Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

Sydney and Melbourne auction markets further strengthen in 2016 mid-winter
Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

With the end of the school holidays, Melbourne’s clearance rate sat at 77 percent, above 70 percent for the second consecutive time in five weeks, according to CoreLogic's preliminary result.

The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held.

With a clearance rate of 76 percent from 450 offerings, Sydney sat above 75 percent for the third week in a row.

The Inner West recorded the highest preliminary rate of 91 percent across 35 reported auctions followed on by the City and Inner South sub-region at 88 percent.

The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399, but lower than the same time last year, when 1,827 auctions were held. 

It was the last weekend of the Sydney school holidays.

CoreLogic researched the influence of the mid-year June-July school holidays on the level of activity to conclude, based on the four years between 2012 to 2015, that Melbourne was more influenced than Sydney.

Melbourne auction volumes for the first weekend of the school holidays triggered on average a 12 percent decline on the previous week.

The clearance rate performance over the three weeks of school holidays, compared to the three weeks leading up to school holidays was typically not that different. 

"In Sydney, we don’t see the same trends that are seen in Melbourne, the school holidays don’t seem to have the same impact that they do in Melbourne and this isn’t too surprising as Melbourne is often influenced more when public holidays are held," the CoreLogic spokesperson advised.

The latest national clearance rate held above 70% across the combined capitals for the second week running, up from 70 percent to 71 percent.

It is the second time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent, with the results being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 percent.

There were 117 Brisbane auctions with a clearance rate of 46 percent.

There were 61 auctions held in Adelaide with a 52 percent. CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31 percent.

A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64 percent.

The highest auction sale across the nation at auction was in Strathfield, for the second consecutive weekend.

It was a five bedroom at 35 Rickard Road (above) which fetched $3.76 million.

The newly built home was built after the 627 sqm block cost $1.55 million in 2014.

There had been $3.3 million to $3.5 million price guidance.

Melbourne's top sale was a development site at Chatswood for $2.6 million. The 7 Churchill Avenue offering (below) was 1800 sqm with permission for six townhouses.

 Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

The dearest house sale across Melbourne was at Glen Waverley when a newly built five bedroom at 30 Tobias Avenue sold at $2,215,000 (below).

Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

The weekend's cheapest auction sale was at Thomastown when 1/17 Caroline Street fetched $235,000 (below).

Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

The two bedroom, 60 sqm 1970s villa, 17kms north of Melbourne, had last sold at $100,000 in 2001. It was a $265 a week rental.

The biggest reported sale of the past week was at Surfers Paradise. It was the home of the entrepreneurial, former Rolls-Royce car dealer David Baird and his wife, Marion through Ray White agents Sam Guo and Julia Kuo.

The trophy home, Summer House, credited as the Gold Coast's biggest residence, fetched a reported $11 million, according to the Gold Coast Bulletin.

It was a six bedroom, six bathroom mansion on 2318 sqm on Cronin Island with three kitchens, a gymnasium, numerous spas and saunas, a 25 metre, four-lane lap pool and a 10 car basement garage.

Designed by Main Beach architects Mobb Thompson and Payne, the home was built 26 years ago for the president of Daikyo Shoji Yokoyama - the Japanese company behind the QT.

Sydney and Melbourne auction markets further strengthen in 2016 mid-winter

The video game designer Masafumi Miyamoto paid $6,553,136 in 1997 - a Gold Coast record which stood for eight years.

He sold it to the Bairds for $8 million in 2004 despite having $13 million hopes.

It was rented by Hollywood stars Sarah Michelle Gellar and Freddie Prinze Jr when they were making Scooby-Doo. 

The Gold Coast Bulletin reported it was bought by Celine Guan, wife of Junxiong Yang, owner of the Links Golf Course at Hope Island Resort.

It was the third highest sale on the Coast this year behind 159 Hedges Avenue which sold for $13.25 million and the $11 million sale of 107 Albatross Avenue. 

Tags: 
Auctions Residential Sales

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