Reduced Sydney and Melbourne auctions continue to underpin market strength

Melbourne's median weekend house price was $860,000 with prices between $280,000 at Broadmeadows and $3.755 million at Albert Park. 

Apartments had a $600,000 median with prices between $255,000 at Broadmeadows and $1.533 million at Bentleigh.

Sydney's weekend medians were $1.35 million for houses and around $900,000 for apartments. The cheapest offering was $465,000 for a two bedroom Westmead unit with the dearest result being $3.05 million at Mona Vale.

The next highest was $2.8 million post auction in Woollahra. 

Trevor Sykes, the veteran Pierpont finance columnist, had knocked back $2.72 million when his Woollahra period home was auctioned through Debbie Donnelley of Phillips Pantzer Donnelley who secured bidding from just the two parties. The $2.8 million was paid post-auction by the underbidder for the three bedroom, two bathroom house with cellar (above). 

Skyes, once editor of the now defunct The Bulletin magazine, and wife, Daya had owned the Bathurst Street home on a 322 sqm corner block since 2001 when it cost $1.33 million.

Some 1,295 auctions were held across the capital cities, with 1,076 reported results so far. CoreLogic had the preliminary clearance rate of 70 percent - the same compared with last week’s result which showed 70 per cent of the 1,391 capital city auctions cleared.

"Melbourne and Sydney are once again showing the strongest clearance rates of 72 percent and 75 percent respectively," CoreLogic's Kevin Brogan noted.

"Both Sydney and Melbourne recorded a lower number of auctions this week when compared to last week.

"At the same time last year, the number of auctions held was still substantially higher at 2,143 with a success rate of 74 percent."

There were 918 Melbourne auctions held at the same time last year compared to the 550 on the weekend. 

Sydney was host to 448 auctions this week, and much like Melbourne, auction volumes in Sydney this week are substantially lower than one year ago, when 906 auctions were held across the city.  

Brisbane was next busiest, and its volumes were comparable to last year. There were 135 Brisbane auctions, compared to last week’s 120 auctions and 163 auctions last year. The preliminary clearance rate was 53 percent this week, up from 47 percent last week. At the same time last year 54 percent of Brisbane auctions were successful.   

But one Brisbane auction did not proceed as the two bedroom cottage with waterfront views at Victoria Point was badly burnt just hours before going to auction on Saturday.

LJ Hooker Birkdale agent Debbie Ward called the absentee owner with the news 4 Colburn Avenue was gutted (pictured below).

She made the phone call about 10.40am just ahead of the scheduled 1pm auction at 1pm which was cancelled.

The Gold Coast’s preliminary results show a clearance rate of 62 percent across 21 reported auctions, but all the action has been private treaty sales that have all given the prestige market some momentum.

A $15.5 million sale has been secured for a home on the Isle of Brookfield Residential.

The sale of 57-59 The Corso to Chinese buyers is the highest price achieved on the Gold Coast since 2009 (below). 

The two-level semi-Balinese style mansion was first was marketed three years ago as having a replacement cost in excess of $20 million.

Meanwhile after selling his Cronin Island home, Summer House for $11 million (reported on the New Daily last week), the entrepreneur David Baird and wife Marion have snapped up another Surfers Paradise home. 

They have spent $7 million property on Commodore Drive for a five bedroom, six bathroom home on 1124 sqm.

It has a floor area of more than 800 sqm, spread over four levels.