$9 million Toorak sale tops weekend auction results

$9 million Toorak sale tops weekend auction results
$9 million Toorak sale tops weekend auction results

A $9 million Toorak sale topped the nation's weekend auction sales.

Napier, the humble three bedroom offering attracted five bidders selling more than $2 million over reserve at its RT Edgar auction. 

The 870 sqm property at 12 St Georges Road (above) last sold at $1 million in 1995, reflecting 10 percent annual price growth.

It represented the first time $10,000 plus had been paid per square metre in Toorak, according to one buyers' agent in attendance.

Melbourne also had the nation's cheapest result when $250,000 was paid for a two bedroom Tullamarine villa.

 million Toorak sale tops weekend auction results

The 2/30 Banksia Grove offering (above), currently a $270 a week rental, had $220,000 to $240,000 pre-auction price guidance.

Weekend auction clearance rates have again strengthened with Sydney still leading the pack.

The national capital city preliminary clearance rate increased this week from last week’s final of 73.6 percent to 77.5 percent, with auction volumes also showing an increasing trend over the week, according to CoreLogic.

There were 2,843 auctions held across the combined capital cities, up from 2,517 a week ago.

However volumes sit lower than the corresponding period last November when 3,274 auctions were reported.

"Late November and early December have historically shown the highest number of auctions," Kevin Brogan at CoreLogic said.

"As the number of auctions trends higher over the coming weeks, the larger stock levels will provide a timely test of the auction markets strength."

Melbourne’s preliminary clearance rate improved a tad as auction volumes increased over the week.

Preliminary results showed 77.2 percent of auctions were successful this week, up slightly from 76.1 percent last week.

There were 1,313 auctions held in Melbourne, up from the 927 reported last week; although lower than the 1,567 reported over the corresponding week last year.

The inner region of Melbourne had the highest number of auctions this week (257), with a preliminary clearance rate of 77 per cent. Melbourne's strongest clearance rate was recorded across the Outer East region and West region, with preliminary result showing 86 percent and 82 percent of auctions were successful.

In Sydney, 1,062 auctions were held this week, down slightly from 1,087 over the previous week.

The preliminary clearance rate of 84.2 per cent is up from this time last year, when a clearance rate of 58 percent was recorded across 1,223 auctions.

The Sutherland region recorded the strongest clearance rate of 95 percent across 54 auctions.

Sydney's auction strength saw results including a $1.69 million shed in Glebe (below) sold with ­approval for a residential conversion.

 million Toorak sale tops weekend auction results

Selling agent Nicholas Katsikaros, of LJ Hooker Glebe, said about 35 contracts were issued for the 14 Reuss St property which was 272sq m in size.

A single storey, four-bedroom Chatswood home sold for more than $1 million above its reserve price when offered for the first time in 50 years.

Keen bidding from buyers of Chinese origin triggered the $5.3 million price for 8 Havilah St (below).

 million Toorak sale tops weekend auction results

It was a 556sq m block opposite Chatswood Chase shopping centre.

Sydney's highest sale when $6.2 million was paid in Greenwich for a six bedroom home with boatshed (below).

 million Toorak sale tops weekend auction results

It last sold in 1984 for $210,000.

It had been offered earlier this year with an $8 million asking price.

Canberra was the second strongest auction market at 83 percent, compared to 71 percent last week and 63 percent last year.

Prices in the national capital ranged from $370,000 at Holt for a three bedroom townhouse to $1.38 million for a five bedroom Nicholls house, Il Palazzo (below).

 million Toorak sale tops weekend auction results

There were 97 Canberra auctions held across the city, down from 117 last week and also lower than the 102 held at the same time last year

In Brisbane 191 auctions were held this week, compared to 198 auctions last year and 181 last week.

Some 53 per cent of auctions were sold, up from 50 per cent last week and also last year when 39 percent of Brisbane auctions were successful.

Australia’s richest woman Gina Rinehart has listed her redundant Brisbane riverfront in Chelmer for auction next weekend (below).

 million Toorak sale tops weekend auction results

The modern Sutton St was bought in 2010 for $3.175 million. It was offered as a rental at $2000 per week in 2012.

Adelaide recorded a clearance rate of 68 percent across 129 auctions this week.

There were 42 Perth auctions with the preliminary clearance rate of 43 percent, up from 30 percent last week.

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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