Auctions

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EXPERT OBSERVATION

With the advent of lower clearance rates, we are seeing more Melbourne auctions ending in a pass in.

A “pass in” occurs when the bidding at an auction does not reach the vendor’s reserve and, as such, the auctioneer having failed to illicit a high enough bid, passes the property in and according to the rules of the auction, must negotiate with the highest bidder first. 

If you have been to many auctions, you will probably have heard the auctioneer open up the auction with a “vendor bid”.

This is a bid, made by the auctioneer, on behalf of the vendor, quite often, to kick things off and get the bidding started.

But it is sometimes used by auctioneers to advance the bidding if they have only one bidder.

In other words, a bidder from the crowd bids $600,000 and nobody else says anything, so the auctioneer will bid $650,000 “Vendor Bid” and then ask the original bidder to go over the top. 

Now the auctioneer will say things like, only the top bidder gets the lawful right of first negotiation and as the Vendor Bid is the highest, then nobody has this right.

This is totally incorrect and a total lie.

The highest “real bid” from the audience does have the first right to negotiate with the vendor. 

In both 2012 and again in 2016 the Real Estate Institute of Victoria analysed the rules and publicly acknowledged that if a genuine bid had been made, that no vendor bid could be used to remove the right to first negotiation. 

<a href="https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/selling-property-by-auction" target="_blank">Consumer Affairs Victoria </a>have also addressed this exact situation and on their website has said that the highest bidder has the first right too negotiate with the vendor.

This includes if the property is passed in on a vendor bid.

So, if you are bidding anywhere in Victoria on Saturday and you have the highest bid, and the auctioneer tries to remove your right of first negotiation by continually vendor bidding over you, call him out.

If you are the highest “real” bid you do have the first right to negotiate ahead of anyone else.

Ian James is a director at JPP Buyer Advocates

<h2>Recently listed properties in Melbourne:</h2>

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Don't get fooled by a vendor bid, Victorian bidders have rights: Ian James

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GUEST OBSERVER
With the recent introduction of tightened lending rules for investors, bidder numbers at auctions have lowered for most properties giving others a chance to purchase. Overall, looking at the average number of bidders at our auctions, we are currently at six per property which is down from the eight buyers or so we were seeing just four or five weeks ago. 
You would think that buyers would take the opportunity to put their best foot forward and bid strong to finally have a chance at buying a property but we are noticing buyers are reluctant to bid, but rather wait for others to do so first which is quite rare in a great market. This is an opportunity to pounce and secure something before investors realise the the restraints aren't so bad and interest rates are still at their lowest point making it easier to pay down their loans.
Owner occupiers should get amongst it and bid strongly. They should take the opportunity while their are less active buyers and everyone is uncertain. Remember also that interest rates are the biggest influencer for market fluctuation.
Investors need to understand that if interest rates start going up then so do rents normally, so take advantage of the low interest rates for as long as possible and position yourself as a long term investor. Look to retain for 10+years. 
First home buyers are always too scared to commit as they haven't done it before. I remember when I bought my first property it all seemed very hard but you learn to budget and once you get ahead things get much easier. There is now way I could've saved the money that my properties are worth if I hadn't got my first property.
Remember interest rates are very low and even if they go up to 8% that's still ok, just budget and enjoy the low rates for as long as possible.
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<div>Rocky Bartolotto is director of Property Auction Services and can be contacted <a href="https://auctionservices.net.au/rocky-bartolotto/" target="_blank">here</a>.</div>
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Get amongst it and bid strongly this Spring: Rocky Bartolotto

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Champion swimmer Geoff Huegill, and his wife Sara, have now listed their three-level, four-bedroom Darlinghurst terrace for August 6 auction.
<img src="https://i3.au.reastatic.net/800x600/2d6664d430e542a15b0394ed2f35acf7e646ad65ce49253486049849a52a4fd3/main.jpg" alt="453 Liverpool Street, Darlinghurst" title="453 Liverpool Street, Darlinghurst" data-index="0">
The 133 square metre offering cost $1.97 million in late 2011. They bought it and still own 60% percent of the terrace, after it<a href="/news/43582-geoff-huegill-and-wife-sara-hills-list-darlinghurst-terrace" target="_blank"> was bought in partnership with Geoff Huegill’s in-laws</a>.
<img src="https://i2.au.reastatic.net/800x600/831635f6a9bb62fb96d84ff521055ebe2e2924bf1198cd1f5480dd6fe9601139/image3.jpg" alt="453 Liverpool Street, Darlinghurst" title="453 Liverpool Street, Darlinghurst" data-index="2">
Sara Huegill, nee Hills, was in the Sweaty Betty PR fashion firm prior to their 2011 marriage.
The couple reportedly want mid-$2 million.
<img src="https://i4.au.reastatic.net/800x600/ba6ebe95ec724a0407cf388666e13b4be6e2b8db929d3673318d29d2896c4571/image5.jpg" alt="453 Liverpool Street, Darlinghurst" title="453 Liverpool Street, Darlinghurst" data-index="4">
A $1,565,000 sale nearby at 473 Liverpool Street, Darlinghurst was secured earlier this year with three bedrooms, two bathrooms. 
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August auction for Darlo's Geoff Huegill and Sara Hills

