Melbourne auctions strongest of the nation in early results

Melbourne auctions strongest of the nation in early results
Melbourne auctions strongest of the nation in early results

The auction of a two-storey, three-bedroom Richmond townhouse - set inside Channel 9’s former Melbourne television studios - failed to draw more than a curious audience, with the offering passed in on a $1.85 million vendor bid.

But Melbourne regained its mantle as the hottest auction market, when some 72.5 per cent of the 520 reported auctions sold, followed by Adelaide at 68.9 per cent.

The Richmond offering (pictured above) comes with a $1.95 million asking price having been listed by the boss of First National Real Estate, Ray Ellis.

The townhouse with soaring ceilings was bought by Ellis at $1,725,000 in 2014.

Originally built in the 1900's by the Wertheim piano manufacturers, it went on to become the Heinz soup factory before General Televsion Corporation bought the site in 1955.

The Herald Sun reported former Hey Hey It’s Saturday star John Blackman was among the onlookers, having worked in the building. 

The residential conversion of the former television studio lot was undertaken by Lend Lease as part of the $400 million housing village, dubbed Studio Nine. The offering sits directly under the Television City sign etched onto the front red brick facade on the tree-lined Bendigo Street.

Jellis Craig auctioneer Jonathon O’Donoghue placed two vendor bids before the property passed in at $1.85 million.

This week across the nation's capital cities, auction volumes continued to increase with 1,464 homes returning a preliminary clearance rate of 67.7 per cent.

It was up from the 62 per cent across 790 auctions last week, as listings grow after the summer break.

CoreLogic auction analyst Kevin Brogan noted over the same week last year 1,591 auctions were held with a stronger 73.2 percent clearance rate. 

Sydney secured the nation's top auction result, but it was a close contest.

Melbourne auctions strongest of the nation in early results

There was a $3,028,000 apartment sale at Kirribilli which edged out a $3 million Abbotsford house sale in Sydney's inner west.

The three bedroom 61/29 Carabella Street offering (above) had been listed with $2.5 million expectations through Nigel Mikhi at McGrath.

The 14 Irene Street Abbotsford offering was a three bedroom single storey home on 700 sqm. It last sold in 2003 at $1,052,000.

Sydney was host to 517 auctions this week and a preliminary clearance rate of 68.7 per cent was recorded, rising from 57.1 per cent last week across 216 auctions.

The strongest of Sydney's 15 sub-regions were the Eastern Suburbs (85.2 per cent), the Northern Beaches (79.1 per cent) and the Inner West (75 per cent) regions. 

The lowest clearance rate was across the Sutherland Shire where 46.7 per cent of the 30 reported auctions were successful.

Melbourne's strongest clearance was recorded across the Mornington Peninsula, where 85 per cent of the 20 reported auctions were successful. 

Melbourne's top sale was on the peninsula when $2.45 million was paid at McCrae. The 3610 sqm corner lot set over three titles cam with an updated three-bedroom, three-bathroom residence.

The 1-7 Burrell Street offering, 200 metres from the beach, was marketed by Hockingstuart for its development potential. It was listed for the first time in more than 30 years when the blocks fetched around $100,000 each.

The preliminary clearance rate in Brisbane was 53.8 per cent, up from 45.6 per cent last week. 

An Ipswich offering at 38 Bassett Lane, Rosewood was the nation's cheapest capital city result. The five bedroom house on 1320 sqm sold for $200,000. It had traded at $315,000 in pre-gfc 2008.

Meanwhile the Gold Coast secured a 65.4 per cent success rate of its 26 reported auctions.page1image89720 

In Adelaide, a 68.9 per cent preliminary result was recorded across 78 auctions. Last week, 98 Adelaide auctions returned a clearance rate of 70.2 per cent.

The top sale was $1,405,000 for a 1925s classic sandstone-fronted bungalow on 935 sqm at St Peters (pictured below). The 16 Ninth Avenue home was marketed as ideal canvas for an ambitious renovator or home builder.

Melbourne auctions strongest of the nation in early results

Perth’s clearance rate of 29 per cent across 31 auction results was lower than last week, when 30 auctions were held and a clearance rate of 47.4 per cent was recorded. 

Over the same week last year Perth was 25 per cent, and 74 auctions were held.

Perth sales included a $452,000 result for a home at Marangaroo, described as a four bedroom, two bathroom plus study, quality built Peter Stannard home that was a first home buyers dream.

Across Canberra, 73 homes were taken to auction. Preliminary results show a clearance rate of 67.7 per cent, up from 62.2 per cent the previous week.

Tasmania was host to 11 auctions this week and of the eight reported some five successful sales. 

A three bedroom South Burnie home (pictured below) was passed on on a $500,000 vendor bid. It had been transformed onto a modern home since selling at $200,000 in 2015.

Melbourne auctions strongest of the nation in early results

Tags: 
Melbourne Auction Market

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