Menzies House, Paddington fails to sell amid weakest weekend result for 18 months
There was a $4.5 million vendor bid when the Georgian-era Paddington residence, Menzies House went to weekend auction.
It was redesigned in the late 1990s by Allen Jack+Cottier commissioned by Mary and Paul Menzies, after they bought it and the adjoining lot in 1994.
The Underwood Street five-bedroom property (pictured above) is set over 700 square metres.
It was auctioned through McGrath agent Ben Collier.
A $4.31 million Clovelly sale was the weekend's highest reported sale.
The cheapest auction was a two bedroom unit at 9/55-59 Goulburn St, Liverpool selling for $278,000 to the one registered investor. It last sold 30 years ago for $34,000 in 1984, so reflected 7% annual price growth through Pat Bugge, the LJ Hooker Liverpool selling agent.
Sydney's initial clearance rate was 70.5% – its weakest in 18 months. The revised figure now hovers in the high 60s.
Sydney’s central coast reported the highest clearance regional rate at the weekend with 81.3% with the south-west the next best with 81.1%.
The inner west sat at 73.4%. The north-west's 59.2% was the weakest region.
Auction buyer numbers at auction have been mixed with some properties having in excess of 12 registered bidders, however the average buyer number per property was at five buyers which is down one buyer from the same period last month and November/December 2013, according to Rocky Bartolotto from Auction Services.
"December auction volumes continued to increase with bookings last week coming in," he noted.
"Many vendors/agents are comfortable running a shorter two week auction campaign compared to the usual four weeks with some properties having their initial open house over the weekend with the auction scheduled for 20 December," said Bartolotto.
Andrew Wilson, the senior economist at the Domain Group, said the weakening stemmed from the "unrelenting tidal wave of record end of year auction listings".
"The 70.5% result is the fourth consecutive weekend below 75% for the first time since 15 December, 2012 and its lowest full weekend clearance rate since 6 March 2013."
Sydney broke the record for summer weekend auctions on Saturday with 1,028 homes going under the hammer. This followed last weekend’s spring record of 1,058.
"It was also the first time Sydney has hosted back to back 1,000 auction weekends," Wilson added.
"The market will reach an astonishing end of year crescendo next weekend with yet another Saturday of record-level 1,000 plus auction activity set to test the fast fading Sydney market.
"The current Sydney four-weekend average clearance rate now stands at 73.2% which is well down on the 79.5% average recorded over the previous four-weekend period."
Sydney broke the record for summer weekend auctions on Saturday with 1,028 homes going under the hammer. This followed last weekend’s spring record of 1,058 and was the third highest auction weekend on record. It was also the first time Sydney has hosted back to back 1,000 auction weekends.
The market will reach an astonishing end of year crescendo next weekend with yet another Saturday of record-level 1,000 plus auction activity set to test the fast fading Sydney market.
The current Sydney four-weekend average clearance rate now stands at 73.2% which is well down on the 79.5% average recorded over the previous four-weekend period.