Sydney the proven spring auction stayer

Sydney the proven spring auction stayer
Sydney the proven spring auction stayer

The final weekend of October had the clearance rate remain high across all the capital cities, recording above 70 percent for the 14th consecutive week.

There were 2,246 auctions held across the capital cities, with a preliminary auction clearance rate of 77 percent, slightly down decrease over last week’s final clearance rate of 78 percent across 2,680 auctions. 

But it was much higher than the corresponding week last year when there was a 61 percent success rate.

Sydney has been the proven spring stayer this year with its auction clearance rate remaining above 80 percent.

Three weeks ago there were four capitals in the picture, but they all dropped off a little. 

Prices ranged across the country from $246,500 in Adelaide to $5.65 million in Sydney, with two strong challenges from prestige Brisbane offerings.

The result comes days before the key Melbourne Cup day interest rate decision by the Reserve Bank of Australia. 

"The strong clearance rate continues to be supported by exceptionally strong auction market conditions in Sydney where the preliminary clearance rate was recorded at 84.4 percent across almost 1,100 auctions, while the preliminary clearance rate in Melbourne (78.6 percent), Canberra (71.1 percent) and Adelaide (75 percent) also tracked above 70 percent," Kevin Brogan said.

Across Sydney, 1,096 homes were taken to auction this week with a preliminary clearance rate of 84.4 percent across 906 reported results.

Last week, the final clearance rate for the city was 82.6 percent, across 897 auctions.

One year ago, 1,391 Sydney homes were taken to auction and the clearance rate was 60 percent. 

Clearance rates ranged fror 94 percent on the Northern Beaches to 67 percent in Parramatta. 

The most expensive house sold was a newly built six bedroom Strathfield home (above). 

The sale at 115 Homebush Road for $5.65 million was $300,000 over reserve through agents Joseph and Sam Georges of Georges Ellis & Co. They said prices were up about 30 per cent in the last year.

The 1120 sq m building block had cost $1.7 million in 2014.

Sydney's Paddington had its own dilapidated terrace story too. 

The 45 Iris Street offering sold for $1.19 million - $190,000 more than it was purchased for just eight months ago.

The uninhabitable two bedroom terrace had three bidders with it sold to an investor who will implement the recently obtained development approval.

Sydney the proven spring auction stayer

The terrace had been the home of the late artist Christina Coombes who had bought it in 1965 for £3200.

The distraction of the Spring Racing Carnival saw Melbourne listings down - and the preliminary clearance rate dipped from 80 percent to 78 per cent, though remaining well above the 65 percent clearance rate for the city one year ago.

Melbourne hosted around 629 auctions, lower than the 1,377 held last week and consistent with the same period last year.

The strongest performer was the North West region with a 91 percent of success rate. 

The top sale at Hawthorn was a 1000 sq m offering on the Lisson Grove estate which since the 1870s had been regarded as one Hawthorn's most fashionable avenues given the lovely Victorian homes set in large gardens.

Number 65 was one of four single storey villas built between 1884 and 1886 featuring a symmetrical façade with double bay windows.

"We have five young families bidding" Duane Wolowiec said.  

"There are strict heritage restoration conditions including the need to install slate roofing," he said.

Most buyers thought the restoration would cost at least $1.5 million, he added. Hawthorn's median house price currently sits at a record $1.85 million, according to CoreLogic.

There were 192 Brisbane homes taken to auction this week, with 114 results reported so far. The preliminary clearance rate for the city is 52 percent, up from 50 percent last week and also higher than one year ago, when 48 percent of the 188 properties taken to auction were successful.

Brisbane's top weekend result was $5.3 million in Paddington. 

Sydney the proven spring auction stayer

The tri-level 2009-built contemporary home at 171 Fernberg Rd (above) sold to a Toowong family.

There was also the $5.25 million sale of the former six decade long home of the late Sir John Pidgeon, a respected leader in the construction and property industry. 

The home at 14 Otway St, Holland Park (below) on 5275 sq m was purchased for $5.225 million by a local buyer. 

Sydney the proven spring auction stayer

Sir John passed away in June.

The auction, through Dixon Family Estate Agents, attracted 36 registered buyers, according to the Courier Mail.

The living room fireplace is an authentic George III white marble inlaid chimney piece, the jamb centred with a relief of Diana and her Hound. 

Adelaide recorded a clearance rate of 75 percent across 166 auctions this week, up from 71 percent across 100 auctions last week. At the same time last year, 148 homes were taken to auction, with 57 percent recording a successful result.

Adelaide had the nation's cheapest sale at $246,500 in Elizabeth. 

Sydney the proven spring auction stayer

The mid-1960s three bedroom brick home (above) had been listed with $210,000 hopes, having last sold for $92,500 in 2002.

Canberra’s preliminary auction clearance rate of 71 percent this week matched the 71 percent recorded last year. 

Perth and Hobart were the capitals with lower clearance rates than 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.

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