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With the end of the school holidays, Melbourne’s clearance rate sat at 77 percent, above 70 percent for the second consecutive time in five weeks, according to CoreLogic's preliminary result.
The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held.
With a clearance rate of 76 percent from 450 offerings, Sydney sat above 75 percent for the third week in a row.
The Inner West recorded the highest preliminary rate of 91 percent across 35 reported auctions followed on by the City and Inner South sub-region at 88 percent.
The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399, but lower than the same time last year, when 1,827 auctions were held. 
It was the last weekend of the Sydney school holidays.
CoreLogic researched the influence of the mid-year June-July school holidays on the level of activity to conclude, based on the four years between 2012 to 2015, that Melbourne was more influenced than Sydney.
Melbourne auction volumes for the first weekend of the school holidays triggered on average a 12 percent decline on the previous week.
The clearance rate performance over the three weeks of school holidays, compared to the three weeks leading up to school holidays was typically not that different. 
"In Sydney, we don’t see the same trends that are seen in Melbourne, the school holidays don’t seem to have the same impact that they do in Melbourne and this isn’t too surprising as Melbourne is often influenced more when public holidays are held," the CoreLogic spokesperson advised.
The latest national clearance rate held above 70% across the combined capitals for the second week running, up from 70 percent to 71 percent.
It is the second time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent, with the results being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 percent.
There were 117 Brisbane auctions with a clearance rate of 46 percent.
There were 61 auctions held in Adelaide with a 52 percent. CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31 percent.
A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64 percent.
The highest auction sale across the nation at auction was in Strathfield, for the second consecutive weekend.
It was a five bedroom at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-122923002" target="_blank">35 Rickard Road</a> (above) which fetched $3.76 million.
The newly built home was built after the 627 sqm block cost $1.55 million in 2014.
There had been $3.3 million to $3.5 million price guidance.
Melbourne's top sale was a development site at Chatswood for $2.6 million. The <a href="https://www.realestate.com.au/property-house-vic-chadstone-122927478" target="_blank">7 Churchill Avenue</a> offering (below) was 1800 sqm with permission for six townhouses.
 <img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.37.20%20AM.png" alt="">
The dearest house sale across Melbourne was at Glen Waverley when a newly built five bedroom at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-122480470%20" target="_blank">30 Tobias Avenue</a> sold at $2,215,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.39.24%20AM.png" alt="">
The weekend's cheapest auction sale was at Thomastown when <a href="https://www.realestate.com.au/property-unit-vic-thomastown-122941870" target="_blank">1/17 Caroline Street</a> fetched $235,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.41.25%20AM.png" alt="">
The two bedroom, 60 sqm 1970s villa, 17kms north of Melbourne, had last sold at $100,000 in 2001. It was a $265 a week rental.
The biggest reported sale of the past week was at Surfers Paradise. It was the home of the entrepreneurial, former Rolls-Royce car dealer David Baird and his wife, Marion through Ray White agents Sam Guo and Julia Kuo.
The trophy home, Summer House, credited as the Gold Coast's biggest residence, fetched a reported $11 million, according to the Gold Coast Bulletin.
It was a six bedroom, six bathroom <a href="https://www.raywhite.com/qld/surfers-paradise/1468826/?lang=en" target="_blank">mansion on 2318 sqm on Cronin Island </a>with three kitchens, a gymnasium, numerous spas and saunas, a 25 metre, four-lane lap pool and a 10 car basement garage.
Designed by Main Beach architects Mobb Thompson and Payne, the home was built 26 years ago for the president of Daikyo Shoji Yokoyama - the Japanese company behind the QT.
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.42.41%20AM.png" alt="">
The video game designer Masafumi Miyamoto paid $6,553,136 in 1997 - a Gold Coast record which stood for eight years.
He sold it to the Bairds for $8 million in 2004 despite having $13 million hopes.
It was rented by Hollywood stars Sarah Michelle Gellar and Freddie Prinze Jr when they were making Scooby-Doo. 
The Gold Coast Bulletin reported it was bought by Celine Guan, wife of Junxiong Yang, owner of the Links Golf Course at Hope Island Resort.
It was the third highest sale on the Coast this year behind 159 Hedges Avenue which sold for $13.25 million and the $11 million sale of 107 Albatross Avenue. 
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Sydney and Melbourne auction markets further strengthen in 2016 mid-winter 

