Contracting February capital city auctions begin with a whimper

Contracting February capital city auctions begin with a whimper
Contracting February capital city auctions begin with a whimper

The opening weekend for capital city auctions began with a whimper marked by a continuing wide gap between vendor and buyer expectations.

Domain reported there was a preliminary 48 percent success rate in Sydney, while the Melbourne vendors secured a 44 percent clearance rate.

Brisbane had a 30 percent clearance rate.

Canberra, which with Adelaide were the strongest mainland auction capitals in 2018, had a 39 percent success rate.

It was 48 percent in Adelaide.

Just 360 homes went to auction which was down on the 600 plus on the same opening weekend in the three prior years.

Contracting February capital city auctions begin with a whimper

The nation's top result was in Sydney's Millers Point, which for several years was an auction hotspot.

It was a three-level terrace house at 82 Kent Street (above and below) that last sold in 2016 in the state government’s now concluded Millers Point terrace sell-off.

After paying $2.48 million, the vendors renovated and restored the 1870s terrace.

Contracting February capital city auctions begin with a whimper

It was passed in at its onsite weekend auction through Alison Coopes at Agency by Alison Coopes at $2.45 million.

It sold at around $2.7 million after post-auction negotiations.

Coopes said the terrace had been "meticulously renovated" including an ultra-modern kitchen with new appliances, along with two new bathrooms, one of which features a Swedish-design free-standing bath.

There were newly-set rendered walls and flooring, electrical wiring updates and reverse cycle air-conditoning installed.

The investment had rented at $1750 a week.

The cheapest reported auction sale was in Adelaide where $268,500 was paid for a three bedroom Greenacres offering.

The auction was instructed by the Australia Executor Trustees.

The single level property at 3/10 Princes Road (below) was marketed as a "homette" by Ray White agent Samantha Hirniak.

Contracting February capital city auctions begin with a whimper

It sat within a 15km central radius to the CBD, beaches and Adelaide Hills.

There were far fewer fresh listings on the weekend than in recent prior February kickoffs.

Sydney had 110 scheduled weekend auctions, down on the 178 the same Saturday in 2018 when there was a 50 percent success rate.

Melbourne vendors also numbered 110 on the weekend, down from 210 on the first Saturday in February last year which saw a 62 percent clearance rate.

Agents advised buyers were still facing lending issues given the credit squeeze which emerged following from the Financial Services Royal Commission, whose final findings and recommendations will be released this afternoon.

In Melbourne's Albert Park there were no bids for a three-bedroom terrace at 103 Ashworth Street (below) which sold last March for $1.65 million. 

Contracting February capital city auctions begin with a whimper

The Wilson agent Grace Le-francke, who had issued a price guide from $1.55 million to $1.65 million, placed a vendor bid of $1.5 million.

Coastal offerings continued to attract buyer interest with a $1.3 million sale at Yamba, on the NSW far north coast.

The three bedroom, two bathroom apartment at 16/4 Queen Street sold through LJ Hooker. 

It last sold at $700,000 in 2001. The previous highest sale in the Cove complex had been $1.15 million in 2006.

There was also the sale of a redundant regional Victoria church.

The former Uniting Church at 5 Barr Street, Tungamah saw five bidders turn up at the Elders Yarrawonga auction.

Agent Rod Leslie told the Herald Sun it was called on the market at $80,000, and sold at $92,500 to locals.

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.

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Clearance Rate Weekend Auctions

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