Cool Tamarama home home sells at weekend auction

A glamorous Tamarama modern home secured the nation's highest weekend sale, as auctions limped towards the extended summer break.

The top sale was when medicinal-cannabis industry chief Matt Cantelo sold his ultra cool Tamarama home for $8.4 million.

It was $200,000 under his reserve, but higher than the buyer's pre-auction offer.

The four-bedroom Neesen Murcutt-designed home on Carlisle Street (above and below) came with ocean views.

It was built for Michelle O’Brien, director of golf and leisure wear label Birdee Sport.

Cantelo, the chief of Australian Natural Therapeutics Group, bought it for $5,350,000 in 2012, then adding a cubby house and water slide in the garden below.

The Sunday Telegraph reported he was already committed to a $19,525,000 Vaucluse acquistion.

At 48 percent Sydney was the strongest capital city auction market, with all other capital cities having clearance rates below, dipping as low as 30 percent in Brisbane, according to CoreLogic.

Click here to enlarge.

AMP Capital economist Shane Oliver described the weekend results as "very weak."

He said it was result of a "perfect storm" of tight credit, supply surge, fall in foreign demand, the conversion to interest only loans to principle and interest, along with the fear of tax changes.

Oliver also said the market was seeing the impact of the transition from the “fear-of-missing” out mentality to a “fear-of-not-getting-out” anxiety..

Nationally there were 2,614 homes taken to auction over the week, down just slightly from the previous week when 2,749 auctions were held.

It was considerably lower than the same week last year when 3,371 auctions were held across the combined capital cities. 

The preliminary results show a clearance rate of 45.3 per cent, up on last week’s 41 percent final clearance rate, although as final results are collected  CoreLogic expect to see the clearance rate revise down below 45 per cent for the sixth consecutive week.

Melbourne was host to 1,283 auctions with preliminary results showing a clearance rate of 46.1 per cent, increasing from last week when the final clearance rate was a lower 42.7 per cent across 1,378 auctions. 

Over the same week last year, the auction clearance rate was significantly higher with 65.4 per cent of the 1,833 auctions returning a successful result.

A development site was Melbourne's top sale when a 1970s house at 13-19 Old Aqueduct Road, Diamond Creek, fetched $4.225 million (below).

The 12,042-square-metre townhouse development site easily surpassed its $2.3 million to $2.5 million quote.

The top house sale was a four-bedroom house on 4682 square metres at 8 Sarah Crescent, Templestowe (below) for $2.9 million, up on the $2.5 million to $2.75 million price guide quote.

It came with cascading Italian Murano glass chandeliers.

The property last sold at $77,000 in 1978.

The AFL Magpies midfielder Levi Greenwood failed to sell his South Melbourne single-fronted terrace (below) which passed in at auction at $1.125 million.

There was only one bidder on the 97 Bank Street offering which has been renovated in a black and white theme since purchased in 2016 at $920,000.

It now comes with a $1.275 million asking price.

The Real Estate Institute of Victoria have advised some 1060 auctions next week, then some 150 auction on the weekend prior to Christmas. 

There were 853 auctions held in Sydney with preliminary results showing a 48 per cent clearance rate, up from 41.6 per cent across a higher volume of auctions last week (937), although as usual this will revise lower as final results are collected.

Over the same week last year 1,007 homes were taken to auction across the city returning a clearance rate of 52 per cent.

Domain Group updated last weekend’s Sydney clearance rate to just 35.8 per cent following the counting of late-reported results.

Across the smaller auction markets, Canberra saw auction volumes fall week-on-week.