Strong May weekend for Sydney, Melbourne auctions

Strong May weekend for Sydney, Melbourne auctions
Strong May weekend for Sydney, Melbourne auctions

Melbourne agents offered a weekend auction smorgasbord of culinary-connected inner city offerings.

The Carlton North home (above) of late Japanese restaurateur, Kunihiro “Kuni” Ichikawa fetched $2.3 million.

There were eight bidders seeking the 278 sqm two bedroom Reserve Street offering which was built for him in 1967 with Japanese influences.

Alexkarbon selling agent Tony Downward noted Ichikawa introduced sushi to Australia after opening Kuni’s in the CBD in 1977.

He lived there until he died early last year aged 67.

There was a $740,000 sale of an apartment above the Collingwood eatery, The Noble Experiment.

Strong May weekend for Sydney, Melbourne auctions

The apartment, (above) located in the old Comarty's building located on the corner of Smith and Otter Streets, had traded in 2007 at $497,500.

The pre-auction selling range was $700,000 to $770,000.

At Fitzroy North a three-bedroom apartment atop an Italian restaurant attracted keen interest.

Strong May weekend for Sydney, Melbourne auctions

Nelson Alexander Fitzroy auctioneer Arch Staver said the $975,000 price was $225,000 above reserve when an investor outbid four others to win the keys of the Queens Parade offering (above).

The weekend preliminary auction average clearance rate has risen again to 77 percent on the second last Autumn weekend, according to CoreLogic’s latest update.

Auction activity across the combined capital cities increased this week too, up from 2,409 auctions last week, to 2,794 this week, making it the sixth busiest week so far this year.

The clearance rate across the combined capitals was 77.2 percent, increasing from a final clearance rate of 72.8 percent over the previous week.

At the same time last year, both volumes (1,920) and the clearance rate (68.9 percent) were lower.

The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 80.7 percent and Melbourne at 79.2 percent, although Kevin Brogan, the CoreLogic auction analyst said that Sydney, and to a lesser extent Melbourne, tend to revise down over the week when the remaining results are captured.

Over the previous week, Sydney’s preliminary clearance rate of 79.4 percent was revised down to 74.5 percent when finalised.

Across the smaller capital city markets, Brisbane was the only city where preliminary clearance rates fell week-on-week.

Sydney was host to 1,053 auctions this week and a preliminary clearance rate of 80.7 percent was recorded, rising from 74.5 percent last week across 960 auctions.

One year ago, 735 auctions were held across Sydney and 73.2 percent were successful.

It was the strongest result since April 9.

Eight of the 15 sub-regions recorded clearance rates of at least 80 percent with the stand outs being Sydney's Inner West 88.9 percent and Sutherland's 88.6 percent.

A Sydney Harbour waterfront house at Northbridge sold for $9.3 million making it the nation’s most expensive weekend auction sale.

Strong May weekend for Sydney, Melbourne auctions

The 67 Coolawin Road home (above) on 1890 sq m was marketed through Shead Property as a "once in a generation opportunity." 

The Middle Harbour home has an extensive garden that leads to a private boat house and pontoon along with wide level garden frontage.

There were 1,323 auctions held in Melbourne this week with a preliminary clearance rate of 79.2 percent. 

This week’s result shows a rise in the clearance rate for the city, after Melbourne’s final clearance rate was recorded at 75 percent last week, the lowest clearance rate for the city so far this year.

Over the same week last year, Melbourne’s clearance rate was 70 percent across 843 auctions.

Melbourne's highest was a four bedroom 1907 Queen Anne Federation house at Camberwell.

Strong May weekend for Sydney, Melbourne auctions

Agents secured $5.02 million for Croydon at 28 Kintore Street, (above) positioned in the highly-prized Tara Estate close to Junction shopping.

Last sold in 1994 for $650,000, and before that $116,000 in 1979, the century-old charmer set on almost 900q m, was offered through Jellis Craig who had a price guide of $4.5 million to $5 million.

The Herald Sun reported there had been a $5 million reserve for the home that attracted three bidders.

Melbourne had the cheapest sale of the nation when a two bedroom villa at Melton South sold for $251,000.

Strong May weekend for Sydney, Melbourne auctions

Located at 1/18 Toolern Street, the 1980-built villa was marketed as suitable for first home buyers, investors and downsizers.

It last sold at $207,000 in 2012.

There is 90 sqm space with indoor/outdoor zones comprising of central lounge/meal area that opens to an alfresco courtyard.

The property was offered through Raine & Horne agents Kieran Carson and Genna Di Pasquale.

Of the Melbourne sub-regions, seven of the nine regions recorded clearance rates at or above 75 percent, with the highest clearance recorded across the Outer East, with preliminary results showing 87.8 percent of the 98 results were successful.

There were 160 Brisbane homes taken to auction this week, with 93 results reported so far. 

A six bedroom Clayfield house sold for $1.75 million through Ray White agent Damon Warat was Brisbane’s most expensive reported weekend auction sale.

Strong May weekend for Sydney, Melbourne auctions

Located at 122 Alexandria Road, the property has been recently renovated. It last traded in 2010 at $1.3 million.

The preliminary clearance rate for Brisbane at 51.6 percent, was the only capital city down from last week, when it was 59 percent, but similar to one year ago, when 50.9 percent of the 131 properties taken to auction were successful.

In Adelaide, a 70.4 percent preliminary result was recorded this week across 114 auctions.

The 102 Adelaide auctions returned a clearance rate of 63 percent, while at the same time last year, 92 homes were taken to auction, with 68.8 per cent recording a successful result.

Strong May weekend for Sydney, Melbourne auctions

There was no sale when a stunning six-bedroom Glenelg North Victorian-Italianate style home at 36 North Esplanade (above) attracted three registered bidders, but then no bids.

Adelaide's cheapest sale was a two bedroom Kent Town unit sold for $342,000.

Strong May weekend for Sydney, Melbourne auctions

Located at 3/2-8 College Road, (above) the property last sold in 2005 at $230,000.

Set 10 minutes from Rundle Street, the property was offered through Harris Real Estate who had offered $320,000 price guidance.

Across Canberra, 85 homes were taken to auction this week.

Preliminary results show a clearance rate of 75.3 percent, up from 74.3 percent the previous week.

A five bedroom elevated Red Hill house sold for $1.541 million making it Canberra's most expensive weekend auction sale.

Strong May weekend for Sydney, Melbourne auctions

Located at 26 Fishburn Street (above), the property that overlooks a treetop landscape had last sold at $1.38 million in 2015.

The 1960s home, with 1990s renovation, was marketed with additional potential for redevelopment or renovation through Peter Blackshaw Real Estate agent Andrew Chamberlain.

Perth’s preliminary clearance rate was 50 percent this week, up from 42.1 percent last week.

This week 48 Perth homes were auctioned.

At the same time last year, 42.9 percent of Perth auctions cleared.


Residential Sales Clearance Rate

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