Melbourne remains the auction powerhouse in early 2017 spring auctions

Melbourne remains the auction powerhouse in early 2017 spring auctions
Melbourne remains the auction powerhouse in early 2017 spring auctions

With a rare off-note for Melbourne, the singer songwriter Tina Arena's on Forbes was passed in on a vendor bid of $1.75 million at weekend auction.

There is now a $1.795 million asking price for the Fitzroy terrace which Arena, one of Australia’s highest selling female artists, has restyled since paying $1.38 million in August 2015.

But Melbourne did record the nation's highest result when an Edwardian ere home in Middle Park house sold for $6.4 million, shortly after being passed in at $6.25 million through Marshall White Port Phillip.

Located at 136 Page Street, there were three bidders for the five bedroom home that had last sold in 2015 for $5.5 million.

There's been a slight improvement in the national auction clearance rate, according to CoreLogic’s latest report, which comes as national spring auction volumes have increased on the second spring weekend.

The combined capital city preliminary clearance rate rose to 70.2 per cent for the week.

It was after last week’s revised final clearance rate fell to 66.4 per cent, which was the lowest combined capital city clearance rate so far this year, and the lowest since June 2016.

The clearance rate was lower than this time last year in all capitals, except Perth.

Auction volumes increased week-on-week with 2,225 properties taken to auction, up from 2,074 last week, and higher than this time last year (2,062).

Melbourne had the most auction stock and the highest success rate.

Its preliminary results had 73.2 per cent of the 938 reported auctions sold this week.

There were 1,097 properties taken to auction, up from 976 last week when the final clearance rate was recorded at 71.3 per cent.

Over the same week last year, 974 auctions were held and the clearance rate was 78.3 per cent.

Melbourne's strongest clearance was across the North West region at 86.6 per cent.

Some seven of the nine sub-regions of Melbourne recorded clearance rates above 70 per cent.

The cheapest sale was when a one bedroom West Footscray apartment sold for $208,000.

Located at 20/697 Barkly Street, the 33 sqm unit was marketed by Century 21 agent Yogi Flis with $195,000 to $214,000 hopes.

It has last sold at $45,500 in April 1989 and $17,950 in March 1976.

Sydney was host to 810 auctions this week with a preliminary clearance rate of 72.3 per cent, rising from 65.5 per cent last week across 779 auctions, although CoreLogic auction analyst Kevin Brogan advised this will fall over the week as late results come in.

One year ago, 758 auctions were held across Sydney and 80.6 per cent were successful.

The lowest clearance rate was across the Sutherland region where 57.1 per cent of the 42 reported auctions were successful.

Sydney prices peaked in Pymble where a six bedroom house sold for $5.7 million. It was among the increasing numbers of pre-auction sales.

Domain noted sold priors sat at 145 up from 109 in the previous weekend, given the increased paucity of active auction. buyers, with vendors taking what was on the table.

Located at 33 Pymble Avenue, the 2100 sqm property had been marketed as the "pinnacle of prestige in Pymble."

Domain chief economist Andrew Wilson said the spring selling season was shaping up to be one of the slowest in five years.

"It is becoming a much more level playing field between buyers and sellers," Dr Wilson said.

The preliminary clearance rate in Brisbane this week was 43.9 per cent, down from 45.6 per cent last week.

Auction volumes were similar this week with 137 auctions held, compared to 138 last week.

A two bedroom Macleay Island house sold for $138,000 making it regional Brisbane's cheapest sale.

Located at 29 Nugent Street, the 665 sqm property was marketed as an excellent investment return proposition having been offered recently as a $250 a week rental.

Built in 2006, it was offered last October at $245,000, with reduced $180,000 hopes in June this year. 

Situated in a quiet part of the island it was marketed as fully Crimsafe screened.

Brisbane's top sale was a Hamilton house sold for $2.58 million.

Located at 11 Czar Street, the four bedroom 1930s property was redesigned by architect Derek Trebilcock and interior designer Mary Durack.

Last sold for $1.14 million in 2009, the property was offered through Ray White agent Matt Lancashire.

In Adelaide, a 67.2 per cent preliminary result was recorded this week across 74 auctions.

Last week, 76 Adelaide auctions returned a clearance rate of 50 per cent for the city, while at the same time last year, 88 homes were taken to auction, with 68 per cent recording a successful result.

A three bedroom Vista house, 13 kms from the CBD, sold for $315,000 making it Adelaide’s cheapest weekend auction sale.

Located at 1407 Grand Junction Road, the property is ripe for renovation.

Built in 1972 it last sold in 2011 for $330,000.

A classic 1925 Myrtle Bank house that sold for $1.27 million was Adelaide’s most expensive sale.

Located at 31 Ferguson Avenue, the renovated four bedroom bungalow on 1010 sqm last sold for $317,000 in 2000.

Perth’s clearance rate of 36.8 per cent across 19 auction results compared to the 27.3 per cent last year.

Across Canberra, 72 homes were taken to auction on the weekend.

Preliminary results show a clearance rate of 69.2 per cent, up from 66.1 per cent the previous week.

A mountain-view five bedroom Deakin house sold for $1.675 million making it Canberra’s most expensive weekend auction sale.

Located at 36 Norman Place, the two storey brick house on 679 sqm also has glimpses of the lake.

Situated in a cul-de-sac, it last sold for $363,000 in 1998.

Residental Sales Tina Arena

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