Sydney's priciest weekend auction result was a Popov

Sydney's priciest weekend auction result was a Popov
Sydney's priciest weekend auction result was a Popov

Sydney's top weekend auction result was another stellar sale.

This time it was a striking Alex Popov-designed riverfront house at Hunters Hill that fetched $5.15 million, some $750,000 above reserve.

The selling agents had offered $4 million pre-auction price guidance.

There was 14 percent annual price growth with the four bedroom contemporary home having traded in 2014 for $3.85 million.

There'd been subsequent renovations including a new kitchen featuring plenty of stainless steel, marble-look stone benchtops, a Bora induction cooktop and two walk-in pantries, one with twin Miele wall ovens and a wine fridge.

With expansive Lane Cove River views, the Bonnefin Road residence was built in 2000 for then Vogue chief financial officer Aye-Ling Koh on its 1,114 square metre holding.

It first sold for $3.55 million in 2007.

There is floor-to-ceiling glass and wrap-around decking with the home designed based around a central pavilion with a wing on each side.

The architect has been considered a draw card among some Sydney buyers.

The sale continues the recent spree of over the top auction sale prices.

The expatriate celebrity chef Bill Granger secured a bullish $6.4 million sale at Tamarama, reflecting 20 percent annualised price growth, in early August (below).

Sydney's priciest weekend auction result was a Popov

Last month property developer Jason Li sold a residential warehouse conversion offering at 252 Mitchell Road in Alexandria for $3.01 million which was two years ago for $1.45 million (below).

 Sydney's priciest weekend auction result was a Popov

The sale price soared $1.01 million over its $2 million reserve.

The limited supply of new stock for sale is one of the most important factors in how the winter property market has performed, agents say.

The strength in the Sydney market has seen week-on-week results over 70 percent ever since the last week in April.

There are currently around 19,000 properties for sale across Sydney, according to CoreLogic, which is up 4 percent on the same time last winter. But much of the stock has been on the market for many months, with just the 5900 new listings - some 25 percent down on fresh listings at the same time last year.

Across all the capital cities, new listings are 12.5 percent lower relative to last year, while total listings 3.5 percent higher. 

CoreLogic spokesperson Kevin Brogan said the recent strong trend in Sydney and Melbourne auction results had been achieved on falling auction volumes, suggesting the buyer demand is outweighing the supply of homes being taken to auction.

Auction activity fell to 1,444 homes this week across the capital cities, compared to 1,540 last week.

Last year the number was 2,118.

The national clearance rate continued its upwards trend, with 77.8 per cent of reported auctions across the capitals were successful.

Sydney’s clearance rate again sat above the 80% mark, with 81.6 percent sold in the preliminary tally.  For the past five weeks, auction volumes have been rising slowly across Sydney, up to 610 this week, contrasted with the 544 and 509 previously. But one year ago, 915 Sydney auctions were held.

There was mixed performance across Sydney’s sub-regions this week ranging from 89 percent on the Northern Beaches and 64 percent across the South West.

Melbourne was at 79.9 percent, a rise from 74 percent last week and higher than 76 percent last year.

There were fewer auctions across Melbourne - down from 724 to 604, and down on one year ago when 908 homes were offered.

A stately Victorian-era Kew trophy home was the nation's top seller when it sold post auction for $6.5 million.

Rohese at 15 Barry St had been passed in at $6.45 million through Jellis Craig with just two bidders participating (below). 

Sydney's priciest weekend auction result was a Popov

It was the home where a Wimbledon champion played his early tennis on the court once attached to the 1880s house owned by Thomas Patterson and his wife, Isabella (nee Mitchell). Their son, Gerald won three grand slam singles titles, from 1919 to 1927.

The residence on its 1330 sqm holding last traded for $2.91 million in 2009.

Melbourne's outer East had the strongest success rate at 90.9 per cent across 38 auction results.

Some 49 percent of reported Brisbane auctions were successful, down from 54 percent last week, but its 88 auctions well down on the 130 a year ago.

Adelaide’s preliminary clearance rate was 72 percent this week, rising from 63 percent last week and higher than one year ago at 68 percent.

Adelaide's 56 homes taken to auction was down on the 83 at the same time last year. 

It had the cheapest sale across Australia when a two bedroom unit at 5/12 Braeside Avenue, Holden Hill fetched $180,000 prior to its scheduled auction (below).

Sydney's priciest weekend auction result was a Popov

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.

Tags: 
Auctions Residential Sale

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