Weekend auction withdrawals signal low buying interest

Weekend auction withdrawals signal low buying interest
Weekend auction withdrawals signal low buying interest

The professional surfer Wade Goodall and wife Jane were among the many vendors who pulled their property from weekend auction, as the auction sales wipeout continues.

The couple are seeking buyers for their Byron Bay hinterland home having recently secured a larger block just nearby to build a new house.

McGrath Ballina agent Braden Walters had a pre-auction guide of between $1,075,000 to $1.15 million for the modern Bangalow cottage.

Wade, who is an ambassador with surf fashion label Vans, spent $300,000 in 2014 on the Palm-Lily Crescent building block.

Set some 13 kilometres inland from the coast, their classic Queenslander style home has three bedrooms, two bathrooms and a study nook.

Sydney accounts for the biggest number of withdrawn auction property.

Domain put weekend withdrawals totalling 95 properties on the weekend with 58 in Sydney.

Over the past month, CoreLogic calculate around 20 percent of auction stock has been withdrawn from auction across Sydney, as wave of buyer enthusiasm wanes.

There were 1,316 homes taken to auction across the combined capital cities, returning a preliminary auction clearance rate of 56.2 per cent, according to CoreLogic. 

Auction volumes were down from last week when 1,536 auctions were held, however the preliminary clearance rate edged higher than last week’s final clearance rate which was 55.6 percent. 

Over the same week last year, auction volumes were higher with 1,857 homes returning a clearance rate of 68.2 per cent.

Melbourne's dearest house sale was $3.88 million at Fitzroy North through Jellis Craig. The 1891 home on 584 sqm is known as Moss Vale which last sol in 1977 at $100,000. The 225 McKean Street offering had come with a $3.4 million to $3.7 million price guide, based on the recent $3.8 million sale at 25 McKean Street, an unrenovated home on 600 sqm.

Two families pushed up the bidding to $3.8 million, when the property was declared on the market.

There was a third bidder at the auction, which was over in three minutes

Melbourne's dearest sale was a development site at 71-73 Beddoe Avenue, Clayton which was listed with $3.4 million to $3.74 million hopes. With two original three bedroom houses on an expansive 1483 sqm lot, it fetched $4,258,000.

In Melbourne, a preliminary auction clearance rate of 57.9 per cent was recorded across 628 auctions, down slightly from 58.5 per cent across 802 auctions on the last weekend in July. 

One year ago, the Melbourne clearance rate was a stronger 73.9 per cent across 911 auctions.

Melbourne had the cheapest sale across the country when a $280,000 pre-auction offer was accepted in Ormond for a one bedroom apartment. Last sold at $112,000 in 1999, 11/50 Lillimur Road had recently been a $280 a week rental.

It had been listed with $250,000 to $270,000 price guidance through Woodards.

There were 456 auctions held in Sydney, the fourth consecutive week where Sydney has been host to less than 500 auctions, returning a preliminary auction clearance rate of 56.1 per cent.

One year ago, 620 auctions had a clearance rate of 66.4 per cent.

Sydney's highest sale was 5 Alfred Street, Bronte at $4,116,000. The deceased estate executors were flexible on their $4.2 million price expectation.

Adelaide had the weekend's best performing clearance rate with a 73.2 per cent success rate across 56 auctions.

North Fitzroy Weekend Auctions

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