Canberra towers over other capitals with late spring auction success rate

Adelaide's landmark 1880 water tower offering certainly stood out among the weekend auctions.

The seven level Semaphore property had been been listed for sale by the Stibr family for the first time in four decades.

Set 14 kilometres north west of Adelaide, the water tower home is currently three bedrooms and two separate self-contained units.

The expansive top floor takes in 360 degree views over the whole of the city, beach and hills.

It sold for $1.2 million at weekend auction. The tower (picture above) was knocked down to a Sydney insurance broker, Daniel Johnson and wife, Virginia who haven’t made any firm decision on what they will do with the property.

“We want to make it the amazing place it could be,’’ Mr Johnson said.

"It could be an art gallery with a restaurant. It could be accommodation," they told the Adelaide Advertiser.

Adelaide had a 65 percent success rate across its 126 auctions, virtually unchanged from the prior weekend's 64.1 percent across 129 auctions, and pretty much the same as this time last year.

But with the weakening in Sydney and to a lesser extent in Melbourne, Adelaide's weekend success rate sat third among the capitals, behind Canberra's 72.9 percent success rate with Melbourne in second place with 71.4 percent of its auctions finding buyers.

Adelaide had the nation's cheapest sale when 29 Grenache Road, Hackham sold for $239,000.

The 1970s sandstone brick house was offered with $225,000 price guidance having last traded in 2000 at $85,000. It had been listed as a $295 a week rental earlier this year.

In Canberra, 125 auctions were held with prices ranging from $348,000 at Bruce to $1.73 million at Red Hill.

The low rise two bedroom Bruce apartment was set in The Hub complex.

The Red Hill sale was a four bedroom renovated cottage on 1155 sqm at 246 La Perouse Street that had traded at $985,000 in original 1960s condition.

There were 2,894 auctions held across the combined capital cities returning a preliminary national auction clearance rate of 66.5 per cent.

Clearance rates have continued to track below 70 per cent since June the year, CoreLogic's auction analyst Kevin Brogan noted.

Brisbane, with only 45.7 per cent of auctions cleared, was the weakest capital city. Its sale ranged between $295,000 at Woody Point and $1.1 million at Kedron.

The two bedroom 1960s Woody Point offering, set 500 metres from the beach in the Redcliffe district, had sold at $200,000 in 2013.

The Kedron sale was a 2015-built five bedroom Amelia Lee-designed home at 18 Thirteenth Avenue.

Melbourne's 71.4 per cent success rate was recorded across 1,299 auctions this week, down from last week’s final clearance rate of 74.3 per cent across just 318 auctions.

Melbourne's strongest clearance rate was recorded across the West region with an 82.2 per cent success rate across 189 auctions.

Melbourne had the nation's top sale when $6.4 million was paid for a Toorak offering through RT Edgar.

The likely knock-down at 22 Lansell Road had $5.5 million to $6 million pre-auction price guidance.

It last sold at $160,000 in 1979 on its 600 sqm corner block.

Sydney returned a preliminary auction clearance rate of 64.4 per cent this week, rising from last week’s revised final 59.8 per cent result, while one year ago 81.4 per cent of Sydney homes taken to auction were successful.

Auction volumes decreased week-on-week, with 1,089 auctions held this week, down from the 1,232 held last week.

The Ryde sub-region of Sydney recorded the highest preliminary clearance rate this week, with 88.6 per cent of the 49 auctions held reporting as sold.

Sydney's cheapest sale was a one bedroom, one bathroom duplex villa at Bexley when $411,000 was paid for 2/15 Caledonian Street. There had been $400,000 to $440,000 price guidance.  Offered previously as a $370 a week rental, it had traded in 2013 at $305,000.

It's LJ Hooker agent Vesna Apoleska marketed it as "the best buy in town."

Perth’s clearance rate of 61.9 per cent across 39 auctions was amongst its highest recorded this year. Over the same week last year, the Perth clearance rate was a lower 37.5 per cent, and 43 auctions were held.

Perth's top notified result was $1 million at Victoria Park when a four bedroom renovated house sold through Boston & Co.

The late 1920s home had last sold at $965,000 in 2009.

"30 Mackie Street taps into the easy Western Australian way of life with seamless indoor outdoor living," the marketing advised.

"It's a healthy walk to the exciting new Perth Stadium," it also suggested.