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Weekend auction clearance rates remained strong, sitting about 70 percent in both Sydney and Melbourne, underpinned by the past week's policy announcements.
The RBA board lowered the cost of borrowing - with most lending institutions passing it onto home buyers - and the Federal Budget put property investment firmly on the agenda as a byproduct to its mooted superannuation changes. 
Home loan rates are as low as 3.88 per cent for owner-occupiers and 4.04 percent for investors compared with a long-term average of about 7 percent.
Not that the money is free flowing as with stricter loan-to-value ratios (LVRs) being applied by lenders, the capacity of both local and offshore buyers for houses and apartments is being curtailed.
Dr Andrew Wilson, chief economist for Domain Group, says Sydney price growth this year was likely to be around three and four per cent and Melbourne slightly higher at between four and five per cent.
Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.
There were no bidders when <a href="https://www.realestate.com.au/property-house-vic-toorak-122376458" target="_blank">23 Montalto Avenue, Toorak was offered</a>. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.
Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.
The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.
It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.
Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.
He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."
"It's not there like it was in most cases," he said.
So the top weekend sale price was instead $4.55 million at Henley in Sydney on the riverfront when <a href="https://www.realestate.com.au/property-house-nsw-henley-122395590" target="_blank">6 Sherwin Street</a> (above) sold through Ray White who suggested it needed renovation.
It narrowly exceeded the $4.5 million sale of <a href="https://www.realestate.com.au/property-house-sa-hackham+west-122429454" target="_blank">389 Barkly Street, Elwood</a>. There were five bidders for the investment opportunity of a block of four, three bedroom apartments.
The cheapest result was $250,000 in Adelaide, at just above the $239,000 price guidance.
It was a deceased estate on Beach Road which had been a recent $300 a week four bedroom rental with mechanic's garaging.
There was a $277,500 sale in <a href="https://www.realestate.com.au/property-unit-vic-tullamarine-122299634" target="_blank">Melbourne's Tullamarine</a>, but with little price growth over the five years since sold at $275,000.
It too sold at just above its $250,000 to $275,000 price range.
The single storey one bedroom 1980s villa with courtyard is rented at $265 a week, which also reflected little if any rental price growth over the five year ownership.
This week there were 1,135 auctions in Melbourne, which accounted for 52 percent of all capital city auctions.
CoreLogic RP Data advised the 71 percent Melbourne clearance rate compared to 73 percent last week and 79 per cent one year ago.
Sunshine cracked the $1 million club after a period-style family home sold under the hammer for a record-breaking $1.03 million.
It was the four-bedroom house at 1 Walter St, located on 810 sqm in the coveted Matthews Hill precinct that bettered the $935,000 record set in February this year.
<img src="/images/2016/05/09/main-2.jpg" alt="" width="675" height="506">
In Carlton the former AFL coach Denis Pagan's longtime family home sold with approval for <a href="https://www.realestate.com.au/property-house-vic-sunshine-122361326" target="_blank">three townhouses at $1.8 million</a>.
 
<a id="LPlnk683209" href="https://www.realestate.com.au/property-house-vic-carlton-122301798" target="_blank"></a><img src="/images/2016/05/09/main-3.jpg" alt="" width="568" height="426"> 
Co-owned with brother Larry, it had been mostly empty for the past decade.
Melbourne’s inner East was the softest clearance rate at 63 percent across 135 results collected.
By contrast Sydney's east was super strong. Sydney hosted 647 auctions this week with a preliminary clearance rate of 72 percent, sitting as the strongest of any capital city with three Sydney sub-regions recording success rates in the 80 percent range, including its Eastern suburbs at 89 percent.
Anyone doubting the strength can't view the latest celebrity listing as it sold withn six days of offering and weeks before its scheduled auction.
 
