16 registered bidders compete in Strathfield auction battle

16 registered bidders compete in Strathfield auction battle
16 registered bidders compete in Strathfield auction battle

Anytime auctioneer Damien Cooley raised his gavel, more bids came until 27 South Avenue, Double Bay finally fetched $3.17 million at weekend auction.

There were 10 third and final moments over the 12 minute onsite event.

But the humble home owned by late colourful, controversial Commonwealth Games chief Arthur Tunstall that last sold for £420 seventy years ago wasn't Sydney's highest.

That was over at Strathfield, the regular Saturday Sydney auction stadium, where a four-bedroom home at 17 Firth Avenue sold for $4.12 million through Georges Ellis and Co.

They had the 16 registered bidders with 55 rapid fire bids for the single storey home on its 1280 sqm block with pool offered for the first time offered in over 30 years.

The Sydney home auction market has continued to strengthen over recent weekends.

Domain had the Sydney clearance rate at 75.4 per cent, which was higher than the election weekend’s initial 73.5 per cent result, though below the boom-time 80 per cent reported on the same weekend last year.

Relatively low auction numbers continue to characterise the Sydney market, according to Domain Group's chief economist, Dr Andrew Wilson with strong competition among buyers.

Just 419 auctions were listed on Saturday, well below the 605 auctioned over the same weekend last year. 

Melbourne reported a preliminary clearance rate of 75.7 per cent on Saturday, which was the highest rate in nearly three months, below the 79.2 per cent reported over the same weekend last year.

Melbourne clearance rates are now trending upwards compared to the same time last year, Dr Wilson noted.

More than 530 Melbourne homes were listed for auction at the weekend, similar to the 559 auctioned over the same weekend last year.

Melbourne's consistently strong west suburban region reported the highest clearance rate at the weekend with 85.4 per cent and the highest number of sales at 76. 

The Sydney Central Coast reported the highest regional clearance rate with 83.3 per cent, followed by Canterbury Bankstown with 81.8 per cent, the lower north with 81.5 per cent.

Trailing the pack was the south west with 57.6 per cent and the Blue Mountains with a clearance rate of 50 per cent.

The Central Coast had Sydney's most affordable property when $280,000 was paid for a two-bedroom unit at 1/61 Howarth Street, Wyong through LJ Hooker Wyong. The 65 sqm unit, which was available recently at $280 a week, last sold at $140,000 in 1994.

Melbourne's most expensive property was a four-bedroom 1930s Elwood home, renovated in 2009, at 12 Glen Huntly Road, which sold for $2,465,000 through Chisholm and Gamon.

The Californian bungalow had been listed with $2.2 million plus price guidance.

The most affordable Melbourne property was a one-bedroom unit at 2/11 Aberdeen Street, Brunswick, which sold for $271,000 through Ray White.

It last sold in 2006 at $169,000.

Sydney recorded a median auction price of $1,045,500, some 7.5 per cent higher than the $972,500 recorded over the same weekend last year. A total of $228.5 million was reported sold.

Melbourne recorded a median auction price of $650,000, which was 1 per cent lower than the $655,000 recorded over the same weekend last year. A total of $191.4 million was reported sold.

Dr Wilson said lower Sydney auction numbers will continue to characterise the market over coming weekends, with just over 300 auctions expected next weekend — around half the number auctioned over the same weekend last year.

But in Melbourne auction numbers, although typically lower during the winter, are set to remain "robust" for this time of the year with around 550 listings scheduled next weekend.

Dr Wilson said low and falling interest rates continued to support buyer and seller confidence with strong competition amongst banks for mortgage customers also driving housing demand.

"Although the Reserve Bank has decided to leave interest rates on hold over July at the record low 1.75 per cent, the odds have certainly narrowed for a cut sooner rather than later and perhaps as soon as next month.

"The June quarter inflation data due to be released by the Australian Bureau of Statistics on July 27 will provide a key determinant of future rate settings, with another low result likely to activate the Bank," Dr Wilson said.

CoreLogic advised some 1,365 capital city auctions were scheduled for the week, with a preliminary clearance rate of 72 per cent. At the same time last year, 1,704 capital city auctions were held with 74.9 per cent clearing.

The nation's cheapest weekend result was in Adelaide where a two bedroom unit at 2/12 Fooks Terrace, St Kilda Beach, SA fetched $183,000 through Peter Migali at The Professionals Salisbury.

It fetched less than its 2010 sale price of $220,000 and its 2007 sale of $195,000. There were three bidders for the 2003 built apartment which is upstairs in the block of six next to the St Kilda Beach Hotel.

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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