Sydney, Melbourne weekly property sales race nears finale

Sydney, Melbourne weekly property sales race nears finale
Sydney, Melbourne weekly property sales race nears finale

The weekly tug of war between Sydney and Melbourne in the quest for property market supremacy nears it autumnal finale.

There was a stellar $7,805,000 Albert Park sale which headed off Sydney's top $7,025,000 price on the river at Hunters Hill.

Both highly coveted locations.

The 24 St Vincent Place, Albert Park offering through the Marshall White agency was a freestanding balconied Victorian residence overlooking the heritage garden square.

The pre-auction price guidance was $6.25 million plus. The bidding opened at $6 million and the property was announced on the market just after $7.3 million with three bidders.

The five bedroom house on its 480 sqm holding, now with the rear extension designed by Bates Smart, last traded in 1978 at $107,000, reflecting 12 percent annual price growth.

The two level house, built in the 1870s for Melbourne’s harbour master, Robert Fullarton, fell on hard times becoming a rooming house in the 1950s for around three decades.

The three bedroom, single storey, Hunters Hill riverfront home was a knockdown at 36 Viret Street (above) on 695 sqm which sold through Tracey Dixon at McGrath Estate Agents at $7,025,000.

It had last sold in 1975 at $170,000, reflecting 9.5 percent annual price growth.

When it came to clearance rates, CoreLogic RP Data had Sydney having the edge securing in the mid-70s with Melbourne dipping unusually into the high 60s.

Sydney's house auction median price was $1.27 million - well inexcess of Melbourne's $860,000 auction median house price. For apartments the difference was even higher - $812,500 in Sydney to $515,000 in Melbourne, according to Domain.

Around 500 Sydney properties were scheduled to go under the hammer, below the 550 auctioned over the same weekend last year, with Marrickville and Mosman the busiest suburbs for auctions each with eight scheduled. 

Nearly 750 Melbourne auctions were scheduled to be held, also lower than the 830 held over the same weekend last year.

Richmond was the busiest suburb for Melbourne auctions with 14 offerings.

Weekend celebrity sales included the legendary Collingwood full forward Peter McKenna who secured $1.42 million for his Richmond home.

It was a single fronted Edwardian cottage was bought at 1998 auction for $306,750.

Despite the cuts to mortgage rates, the seasonal effect of the approaching quieter winter selling market and the cyclical impact of declining underlying price growth was at work, Dr Andrew Wilson, Domain's chief economist suggested.

"The announcement of the federal election and a lengthy election campaign may also act to quell some buying and selling decisions, particularly given the potential for significant changes to the treatment of property taxes for investors," Dr Wilson said.

Brisbane had the nation's cheapest weekend sale when $220,000 was paid at Regency Downs. The 18 Bucknall Court three bedroom house, listed through Elders in the Lockyer Valley region, last sold at $73,000 in 2002.

It was a mortgagee sale for the three bedroom weatherboard Queenslander on an 8000 sqm parcel.

Brisbane's weekend clearance rate sat close to 60 percent, one of the strongest results in recent times.

Over in the west the big news was West Coast Eagles star Nic Naitanui spending $3 million on a Mount Lawley home.

The star ruckman secured a five bedroom, four bathroom 2008 Zorzi-built house with home cinema. It was listed with high $3 million hopes mid-last year, selling earlier this year by private treaty.

His redundant Swan View home, which cost $1,285,000 in 2012, had been put up for rent.

Last month he sought $900 a week, which has been adjusted now to $800 a week.

Perth's weekend auction success rate sank to 20 percent, according to CoreLogic RP Data.

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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Residential Sales Clearance Rate

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