Hastily called private auction triggered $9 million Glen Iris sale

Hastily called private auction triggered $9 million Glen Iris sale
Hastily called private auction triggered $9 million Glen Iris sale

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 61.2 per cent was recorded across 1,090 auctions this week, down from 63.7 per cent across 1,144 auctions last week.

One year ago, the clearance rate was a stronger 75 per cent across 1,098 auctions.

A private weekend auction saw a $9 million Glen Iris sale, a record price for the suburb which has stood at $6.55 million since 2011.

It had been listed with $7 million to $7.7 million price guidance through RT Edgar Mark Wridgway who did the Saturday auction ahead of Monday's scheduled expression of interest closing deadline.

Word of the price leaked out given the attendance of buyers' agents representing some of the six active bidders.

The 4 Fairview Grove, Glen Iris offering (top) was a Christopher Doyle-built period home, renovated around a decade ago, on its 2000 sqm block with tennis court.

The property last sold 20 years ago at $1,178,000.

“The pre-auction shenanigans and the auction itself was a masterclass in manipulation, momentum and marvel,” one buyers' agent said.

There was also a public Glen Iris weekend auction of the trophy home at 36 Howard Street, which was passed in of a $3.3 million vendor bid.

The two storey sandstone residence now comes with a $3.65 million asking price.

Melbourne's highest officially notified result was $4.58 million for 390 Richardson Street, Middle Park (below).

Hastily called private auction triggered  million Glen Iris sale

The double fronted unrenovated four bedroom house had been listed with $4 million to $4.4 million price guidance. 

There was a $4.22 million sale in Brighton when 6 Bagley Street was sold.

There were 767 auctions held in Sydney returning a preliminary auction clearance rate of 62.5 per cent, compared to 63.1 per cent across 797 last week, and 74.5 per cent across 960 auctions one year ago.

Sydney's top sale was 30-32 Glebe St, Randwick which fetched $4.5 million pre-auction through BresicWhitney.

At Turramurra there was a pre-auction sale at $4.35 million (below).

The custom-designed five bedroom Meadowbank residence was set on a 1138 sqm Boomerang Street block framed by established gardens.

Hastily called private auction triggered  million Glen Iris sale

The Di Jones agent Tim Fraser was initially suggesting it could fetch $3.9 million with the higher price secured after some eight contracts were issued to the 130 plus inspections attendees.

Sydney sales also included $875,000 when a young builder bought a dilapidated Marrickville terrace.

The 14 Middle St, Marrickville offering (below) was under instructions from NSW Trustee and Guardian.

Agents suggested it was probably the cheapest house sold in the inner west for five years.

Hastily called private auction triggered  million Glen Iris sale

David Diamantopolous of Devine Real Estate told The Sunday Telegraph it was so cheap as he was prevented from offering buyers a price guide due to the government rules surrounding NSW Trustee and Guardian sales.

CoreLogic calculated there were 2,245 homes taken to auction across the capital cities, returning a waning preliminary auction clearance rate of 61 per cent.

Click here to enlarge.

Hastily called private auction triggered  million Glen Iris sale

In the prior weekend's results there had been 2,311 auctions with a final clearance rate of 62.1 per cent. 

Over the same week last year, auction volumes were higher with 2,409 homes going under the hammer with the clearance rate at a stronger 72.8 per cent.

CoreLogic's Kevin Brogan noted units outperformed houses with 63.6 per cent of units selling at auction, while 59.8 per cent of houses found buyers.

"Once clearance rates are finalised early next week, its highly likely they will be revised lower, with both Sydney and Melbourne clearance rates potentially falling below the 60% mark," CoreLogic auction analyst Kevin Brogan noted.

CoreLogic had collated 586 Sydney results with its preliminary 62.5 percent success rate from the past six days.

While Domain's Australian Property Monitors put the weekend clearance rate at 56.4 per cent clearance rate, taken from 333 reported Saturday results. Sydney real estate agents withdrew 89 properties from auction on Saturday and are still to report results for 155 scheduled auctions.

Canberra was again the best performing capital with a 77.1 per cent success rate across its 80 auctions.

Brisbane saw a 50 percent success rate with the top offering, Bengtson, a modernised East Brisbane Queenslander.

But the 4 Didsbury Street home, built in 1896, was passed in on a $1.65 million vendor bid by Shane Hicks from Place Bulimba. 

The top Brisbane sale was a ninth floor apartment 93/23 Griffith Street, New Farm (below) offered for the first time since new in 1973.

Hastily called private auction triggered  million Glen Iris sale

The spacious 200 sqm apartment in Gemini Towers fetched $1.41 million with riverfront views.

An $182,000 sale in Brisbane's Ipswich region was the nation's cheapest result.
The 5 Melbourne Street, Brassall offering was three bedrooms on stilts on an 810 sqm block.

"It's big, ugly and neglected but very recoverable and could be a real steal," was the marketing pitch.

The Raine & Horne agent had notified interested parties that council planning indicates that some flood water did come onto a portion of the block in 2011 - about ankle deep at the lowest point of the block. 

Council records indicated that the flood water was 5.2 meters below the eaves of the home which had sold at $199,000 in 2013.

The official land value was recently put at $125,000.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Glen Iris

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