Federation Armadale home tops weekend auction results

Federation Armadale home tops weekend auction results
Federation Armadale home tops weekend auction results

A contemporary five bedroom home behind its Federation Armadale facade topped the nation's results when it fetched $5.925 million at its weekend Marshall White auction.

The 9 Alleyne Avenue, Armadale offering was the renovation project of the advertising guru turned property developer Nick Condon, who was formerly managing director of ad agency DDB, and his interior designer wife Kate Beadle.

They secured $900,000 above reserve for the 1910 home that traded in 2014 unrenovated at $2.022 million. They kept the home’s charming red brick facade and the front four rooms, adding a modern extension with five metre high ceilings at the rear.

National clearance rates continued to trend below 70 per cent across the combined capitals, with preliminary results showing 69.1 per cent of auctions found a weekend buyer.

There were 2,323 capital city auctions held this week, down from the 2,444 held last week.

"This week’s preliminary result indicates that clearance rates are continuing to soften," CoreLogic auction analyst Kevin Brogan said.

"Compared to results from one year ago clearance rates are relatively similar with the 67.4 per cent rate of clearance," he noted.

Volumes are up slightly on last June when there were 2,183 offerings.

"Underlying demand is still strong," the Domain chief economist Dr Andrew Wilson noted in Fairfax Media reports.

"And this year, we have higher mortgage rates for investors," Dr Wilson added.

Melbourne’s preliminary clearance rate increased to 71.9 per cent this week, according to CoreLogic, up from last week’s final of 71 per cent, when the lowest clearance rate since July last year was recorded.

Auction volumes decrease slightly with 1,050 auctions held over the week, down from 1,129 over the previous week.

At the same time last year, the Melbourne clearance rate was 68.3 per cent across 1,085 auctions.

The Mornington Peninsula region was the best performer in terms of clearance rates, with an 87.2 per cent success rate across 44 auctions, followed by the North West region, where 79.5 per cent of the 90 auctions sold.

Melbourne had the cheapest result when $262,000 was paid at Moonee Ponds. It had been tipped to sell for around $240,000 to $250,000.

The one bedroom at 6/78 Argyle Street had last sold in 1997 at $53,500.

Across Sydney, 918 homes were taken to auction this week with the preliminary clearance rate for the city at 73.1 per cent.

The final clearance rate dropped for the third week in a row, with 66.7 per cent of the 927 auctions clearing last weekend.

The volume was lower one year ago, when 768 Sydney homes were taken to auction for a 73.4 per cent clearance rate was 73.4 per cent.

Sydney's highest result was a longway from the traditional Saturday auction hotspots, as winter triggers fewer listings.

Offered for the first time in 29 years, an imposing Glenhaven home on a five acre estate fetched $4,625,000.

The vast six bedroom residence was built in 2001. 

The preliminary clearance rate in Brisbane this week was 30.7 per cent, down from 46.4 per cent over the previous week.

Auction volumes were lower this week with 129 auctions held, down from 151 last week.

But WILSTON secured a record price when a four level home at 39 Ray Street sold for $3,851,000.

The seven-bedroom, seven bathrooms trophy home sits on a 1657 sqm block, with a pool, pool house with a shower and bathroom, and a tennis court.

It was sold through Queensland Sotheby’s International realty agent Douglas Tonkin who sold it to an international buyer, whose top bid broke the suburb record of $3.2 million.

"Fastidious owners have remodelled and extended the home to incorporate multi-level living flowing out to the finest in al fresco entertaining and recreation," Tonkin advised.

A total of 101 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 67.6 per cent across 68 results, down from 69.5 per cent last week when 103 auctions were held across the city.

Adelaide's prices ranged between $313,000 at Ingle Farm and $940,000 for a 1950s house at Linden Park, which was marketed as representing land value. There had been $790,000 price guidance.

A four bedroom home at 24 Sloan Road at Ingle Farm had been marketed with $300,000 price guidance.

In Perth, 54 auctions took place this week, with Perth’s preliminary clearance rate of 36 per cent higher than both last week’s result (32.3 per cent) and one year ago (31.9 per cent). 

Canberra’s preliminary auction clearance rate of 73.9 per cent this week is higher than last week, when the final auction clearance rate was 50.8 per cent and higher than the 61 per cent recorded last year.

Canberra's top sale was $1.4 million when 79 David Street, O'Connor was auctioned, having been marketed with $1.25 million plus hopes.

Tags: 
Property market Residential Sale

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