 in 2003, the two bedroom was knocked down at $1.24 million.

Not so lucky in St Kilda was entertainment industry talent manager Pete Sofo whose Santorini, 214/3-7 Alma Road investment apartment offering now comes with a private treaty price of $469,000. Sofo's McGrath agents had it initially listed expecting $400,000 to $440,000 for its March 5 auction. It last traded at $287,000 in 2006.

There were fewer auctions held this week across the capital cities - 2,253 compared to last week's 2,701, and the clearance rate fell from 71 percent last week to 68 percent this week, according to CoreLogic RP Data.

This week’s result marked the first time below the 70 percent mark this year.

Volumes will head lower next week due to the Labour Day public holiday in Melbourne where auction clearance rates sat at 70 percent, having fallen from 74 percent last week, with clearance rates ranging from 75.2 percent in North East Melbourne to 62.5 percent in Outer East Melbourne.

In Sydney, clearance rates fell to 68 percent this week from 72 percent last week. Over the week, 684 auctions were held across the city, down from 919 last week and also lower than the 944 that went under the hammer last year.

The inner regions of Sydney have maintained strength this week, with City and Inner South (81.3 percent), Ryde (80.7 percent) and Northern Beaches (78 percent) showing the strongest auction clearance rates for the week.

Brisbane’s preliminary results show 52.3 percent of auctions and across the Gold Coast, a preliminary clearance rate of 32.4 percent was recorded this week.

Canberra had the nation's best clearance rate at 71 percent this week with prices between $287,000 for a $380 a week, 1990s Kingston flat rental and a $2,585,000 four bedroom home in Forrest.

Click to enlarge

Few auctions missing the mark among early bird offerings

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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