Sydney auctions being pulled at elevated rate as buyers get picky

Sydney auctions being pulled at elevated rate as buyers get picky
Sydney auctions being pulled at elevated rate as buyers get picky

It was dentist Nasser El Hage and his cosmetic surgeon wife Dr ALIA Nasser who secured the top weekend sale across the nation.

Their Paddington property at Caledonia Street, Paddington (above) was sold soon after being passed in at its onsite auction.

The Agency’s Ben Collier secured only the one bid of $7.625 million for the 450sqm five bedroom property. 

It was sold at an undisclosed price, reportedly $7.7 million.

The Caledonia Street holding cost $4,779,000 in 2013, along with a further outlay for a one bedroom with car spot across the street.

The highest declared sale price was at 67 Wallaroy Road Woollahra (below) where $5.65 million was secured.

The 1930s home had solid 2010 at $4.95 million.

Sydney auctions being pulled at elevated rate as buyers get picky

There was an $8.6 million bid on an unsuccessful Woollahra offering.

Melbourne's top notified price was when Vadlure, at 9 Kintore Street, Camberwell (below) fetched $3.05 million, just above its $3 million price guidance.

The home sits in gardens designed by landscape architect Anthony Scott on the 693sqm block.

Sydney auctions being pulled at elevated rate as buyers get picky

Vadlure has high period ceilings, marble open fireplaces, bright Baltic pine floors and stained-glass windows reflecting the Federation-era elegance.

One buyers agent described it as "a ‘B’ grader in signature street with great potential to become an ‘A’ grader."

Another buyers agent, Tim Picken, suggested it was in a great position and with potential "but will require approx $1.5+ to do a good renovation and difficult to do so in the Tara Estate with heritage restrictions, although the building itself has good bones to work with provided it meets regulations."

Last sold at $2.25 million in 2014, Vadlure likely takes its name from a village in the Shetland Islands, famous for craft, fishing, gossamer-fine knitwear and its Nordic-Celtic heritage.

A two-storey brick Toorak was passed in at $4.9 million before selling at an undisclosed higher sale price. 

Melbourne recorded a preliminary clearance rate of 55 percent over the weekend from 775 scheduled auctions just shy of the 57 percent success rate in Sydney from 621 scheduled auctions, according to Domain Group.

The revised clearance rate is expected to fall, according to AMP Capital's chief economist Shane Oliver.

Sydney auctions being pulled at elevated rate as buyers get picky
CoreLogic's preliminary weekend clearance rate.

Sydney's median house price was $1.26 million and an $825,000 median unit price.

Melbourne had a $940,000 median house price and a $623,000 median unit price, according to Domain.

There were very high numbers of properties being pulled from auction in Sydney.

In Sydney over 110 properties were pulled from auction across Sydney as homeowners are increasingly withdrawing their properties from auction due to lack of competitive buying interest.

The weekend data put the withdrawn prior to auction property numbers at about 18 percent of auction listings, up from the decade average of about one in 10 homes.

"The rise in sellers willing to pull their home from auction has risen at a greater pace compared to other downturns, indicating the market is under stress," the Domain data analyst Nicola Powell told Domain.

"It suggests particular homes have insufficient bidders to create a competitive auction, rather than an auction not hitting the vendor’s reserve."

A six bedroom Avalon beach home at 94 Whale Beach Road, Avalon Beach (below) was among the listings pulled from weekend auction by the ASX listed McGrath Estate Agents.

Sydney auctions being pulled at elevated rate as buyers get picky

McGrath agents pulled 12 listings, or 14 percent of their reported weekend offerings.

The Avalon Beach house now has a $3.5 million asking price having last sold at $2,925,000 in 2017.

There had been a $3.5 million price guide.

There was no trouble selling a freestanding home in Petersham that attracted 22 registered bidders. 

The four-bedroom freestanding 1900 home at 107 Brighton Street Petersham in the inner west Sydney suburb sold for $350,000 above its reserve for $2.25 million through Julie Hatch at Cobden & Hayson.

It last sold in 2001 at $875,000.

Getting 22 bidders at an auction in the current market was "unheard of" in the current market, the auctioneer Damien Cooley said.

However properties with just one or two things wrong with them weren't attracting interest at all, Cooley added.

Adelaide has the nation's cheapest result. 

The three bedroom house at 26 Panorama Crescent, Reynella fetched $253,000.

"This once loved family home could do with a little TLC but roll up your sleeves and put in a little effort and you are sure to reap the rewards," the Harcourts selling agent Kelly Eustice said.

The brick house sat on an 860 sqm lot in the Onkaparinga municipality.

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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