Weekend auctions led by strong riverfront sale in Brisbane

It was Brisbane's turn in the weekend auction spotlight when eight buyers registered to secure a $7.75 million New Farm offering.

It was sold through Ray White to a local property developer family by vendors Glenice and Allan Mein.

It is understood to have been purchased by Queensland rich-lister Kevin Seymour, after his grandson was spotted at the onsite auction.

The vendors had lived at the grand Griffith Street five-bedroom riverfront for the last 20 years.

Ray White agent Matt Lancashire said four bidders were active after the bidding opened at $4 million.

"It quickly jumped in rapid-fire $500,000 increments to pause at $7 million.

“We had 80 groups through over the four week campaign.

"There were three written offers prior.
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“This is a great sale for Brisbane and the prestige market and a good sign of things to come," Matt Lancashire said.

There is no boardwalk obstructing access to river.

Brisbane recorded a 36 percent preliminary clearance rate from the initial 97 reported results, including the nation's cheapest weekend auction sale.

It was when 16 Quarrian Crescent, Beenleigh fetched $275,000.

The single level four bedroom house last sold for $215,000 in 2005.

It was initially listed last year with $299,000 aspirations.

Sydney's initial 61 percent success rate was the nation's busiest and strongest market, although only half of the 670 auction results were provided in the provisional result.

It also saw a likely $8 million pre-auction sale in Centennial Park.

Warwick, the Martin Road property was sold through The Agency’s Ben Collier, who quoted a price guide of $8 million.

It was last sold at $5.1 million in 2005.

Warwick, the modernised Federation, was once owned by the University of NSW as its residence for its Vice-Chancellor.

With the Labour Day long weekend, Melbourne agent offered far fewer than normal.

There was a 51 percent success rate from the initial advisory of the 137 of the 222 on offer.

The top sale was at Elwood where $2.555 million was paid for a four bedroom Californian bungalow.

The 6 Vautier Street, Elwood offering had been marketed with $2.3 million to $2.4 million price guidance.

The 1920s home last sold in 2012 at $1.75 million.

AMP Capital chief economist Shane Oliver suggested the weekend offerings indicated "volumes remaining weak."

He tweeted a number of factors, including "tight credit, record unit supply, sharp fall in foreign demand, negative gearing and CGT uncertainty are continuing to impact."

Adelaide was the second strongest city with a 54 percent success rate from the initial 46 results.

Adelaide's cheapest result was $560,500, according to Domain, when 31 Fortrose Avenue, Seaton was sold.

The three bedroom house had a $499,000 price guide.

It last sold at $299,000 in 2004.

Canberra prices topped at $840,000, with a 38 percent success rate.

The top sale was the four bedroom home at 36 Don Dunstan Drive, Boynton which was a Rawson Homes-built offering sold through LJH Tuggeranong.