Regions alight, as Freshwater home kicks of 2018 auction sales

A two storey modern $3.35 million Freshwater home on Sydney's northern beaches was the highest reported weekend auction sale.

The cheapest capital city offering was a one bedroom Footscray apartment, but it was passed in at $210,000 having come with $230,000 plus hopes.

It was the first weekend for sales since Corelogic advised capital city dwelling prices fell by 0.5% in January, while regional prices grew by 0.2% over the month, the fourth consecutive month they’ve performed better than the capitals.

Regional Australia had plenty of cheap weekend results including a three bedroom $115,000 house on 1000 sqm at Grantham in Queensland. It last sold at $65,000 in 1989, reflecting two percent annual price growth in the Toowomba district town.

There was a $72,000 sale in regional Victoria when a two bedroom Dunolly cottage went to auction, listed with $65,000 plus expectations. It last sold at $40,000 in 2000, reflecting three percent annual price growth. 

There was a $196,000 sale at Tooleybuc, with views of the Murray River, of a two bedroom villa. Set on the NSW border in the western Riverina, it last sold at $78,000 in 1995, reflecting four percent annual price growth.

The auction market is slowly starting to bounce back from the seasonal Christmas holiday slowdown, with volumes lower than the same time last year.

CoreLogic was tracking 779 auctions over the week to Saturday, compared with the 881 homes taken to auction this week last year. 

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Melbourne was the only capital city to see an increase in volumes year-on-year with its prices ranging up to $1.41 million when a four bedroom 1940s Highett house was sold, at close to the suburb median house price.

The Middleton Street, Highett house had been listed with $1.34 million to $1.4 million price guidance, having last sold in 1986 at $81,400.

Around 290 Melbourne auctions were held with a preliminary auction clearance rate of 72.8 per cent.

"Towards the end of 2017, Melbourne clearance rates sat around the 65 per cent mark," CoreLogic auction analyst Kevin Brogan noted.

Adelaide’s preliminary clearance rate was 76.7 per cent, the best performing mainland capital city. There were 97 Adelaide auctions, compared to the 144 held over the comparable week last year.

It included a two bedroom Plympton townhouse that fetched $288,000.

The coastal northern Sydney beaches home sold for $3.35 million was the four bedroom home at 39 Albert Street, Freshwater (pictured) that sat on a 380 sqm block.

It last sold at $1.4 million in 2006.

Across Sydney, 207 auctions were held over the week, including 180 on Saturday, up from just 42 on the previous weekend. 

The preliminary clearance rate of 63.1 per cent was down from the 72.3 per cent success rate this time last year across 259 auctions. 

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There were 98 Brisbane homes taken to auction with a preliminary clearance rate of 55.4 per cent.

Across the Gold Coast 56 results have been reported so far, with a success rate of 48.2 per cent.

Queensland's top sale came when the former Queensland Governor Leneen Forde sold her Gold Coast home of 25 years for $3.1 million.