Paddington tops weekend auction results with weakening continuing across the capital cities

Paddington tops weekend auction results with weakening continuing across the capital cities
Paddington tops weekend auction results with weakening continuing across the capital cities

The top national result under the hammer was an 1880s Paddngton terrace that fetched $4.35 million.

Located at 244 Moore Park Road, the five bedroom home (above) had undergone a "luxurious renovation" since sold in 2010 at $1,815,000.

Council records show a $500,000 plus renovation was approved in 2013.

The Phillips Pantzer Donnelley selling agent Catherine Dixon had offered a $4 million buyers' guide.

There was a pool on the 278 sqm block offered by the owners of cosmetic firm the Manse Clinic, John and Naomi Obiri-Asare’

Only one buying party, a Surry Hills family, registered to bid.

In Melbourne the Fitzroy home of singer songwriter, Felix Riebl, a four-level townhouse (just off Brunswick Street, fetched $1.157 million at weekend auction.

Nelson Alexander Fitzroy auctioneer Arch Staver announced the property (below) on the market at $990,000 after a $900,000 opening vendor bid.

Paddington tops weekend auction results with weakening continuing across the capital cities

Riebl, who performed in Spain on the weekend while touring Europe, at the Clownia Festival in Cataluyna, had paid $615,000 for his first home, a modern home at 327 Young Street, in 2005 shortly after The Cat Empire's second album Two Shoes debuted at No.1 on the ARIA albums chart. 

The auction result on the rental property came after competition between four bidders, according to the Herald Sun. 

He is now looking for a family home, agent Arch Staver advised..

The agency had quoted a $900,000 to $990,000 buyers' guide.

Melbourne's top reported result was nearby when a four bedroom renovated home in Northcote fetched $2.42 million, after being declared on the market at $2.35 million.

The 77 Roberts Street offering (below) was marketed by Jellis Craig as "boasting architect designed interiors."

Paddington tops weekend auction results with weakening continuing across the capital cities

The buyers' guidance had been $2.2 million.

Last traded at $550,000 in 2005, three buyers competed for the offering that sits within the Northcote High zone.

Domain advised the nation's weekend's cheapest sale was $351,000 in a pre-auction sale at West Footscray.

The price guidance on the two bedroom unit at 3/705 Barkly Street (below), listed through Galldon Real Estate, had been $315,000 to $346,000.

Paddington tops weekend auction results with weakening continuing across the capital cities

It had been advertised as a $290 a week rental in 2016. It sold at $300,000 in 2010 when offered as a $280 a week rental.

The last week of June saw fewer homes taken to auction, as the vendor hibernation continues.

CoreLogic calculated 1,669 auctions held across the combined capital cities, down from the 1,849 held over the week prior.

Paddington tops weekend auction results with weakening continuing across the capital cities

The preliminary clearance rate sat nationally at 56.7 per cent.

The year-to-date average of 60.5 per cent was a "very different result to the first half of 2017," CoreLogic auction analyst Kevin Brogan said.

There had been a 72.5 per cent success rate over the corresponding six month period last year.

"The 2018 auction market so far has demonstrated the weakening property market, with the success rate of auctions continuing to fall through the first half of the year; returning the lowest weekly clearance rates seen since 2012 as property values decline in turn," he said.

The unit market over the first six months of 2018 sat at 65.1 per cent; maintaining strength over the dearer detached house market where an average of 59.5 per cent of houses were sold in the past six months.

There were 795 Melbourne homes taken to auction this week, returning a preliminary auction clearance rate of 60.3 per cent.

Sydney’s preliminary clearance rate was 56.4 per cent with 631 auctions held. 

Canberra was the best performing in terms of clearance rate with 65.6 per cent of auctions successful, while only 25 per cent of auctions cleared across Perth.

 

Tags: 
Clearance Rate Weekend Auctions

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