Low volumes but weekend auctions show stronger sales trend

Low volumes but weekend auctions show stronger sales trend
Low volumes but weekend auctions show stronger sales trend

The long-time Darlinghurst home of the late Sydney Mardi Gras costume designer Ron Muncaster sold ahead of its scheduled weekend auction.

The Crown Street terrace (above and below), listed 18 months after his death, sold at around its price guide of $2.5 million though Matt Marano of Oxford Real Estate Agency. 

Low volumes but weekend auctions show stronger sales trend

Muncaster, who was featured in the 2004 documentary Queen Sequina, paid $110,000 for the 1860s terrace, in 1985, shortly after he started created costumes for the parade participants.

A number of its original features have been retained in the Crown Street offering, including its raw brick and sandstone walls, fireplaces, and exposed original beams.

The four bedroom terrace sits behind a sandstock brick facade on its 180 sqm parcel. 

There were 1,210 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 58.1 per cent. 

Low volumes but weekend auctions show stronger sales trend

Last week, a higher 1,479 auctions were held with the final clearance rate rising to 52.5 per cent; the second highest clearance rate seen over the year-to-date. 

CoreLogic auction analyst Kevin Brogan noted compared to last year, volumes continue to trend lower each week, with almost double the volume of homes taken to auction over the same week in 2018 (2,279) when 58.2 per cent sold.

"Although the clearance rate will adjust lower on the full set of results, the trend over the past two months has seen final auction clearance rates holding around the low-to-mid 50 per cent range and we expect a similar finalised result this week."

Brogan noted the success rate was holding around 10 percentage points higher than late last year, "reflecting a better fit between buyer and seller expectations on prices."

The cheapest sale across the capital cities was $216,500 in Melbourne when 7/254-256 Dandenong Rd, St Kilda East was sold though hockingstuart.

The 1920s first floor studio apartment had last sold at $143,500 in 2007.

The studio sold for well inexcess of the ANZ Realas website price estimate which suggested its value as $181,000.

The agent's price guide had been $195,000 to $210,000.

It has been a $280 a week rental in recent years.

In Melbourne, the preliminary auction clearance rate of 56.8 per cent was recorded across 545 auctions, up slightly from the 56.6 per cent final clearance rate last week when a higher 672 homes were auctioned. 

One year ago, the clearance rate was a stronger 77.5 per cent across 1,099 auctions.

Melbourne's top result was 343 Montague Street, Albert Park (below) which fetched $3.29 million though Cayzer Real Estate.

Low volumes but weekend auctions show stronger sales trend

Its pre-auction price guidance was $3 million to $3.3 million.

The 1890s terrace last sold at $400,000 in 1992.

There were 441 auctions held in Sydney returning a preliminary auction clearance rate of 65.6 per cent; the strongest preliminary result across the capital cities, compared to 57.2 per cent across 539 last week, and 57.5 per cent across 787 auctions one year ago.

Sydney's top sale was 89 Johnston Street, Annandale (below) which fetched $4,025,000 through BresicWhitney, after being passed in at $3.9 million.

It last sold at $2.1 million in 2008.

Low volumes but weekend auctions show stronger sales trend

Set on a 10m-wide block, the five bedroom two bathroom home comes with Himalayan sandstone flooring in its entertaining space.

Across the smaller auction markets, preliminary results show that Perth was the best performing in terms of clearance rate with 53 per cent of auctions successful, however there was only 18 auctions held across the city.

The 1890s Perth home at 37 Glendower Street, a three-bedroom, two-bathroom offering redesigned in the 1980s by one of WA's avant-garde architects, failed to find a buyer though Brent Morfesse of Mack Hall.

Brisbane was the weakest performing auction market, according to preliminary results with 83 homes auctioned and 39 per cent been sold under the hammer.

Brisbane's top sale was $881,000 when the four bedroom home at 3 Kirstin Steet, Eight Mile Plains was sold for the first time.

It was the first sale since the land sold in 1973 at $14,000.

Things were looking bleak when 169 Gladstone Street, Highgate Hill (below), went to auction with just the two onlookers who'd yet to get their finances organised and no registered bidders.

Low volumes but weekend auctions show stronger sales trend

But mid-auction, the neighbour stuck their head out of the window, then registered and placed a bid to buy it.

The buyers were the vendor’s children, who had grown up in the property and then moved next door.

“It’s probably the strangest auction I’ve ever had in my career," agent Tom Lyne, of Ray White New Farm told Domain.

It had been for sale over the past two years seeking $850,000 plus, having sold at $905,000 in 2007.

The unrenovated six bedrooms, three bathroom home, with potential for re-development, currently has a $985 rental return per week.

 

Most expensive

 
Sydney 89 Johnston St, Annandale NSW 2038, 5 br House, BresicWhitney Glebe $4,025,000
Melbourne 343 Montague St, Albert Park VIC 3206, 3 br House, Cayzer Real Estate $3,290,000
Adelaide 25 Heathpool Rd, Heathpool SA 5068, 4 br House, Carter Partners - BURNSIDE $1,112,000
Brisbane 3 Kirstin St, Eight Mile Plains QLD 4113, 4 br House, RW Eight Mile Plains $881,000
Canberra 19 Macartney Cr, Deakin ACT 2600, 4 br House, Belle Property Kingston $1,735,000

Most affordable

 
Sydney 36 Mawson Rd, Tregear NSW 2770, 7 br House, Laing+Simmons Mount Druitt $395,000
Melbourne 7/254-256 Dandenong Rd, St Kilda East VIC 3183, 1 br Unit, Hocking Stuart St Kilda $216,500
Adelaide 2/6 Carlton Rd, Camden Park SA 5038, 2 br House, HAR Sheppard Property RLA 211280 $365,000
Brisbane 35 Doorey St, Keperra QLD 4054, 3 br House, HAR Solutions - MITCHELTON $605,000
Canberra 142 Lawrence Wackett Cr, Theodore ACT 2905, 3 br House, IPG - Belconnen $450,000

 

 

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.

Tags: 
Clearance Rate Weekend Auctions

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