Subdued election weekend auction offerings see Bronte and Camberwell vie for top spot

Subdued election weekend auction offerings see Bronte and Camberwell vie for top spot
Subdued election weekend auction offerings see Bronte and Camberwell vie for top spot

Some economists expect a rebound in Australia's declining property markets after Labor's failed to win the election and get the chance to implement controversial changes to negative gearing and capital gains tax.

Goldman Sachs economists even forecast a "meaningful positive shock in the housing sector".

Election day predictably saw further subdued auction numbers across already quiet autumn auction markets.

But weekend clearance rates remained solid.

With the quieter winter selling hibernation now approaching fast, hopes for a market revival, likely rest on a spring bounce.

Subdued election weekend auction offerings see Bronte and Camberwell vie for top spot

It was a close call between the top sales across the two big auction capitals.

Sydney secured a $4.65 million sale in Bronte, while the top sale in Melbourne was $4.6 million in Camberwell.

The Bronte sale was a five bedroom house 14 Blandford Avenue (below) which sold through McGrath agent Chris Volpatti who had a $4.3 million price guide.

Subdued election weekend auction offerings see Bronte and Camberwell vie for top spot

It was a modernised home behind its two storey art deco facade.

It had last sold at $1.78 million in 2012 before its extension.

Three of the four bidders were local families looking to upsize.

The Camberwell sale came after the property at 61 Prospect Hill Road (top) was passed in with just one bidder at $4.55 million.

The top bidder was assisted by the agencies' China desk, represented by Isabella Lu, an international client relationship manager.

Set on the corner of Kingsley Street, the 1886 Victorian residence sits on 1672sqm without pool.

Listed with $5 million hopes, it had last traded in 1949.

Concerned neighbours handed out a flier to the onsite auction attendees saying "local residents will strongly resist any plans to demolish the house, or any development plans that are not appropriate."

In Melbourne there was a preliminary auction clearance rate of 62.9 per cent making it the best performing auction market with 427 auctions.

There were fewer homes taken to auction across the combined capital cities, as the nation stopped amidst the Federal election hype.

Of the 917 homes that did go to auction across Australian in the past week, the preliminary national result saw a 57 percent success rate..

The week prior saw 1,218 homes auctioned across Australia with the final 54 percent auction clearance rate the highest final result since September last year, according to CoreLogic.

Comparing results from the same week last year, 2,100 homes were taken to auction returning a 56.8 per cent final clearance rate.

Sydney’s final clearance rate has come in at the high 50 per cent range for the last two weeks.

"The last time Sydney’s clearance rate was in the high 50’s was mid-May last year," CoreLogic auction analyst Kevin Brogan said.

There were 270 auctions this week held in Sydney, with just under 200 on Saturday, returning a preliminary clearance rate of 60.7 per cent.

Last week, a higher 445 homes were taken to auction returning a 59 per cent final Sydney auction clearance rate.

There are more than 550 scheduled for next Saturday, and 490 currently scheduled for the first auction day of winter, according to Domain.

Looking at the smaller auction markets, Canberra came in with the strongest preliminary result with 56 per cent of homes selling at auction this week, while only 25 per cent of homes in Perth sold.

Canberra's top sale was $1.02 million when the four bedroom house at 9 Grylls Crescent, Cook was sold through Ray White.

The three level home came with spacious gourmet kitchen with Corian and stainless steel bench tops and quality Miele appliances.

Canberra's cheapest was $550,000 when the three bedroom at 37 Livingston Avenue, Kambah was sold.

It last sold at $220,000 in 2002.

The 858 sqm holding was marketed as a RZ2 redevelopment block or first home.

Brisbane' had the cheapest sale across the nation, with 16/9 Houghton Street, Petrie sold at $240,000 through Harcourts.

It was a 2017 built one bedroom apartment with 78 sqm space.

It had been on and off the market since 2017 when it was listed at $285,000 and a $275 a week rental.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Camberwell Federal Election

Comments

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