Armadale trophy home site listing sees possible $2.1 million price fall

Armadale trophy home site listing sees possible $2.1 million price fall
Armadale trophy home site listing sees possible $2.1 million price fall
A knockdown house in Melbourne's Armadale that sold for $7.8 million last November attracted a $5.7 million top bid at its weekend auction.
 
The four-bedroom, two-bathroom house on a 1210-square metre block now comes with a $6.2 million asking price.
 
Reports when it sold last November for $7.8 million indicated a crowd of 80 onlookers watched three bidders – all developers – slug it out for the large 1920s residence.
 
The property was auctioned last year by RT Edgar with the buyer then losing the deposit.
 
Quoted at $7 million, RT Edgar auctioneer Mark Wridgway sold the deceased estate at $500,000 above reserve.

The property went to a late bidder at its 2017 auction who stepped into the ring just before the listing was declared on the market at $7.325 million.

The four-bedroom house with extensive rear grounds was signalled as set to get a cosmetic renovation before being redeveloped at a later date as a single new home.

The weekend auction was conducted by Marshall White.
  
It last sold in 1976 for $130,000.
 
Television viewers might think that Melbourne real estate is still very strong as all five apartments in The Block Gatwick sold under the hammer at weekend auction.

But its 100 percent success rate achieved by the Channel Nine renovation series was not reflected in reality, as just short of half of Melbourne vendors secured their own home sale at weekend auctions.

St Kilda's other six apartment weekend offerings saw just two sales.

The St Kilda auction success rate over the September quarter was calculated a 51 percent clearance rate by CoreLogic.

The national weekend auction levels sat the highest level since March with 2,919 homes taken to auction across the combined capital cities.

Click here to enlarge.

Armadale trophy home site listing sees possible .1 million price fall" />

The higher volumes were largely due to Melbourne vendors who are rushing to auction prior to the Melbourne Cup Carnival slowdown where volumes will temporarily wane.

Melbourne's top sale was in Brighton where a distinctive French Provincial style home sold for $6.1 million (below).
 
Armadale trophy home site listing sees possible .1 million price fall" />

The price guidance had been $5 million to $5.2 million for the house with 60 squares of internal living.

It was marketed as having "meticulous finishes and versatile, gallery-inspired spaces."

It came with six bedrooms and five bathrooms.

The house previously sold for $3,500,000 in March 2006.

There was a $5.85 million result at 37 Elizabeth Street, Malvern of a Nicholas Day-designed home (below).

Armadale trophy home site listing sees possible .1 million price fall" />

It had $5 million to $5.5 million price guidance from Jellis Craig.

Melbourne was host to 1,706 auctions making it the second busiest weekend this year.

The preliminary Melbourne results show a clearance rate of 49.8 per cent, up from the revised 45.7 per cent outcome on the prior weekend, which was the lowest clearance rate seen since June 2012.

Over the same week last year, the Melbourne auction clearance rate was significantly higher with 70 per cent of the 1,983 auctions returning a successful result.

There were 796 auctions held in Sydney, up from 675 last week, although substantially lower than the 1,215 homes taken to auction this time last year.

Corelogic put the preliminary results at 50.7 per cent, up from the revised 44.6 per cent last week which had seen an initial 52 percent preliminary rate.

"The final auction clearance rate has been sitting below 50 per cent for four consecutive weeks now, and it is likely to be the case again this week as final results are collected," CoreLogic auction analyst Kevin Brogan said.

Sydney one year ago had a clearance rate of 58.3 per cent.

The highest Sydney weekend sale was the five bedroom Yarrawin, at 13 Etham Avenue, Darling Point, (below) which sold at its $5 million reserve shortly after its auction.

Armadale trophy home site listing sees possible .1 million price fall" />

Across the smaller auction markets, preliminary results show a weekly improvement in clearance rates across all cities except Brisbane.

But only Adelaide's 67 percent success rate sits higher than the same time last year when it was 62 percent.

Tags: 
Clearance Rate Weekend Auctions

Comments

Be the first one to comment on this article
What would you like to say about this project?