Buyers hit and miss at post-Easter weekend auctions

Buyers hit and miss at post-Easter weekend auctions
Buyers hit and miss at post-Easter weekend auctions

Signs of reduced feverish buyer intent have emerged at auctions although the Saturday morning auction scene is still a sellers' market. 

There were no registered bidders when a HOLLAND PARK WEST, Brisbane offering was put to weekend auction, suggesting the market may be edging towards the buyers' advantage.

The three-bedroom, one-bathroom cottage was relocated to its current location in 1929, when moved from Kangaroo Point to make way for the Storey Bridge.

The Place Bulima agent Shane Hicks said interest had been good from first homebuyers, investors and developers who’d like to knock the house down.

But with no registered bidders, the auction was over as soon as it began, The Courier Mail reported.

Domain's chief economist Dr Andrew Wilson was cautious on the nation's weakened weekend results.

"It may be easing," he told The Australian Financial Review while adding he would like to see more data before saying we've just seen the top.

Dr Wilson said that the overall market direction would centre on the cost of mortgages.

"I think interest rates are the key," he said.

The national weekend clearance rate of 72.1 was still well up 69.7 per cent in the same time last year, CoreLogic data indicate.

The top auction sale across the country took over an hour to secure at Toorak.

There were the three bidders for the property which was announced on the market at $5 million.

Auctioneer Justin Long sold 13 Toorak Avenue, Toorak for $5,733,000. The offering last sold in 1986 at $493,000.

Sydney's top sale was $5.4 million in Strathfield - $900,000 over its reserve price.

The four bedroom home on a 929sqm block located on Strathfield's Golden Mile was marketed by Devine agent Aaron Papadimatos as a rebuild opportunity. 

It is on the same street where the $8.41 million suburb record was paid last year.

In Longueville a four-bedroom home sold for $400,000 over reserve.

Bidding for 26 Dunois Street, opened at $4 million and with four registered bidders, it sold for $5.3 million, well above the $3,975,000, it last traded for in 2015.

Auction activity increased significantly across the combined capital cities this week after last week’s Easter break, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 per cent, down from 73.9 per cent last week across fewer auctions (493).

Melbourne saw the most significant increase in activity, with volumes increasing from 102 last week to 823 this weekend.

It also secured the highest clearance rate of all the capital cities at 76.8 per cent.

Melbourne sales included world road race champion Judith Arnt who sold the Kensington house she has shared with her partner for $903,000.

The two bedroom single fronted timber period residence sold through Rendina director Lou Rending who said they were upsizing in Kensington.

There were three bidders competing with a young professional couple winning the keys, The Herald Sun noted.

It last sold at $643,500 in 2011.

Both Melbourne's clearance rate and volumes are higher than what was seen over the corresponding week last year, when 69.7 per cent of the 1,565 auctions cleared, according to Kevin Brogan, CoreLogic's auction analyst. 

Melbourne's strongest performer, in terms of clearance rate was the Inner East where 86.2 per cent of these auctions were successful. 

The 1880s residence Tandarra, a four bedroom home that was once the Surrey Hills Police Station, sold with buying interest from four bidders. The auctioneer Luke Banitsiotis announced the old cop shop on the market at $2,650,000, with it then sold at $2,867,000.

It came with 3.4 metre high ceilings, intricate cornices and ceiling roses, ceiling arches and functional marble fireplaces.

In Sydney, 585 auctions were held this week, up from 279 over the previous week.

The preliminary weekend clearance rate of 75.8 per cent was down from 77 per cent last week and also lower than this time last year, when a clearance rate of 77.4 per cent was recorded across 643 auctions.

A converted community hall in Sydney’s inner west Summer Hill fetched $500,000 over reserve when 80 Smith Street, which was built by The Salvation Army, sold for $2.7 million on Saturday. 

The former hall has served as a family home with adjoining office space, for the past six years since sold at $1.6 million.

Weather had little effect on early autumn auction attendance and consistent record breaking results, the Gerard Partners agency blogged.

"Not the case it would seem with school holidays and holiday weekends, which clearly had an effect on today's auction attendance," the agency advised on Saturday noting with smaller than typical crowds and a mixed bag of results with half of the properties attended being passed in. 

The Ryde region recorded the strongest clearance rate of 95.7 per cent across 29 auctions. 

There were 134 Brisbane auctions this week with a preliminary clearance rate of 45.8 per cent, having increased from 42.3 per cent last week across 32 auctions and higher than one year ago when there were 130 auctions with a success rate of 37.6 per cent.

The most active auction across the country was likely when developers were keen on the prospects for 79 Bage St, Nundah

There were 23 registered bidders battling it out for the four title 1630 square metre holding its two-bedroom colonial home.

The home is likely to be relocated as the site is zoned for multiple houses or multi-unit.

Ray White Ascot agent Damon Warat secured $2.55 million selling to a local developer who will land bank the holding while planning a project.

Adelaide saw a preliminary clearance rate of 64 per cent, with 50 reported results across a total of 98 scheduled auctions.

Adelaide’s previous clearance rate was 67.6 per cent and at 59.5 per cent one year ago. 

Across Canberra a total of 54 auctions were held this weekend, compared to 56 at the same time last year.

Canberra’s preliminary clearance rate of 70.2 per cent was lower than it was the previous week's 75 per cent.

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.

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Corelogic Weekend Auctions

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