Auction Numbers

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<p>The Gold coast showed continued weakness with a clearance rate of just 35 percent at auction last weekend, a drop of more than seven percent then their performance last week.</p>
<p>Of the 58 residential properties taken to auction only 20 were successfully sold indicating a clearance rate more than 20 percent worse than the combined capital city average, according CoreLogic. </p>
<p>A clearance rate of 55.5 percent across the combined capital cities was recorded this week, increasing from last week’s final clearance rate of 51.8 percent while over the same week last year the final clearance rate was recorded at 66.2 percent.</p>
<p>There were 2,404 homes taken to auction across the combined capital cities this week, an increase of over 20 percent from 1,983 over the previous week.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/24/Gold%20Coast%204.JPG" target="_blank">to enlarge.</a></p>
<p><img src="https://www.urban.com.au/images/2018/9/24/Gold%20Coast%204.JPG" alt=""></p>
<p>A property listed for auction on the Gold Coast last weekend was <a href="https://www.realestate.com.au/property-house-qld-upper+coomera-129165570" target="_blank">44 Yarrayne Valley Drive</a>, Upper Coomera (pictured above).</p>
<p>The home which in 2015 underwent a rebuild worth $250,000 is set on a holding of 1.39 hectares.</p>
<p>It is a 5 bedroom three bathroom home which last sold for $360,000 in mid 2014.</p>
<p><img src="https://www.urban.com.au/images/2018/9/24/Gold%20Coast%202.JPG" alt=""></p>
<p>Another house listed for auction last weekend on the Gold Coast was <a href="https://www.realestate.com.au/property-house-qld-coolangatta-129182514" target="_blank">97 Dutton Street</a>, Coolangatta (pictured above).</p>
<p>The three bedroom one bathroom home is now listed at $695,000.</p>
<p>Set on 465 sqm, the home has never been traded before.</p>
<p> <img src="https://www.urban.com.au/images/2018/9/24/Gold%20Coast%203.JPG" alt=""></p>
<p>A Gold Coast home listed for auction after being sold just over a year ago was <a href="https://www.realestate.com.au/property-house-qld-palm+beach-129043190" target="_blank">1360 Gold Coast Highway, Palm Beach</a> (pictured above).</p>
<p>The home sold for $740,000 in June 2017, zoned medium density residential and Code Assessable (potentially permitting up to a 9 storey or 29 metres building height).</p>
<p>It is a two bedroom one bathroom house set on 412 sqm.</p>
<p>It remains for sale.</p>
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Gold Coast auction market weakest in the country: CoreLogic

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<p><span>Weekend auction numbers are rising week on week in Sydney and Melbourne <span>with 1,005 auctions scheduled to be held in Melbourne and 807 properties set to go to auction across Sydney, according to CoreLogic.</span></span></p>
<p><span>CoreLogic report 2,136 capital city auctions for the week, up from 1,591 last week.</span></p>
<p><span>In the same week last year 2,347 auctions were held.</span></p>
<p><span>Corelogic said across the smaller markets, auction activity is set to be lower this week compared to last week, and also lower than the same week last year. </span></p>
<p><span>Capital city auctions this week</span></p>
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<p><span>Sydney: 807 </span></p>
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<p><span>Melbourne: 1005 </span></p>
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<p><span>Brisbane: 112 </span></p>
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<p><span>Adelaide: 84 </span></p>
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<p><span>Perth: 41 </span></p>
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<p><span>Canberra: 80 </span></p>
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<p><span>Richmond in Vic is the busiest individual suburb for auctions</span><span> </span><span>across the nation this week, with 21 residential homes set to go </span></p>
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<p><span>under the hammer, followed by Glen Waverley also in Vic with 18, Cronulla (NSW) with 14, Randwick (NSW) and Brunswick (Vic) both set to hold 13 auctions. </span></p>
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Sydney, Melbourne weekend auction numbers rising week on week: CoreLogic

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<p>Auction listing numbers have surged in Sydney and Melbourne for the weekend with Domain's Andrew Wilson saying Sydney has the best early February choice of homes on record.</p>
<p>In Melbourne, more than 450 homes will be up for auction on Saturday, ahead of last weekend’s 192 listings.</p>
<p>He said Melbourne's west suburban region will host the most number of auctions (113) followed by the outer east with 69, and inner south 63, the south east  51, the north east 48, the inner city 45, the north 43 and the inner east with 26 auctions.</p>
<p>"The most popular suburb for auctions this weekend in Melbourne is St Albans with 11 followed by Cheltenham with 8, Brunswick 7 and a number of suburbs with 6 auctions scheduled including Hopper Crossing, Werribee, St Kilda, Frankston South and Blackburn," he said. </p>
<p>"Sellers are flooding the early-season Sydney home auction market providing buyers with their best early February choice of homes on record.</p>
<p>"With market clearly gathering momentum, nearly 550 home are listed to go under the hammer on Saturday which will be predictably well ahead of the 228 auctioned last weekend and also significantly higher than the 358 listed over the same weekend last year.</p>
<p>"The inner west will host the most number of auctions with 73 closely followed by the upper north shore 71, the city and east 65, the south 56, the northern beaches 54, the lower north 41, the south west 38, the central coast 33, the west and Canterbury Bankstown each with 31, the north west 27 and the Blue Mountains with 2 auctions listed on Saturday.</p>
<p>"The most popular suburbs for auctions this weekend in Sydney are Dee Why and Manly each with 9 followed by Surry Hills 8, Randwick, Lane Cove and Alexandria with 6 each and a number of suburbs with 5 auctions listed including Castle Hill, Drummoyne, Wahroonga, Baulkham Hills, Peakhurst and Strathfield."</p>
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Auction listing numbers surge in Sydney, Melbourne

