$7 million Elizabeth Bay offering tops weekend sales

$7 million Elizabeth Bay offering tops weekend sales
$7 million Elizabeth Bay offering tops weekend sales

The nation's priciest weekend auction result was when an Elizabeth Bay harbourfront apartment - five doors along from the Boomerang trophy home offering - fetched $7 million.

It last sold in 1997 at $3.6 million off the plan through estate agent Martin Schiller. There were just the two bidders for the 240 sq m, three-bedroom apartment which sold through McGrath agent Peter Starr at its reserve price. The strata levies sit at $48,000 annually given the full time concierge in the boutique block.

Melbourne's top weekend result was $5.11 million when a Monomeath Road, Canterbury home was sold through Jellis Craig.

Bonbret, a five bedroom 1910 Edwardian home (below) sat on a 1,021 sqm garden lot which last sold in 2007 at $2.99 million.

 million Elizabeth Bay offering tops weekend sales

There was a big Brighton sale too - but it was a record price paid for a bathing box on Dendy Beach.

The bidding for bathing box 44 (below) kicked off at $275,000, which was just $20,000 short of the prior record set in February.

Two competing locals saw bathing box 44 sell at $307,000, having last sold four decades ago.

 million Elizabeth Bay offering tops weekend sales

According to CoreLogic RP Data, as the property market moves towards its traditional winter hibernation, Melbourne was by far the busiest capital city auction market this week.

Some 1,157 auctions were held, up from 843 last week, but lower than one year ago when 1,248 went under the hammer.

The success rate for the city remained stead at 70 per cent, but well down on the 80 per cent last May.

Performance was somewhat varied with clearance rates ranging from as high as 78 per cent in the outer East across 77 auctions to as low as 65 per cent in the South East across 121 auctions.

Melbourne had the nation's cheapest result when a South Yarra flat (below) fetched $260,800. The one bedroom Punt Road offering last traded at $32,500 in 1983. Williams Batters had offered a $240,000 to $260,000 price guidance on the apartment that had been rented in 2013 at $280 a week.

 million Elizabeth Bay offering tops weekend sales

Sydney was again the strongest capital city with a 75 percent clearance rate based on 773 auctions held across the city, with 615 results reported so far. In comparison, last year there was an 85 percent from the 1,149 auctions.

Sydney has maintained a relatively strong mid-70s clearance rate since mid-February this year.

Strong sub regions this week included the Eastern Suburbs at 91 percent across 116 auctions and North Sydney and Hornsby at 83 percent across 114 auctions.

Brisbane had 190 auctions this week, up from 131 last week, but lower than the 213 one year ago. Preliminary results show a clearance rate of 40.2 percent across the city, compared to 50.9 percent last week and 48.0 percent at the same time last year.

The preliminary clearance rate for Adelaide was 52.6 percent this week with 122 auctions held, down from 68.8 percent last week across 92 auctions. At the same time last year, there was less auction activity (92) and a higher success rate (67.4 percent).

There were 107 Canberra auctions this week, the busiest week since March with a 64 percent success rate, down from 67 percent last week and 68 percent one year ago. 

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.

Auctions Residential Sales


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