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<p>Two much-admired trophy estates on different sides of the country failed to sell at weekend auction as buyers displayed caution in their bidding.</p>
<p>Both were passed in on bids less than their prior sale.</p>
<p>On Queensland's Sunshine Coast, an equestrian property was on offer.</p>
<p>Dean Shannon, the former chief of Ladbrokes Australia, and now the managing director of the Nets gambling website, and his wife Kelly, who shares his love of horses, failed to find a buyer.</p>
<p>The bidding at the Sunday onsite auction stopped at $5.6 million for the 42 hectare Maleny holding, marketed as one of Australia's most impressive equestrian facilities, located an hour from the Doomben race track.</p>
<p>The stable complex is the focal point as it features 10 double-sized broodmare boxes, two stallion boxes, wash bays, a vet room, horse scales, tack room, rug room and feed room.</p>
<p>There's 45 post and rail paddocks and two Olympic size dressage arenas.</p>
<p>The luxury is not just for horses, as the main residence spans a vast 1,800 sqm and has five bedrooms, eight bathrooms, a steam room, massage room and dressing rooms.</p>
<p>The entertaining spaces have views of the Glass House Mountains.</p>
<p>Ray White Buderim agents Lew Pottinger and Nathan Nicholl marketed the equine complex with its <a id="LPlnk977626" class="x_OWAAutoLink" href="https://www.montanaparkmaleny.com.au/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">own website</a>.</p>
<p>Since Shannon bought Montana Park in 2010 for $7 million he more than doubled the size of the original residence as well as covering one of the two show-jumping arenas.</p>
<p>“Montana Park is a place we love to call home, however my current business commitments with the launch, and now international expansion of Neds have seen me spend more time in Brisbane and on the Gold Coast, with less opportunity to enjoy all this home has to offer,” he said prior to the auction.</p>
<div>Across the other side of the nation, another trophy estate, albeit abandoned, failed to sell at Peppermint Grove.</div>
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<div>It was when then home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal was passed in at Saturday auction.</div>
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<div>The top bid was $15.6 million with three of the five registered parties competing for the prize parcel.</div>
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<div>Two years ago there were $30 million hopes for the prestigious Perth offering, after the partially built so-called Taj on Swan mansion was demolished under council orders.</div>
<div>The 6582 sqm site, which could fit six homes, had reduced $19.5 million hopes last year.</div>
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<div>The mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business. </div>
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<div>The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant.</div>
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<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">Marketed as "the most famous block in Australia" the <a id="LPlnk998012" class="x_x_OWAAutoLink" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202042586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">2 Bay View Road site</a> was listed through Ray White agent Vivien Yap in conjunction with Sotheby's agent Graham Bowie. </div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting"> </div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">The Oswals paid $22.7 million in 2007 then starting construction a year later on a "two-storey, Indian-infused luxury residence." </div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting"> </div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">The final week of July saw 1,534 homes taken to auction across the combined capital cities, returning a preliminary auction clearance rate of 58.4 per cent.</div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting"> </div>
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">Although auction volumes are slowly starting to pick up across the capital cities, CoreLogic auction analyst Kevin Brogan noted current volumes remain lower than this time last year when 1,987 auctions were held and a clearance rate of 68.7 per cent was recorded.</div>
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<p>There were 803 auctions held in Melbourne with a preliminary clearance rate of 60.3 per cent, after last weekend saw 613 homes go under the hammer, returning a final clearance rate of 59.9 per cent. </p>
<p>Over the same week last year, 956 auctions were held across the city and a clearance rate of 75.6 per cent was recorded.</p>
<p>Weekend sales included the Bentleigh East of the Western Bulldogs coach Luke Beveridge and his wife Dana. <a id="LPlnk523374" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/1-fraser-street-bentleigh-east-vic/property-details-sold-residential-11917293/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Selling their home of almost 25 years</a>, the 2016 AFL premiership coach secured an undisclosed post auction sale having had price hopes of $1.4 million to $1.5 million through Nick Johnstone Real Estate director Nick Johnstone</p>
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<p>Sydney was host to 465 auctions with preliminary results showing a clearance rate of 56.6 per cent. </p>
<p>Last week, the final auction clearance rate for Sydney was 55.2 per cent across 407 auctions after the previous week saw the clearance rate drop to just 46.9 per cent. </p>
<p>Sydney had the nation's highest notified sale when 21 Waimea Road, Lindfield sold for $3,290,000.</p>
<p><a id="LPlnk927041" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-lindfield-128745954" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">The three bedroom 1905 home</a> had been last sold six decades ago. </p>
<p>Two local families were competing at the end. There were<span> five bidders registered with four of them participating after the opening $2.5 million offer.</span></p>
<p><span>It was on the market at $3.1 million.</span></p>
<p>The highest preliminary clearance rate was in Canberra where 72.2 per cent of the 36 reported auctions were successful. Canberra was the only mainland capital city to see a weekend fall in auction volumes.</p>
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Dream trophy home estates go unsold as auction volumes pick up

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<p>Melbourne's weekend auction market had its highest clearance rate since 2017 with the CoreLogic figures showing a 74 per cent success rate. </p>
<p>It reflected a substantial boost on Melbourne’s recent clearance rates which have consistently been in the 60 per cent range for the past eight weeks.</p>
<p>But despite the improved market conditions the 119 year old Footscray and District Angling Club didn't snag a buyer for its Yarraville base.</p>
<p>The shopfront building at <a id="LPlnk294376" class="OWAAutoLink" href="https://www.hockingstuart.com.au/property/70-pentland-parade-yarraville-vic-3013-159361" target="_blank">70 Peatland Parade</a> - with fish and mermaid murals on its facade (pictured) - was passed in on a $750,000 vendor bid after just one earlier bid.</p>
<p>Hocking Stuart Yarraville agent Leo Dardha advised a $780,000 reserve had been set.</p>
<p>There had been $790,000 to $820,000 price guidance for the 180 sqm premises marketed as poised for conversion.</p>
<p>The fishing club members met monthly to discuss “where we’ve been fishing, what fish  we’ve caught, what bait and lures we’ve used, and club business”, its president Lucky Pavlidis told The Herald Sun.</p>
<p>The club plans to move its headquarters somewhere closer to the water while staying in the western suburbs.</p>
<p>Melbourne had the nation's cheapest sale, but it represented a loss for the vendor.</p>
<p><img src="https://www.urban.com.au/images/2019/7/29/Alma%20Street%20apartment.JPG" alt=""></p>
<p>The $215,000 studio apartment was sold pre-auction at <a id="LPlnk178875" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment/vic/melbourne-inner-south/st-kilda-east/411522" target="_blank">37/87 Alma Rd, St Kilda East</a> (pictured above).</p>
<p>It was offered with a $200,000 to $220,000 price guidance having sold at $255,000 in 2013 and $228,100 in 2009.</p>
<p>It was offered as a $280 a week rental last last year.</p>
<p>Commentators attribute the overall market improvement to factors including low auction volumes, the RBA Governor Dr Philip Lowe advising rates would be staying low for a while, along with the restored confidence since the federal election was decided.</p>
<p>Melbourne's highest sale was in Murrumbeena at $2.265 million.</p>
<p><a id="LPlnk848257" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.jelliscraig.com.au/property-details-11-Wahroongaa-Crescent-Murrumbeena-3163/808849" target="_blank">The 11 Wahroongaa Crescent</a> offering through Jellis Craig was a four bedroom 1920s residence.</p>
<p>CoreLogic noted a 78.5 per cent preliminary clearance rate was recorded across Sydney, making it the best performing capital city.</p>
<p>There were 391 Sydney homes taken to auction up on the week prior when 303 homes were auctioned.</p>
<p>Sydney's final prior week success rate had been 72.8 per cent.</p>
<p>Across the smaller auction markets, Adelaide was the best performing with a preliminary clearance rate of 56 per cent, while only 14 per cent of Perth homes sold at auction.</p>
<p>Canberra secured a 55 percent success rate and Brisbane got a 41 percent clearance rate.</p>
<p>There was a pre-auction sale on the Gold Coast when $5.5 million was paid for a newly built opulent<a id="LPlnk989489" class="OWAAutoLink" href="https://www.realestate.com.au/property-house-qld-sovereign+islands-131469114" target="_blank" rel="noopener noreferrer"> six-bedroom, seven bathroom mega-mansion</a> on the Sovereign Islands.</p>
<p>Its luxury inclusions at <a id="LPlnk692437" class="OWAAutoLink" href="http://www.prestigepropertyagent.com.au/property/10706228-the-sovereign-mile-sovereign-islands-qld/" target="_blank">85 The Sovereign Mile</a> included a "presidential master suite," an underground entertainment den, vertical garden and pool.</p>
<p>Ivy Wu, at Amir Mian Prestige Property Agents’ Ivy Wu, sold the house to a local family. </p>
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<p>There were 1,115 homes taken to auction across the combined capital cities, up from the 896 homes auctioned last week.</p>
<p>The national preliminary auction clearance rate sat at 71.2 percent after last week’s 65.4 per cent final clearance rate.</p>
<p>Over the same week one year ago 1,536 were taken to auction.</p>
<p>The highest residential sale across the capital cities was in Sydney where <a id="LPlnk418464" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/upper-north-shore/wahroonga/411079" target="_blank">79 Junction Road, Wahroonga</a> fetched $3,360,000 through McGrath.</p>
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<p>The five bedroom 2004-built home last sold in 2005 at $1.63 million.</p>
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