<img src="/images/2016/05/09/main-4.jpg" alt="" width="632" height="474">
It was a Bondi semi that performed poorly in The Block All Stars three years ago.
It has now been snapped up for sold for around $2.55 million, an 86 percent hike on the sale price under the television lights in 2013.
Sunnybrae at <a href="https://www.realestate.com.au/property-house-nsw-bondi-122539826" target="_blank">10 Tasman Street, Bondi</a>, had an initial price guide of $2.2 million having sold last at $1,375,000.
After two long weekends in a row, Brisbane auction volumes picked up this week, with 192 residential properties going under the hammer, with just 43 per cent selling.
Canberra had their mind on other matters with the 54 percent clearance rate down from 59 per cent last week and the 65 percent last year.
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Sydney and Melbourne still securing 70 percent plus auction clearance rates

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GUEST OBSERVER
Auctioneer Damien Cooley has reported the highest winter statistics in the history of Cooley Auctions, with August showing a 26% increase in residential auctions booked year on year.
"Volume was consistently on the rise as we got closer to spring and there were a total of 552 residential auctions booked for last month, which represented a 26% increase year on year," he said.
"Sales remained strong with a clearance rate of 77% and the average number of bids and bidders recorded in the Cooley Index proves a very competitive market. We saw numerous suburb records broke across Sydney, which continues to drive the median house price over the $1 million mark.
"We're very excited about what the spring market has to offer with auction bookings flooding in, especially for the first Super Saturday of the spring selling season on the 26th of September."
<a href="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.16.42%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.16.42%20AM.png" alt="" width="803" height="317">
Damien Cooley is director of Cooley Auctions and can be contacted <a href="https://cooleyauctions.com.au" target="_blank">here</a>.
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Historic winter drives a positive start for spring: Damien Cooley

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One of reportedly only three apartments remaining in the Melbourne CBD Manchester Unity building fetched $770,000 at weekend auction.
Agent Meadow Partners had been offering a pre-auction price range as $730,000 plus.
The buyer was Dr Kia Pajouhesh, the managing director of Smile Solutions, who will expand his dental practice in the 1930s building.
<a href="https://www.meadowspartners.com.au/property/1005220-collins-street-melbourne/" target="_blank">The 1005/220 Collins Street offering</a> with 94 sqm space had windows overlooking Melbourne Town Hall from its Swanston Street aspect.
It last traded at $591,000 in 2009.
In 2012 Kia Pajouhesh, the Melbourne dentist who established Smile Solutions, bought the 39th whole-floor Royal Domain Tower sub-penthouse. With 557 square metres space it was sold by Joanne Cookes, the wife of former Venture Stores Group owner Colin Cookes.
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Smiles all around after Manchester Unity, Melbourne auction

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There were 993 auctions reported to the REIV on the weekend, with 732 selling, reflecting a 73.7% success rate.
There were 261 passed in, 111 of those on a vendor bid.
The REIV was expecting about 1,200 auctions in 278 suburbs on the weekend.
The top auction locations were South Yarra (20 auctions), Reservoir (19 auctions) and Richmond (16 auctions).
There were 1050 auction on the prior weekend, when there was an initial 76% clearance rate.
A record 4,150 auctions have been held in September – up 39 per cent on the same time last year.
Next week, the REIV is expecting around 65 auctions due to the AFL Grand Final – the biggest event on Melbourne’s sporting calendar.
 
TOP 5 HOUSES
1. 38 Edro Avenue, Brighton East $3,910,000
2. 129 Park Drive, Parkville $3,520,000
3. 36 Sarah Crescent, Templestowe $3,130,000
4. 7 Stewart Street, Brighton $3,020,000
5. 4 Wood Street, Fitzroy $2,875,000
TOP 5 BARGAIN HOUSES
 
1. 2 Amanda Court, Melton $235,000
2. 9 Dunvegan Drive, Kurunjang $285,000
3. 30 Frawley Street, Frankston $327,000
4. 4 Roche Court, Epping $330,000
5. 1 Torana Court, Doveton $335,000
 
 
TOP 5 APARTMENTS
 
1. 55/400 Victoria Parade, East Melbourne $1,760,000
2. 13/156 Beaconsfield Parade, Albert Park $1,600,000
3. 68 Little Page Street, Albert Park $1,595,000
4. 25A Salisbury Street, Moonee Ponds $1,375,000
5. 1/6 Victoria Street, Brighton $1,350,000
TOP 5 BARGAIN APARTMENTS
 
1. 6/7-9 Farnham Court, Flemington $276,000
2. 8/21 Empire Street, Footscray $280,000
3. 2/264 Melrose Drive, Tullamarine $280,000
4. 313/36-38 Darling Street, South Yarra $297,000
5. 16/45 Alma Road, St Kilda $315,500
Source: <a href="https://www.reiv.com.au/home" target="_blank">REIV</a>
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Brighton East tops Melbourne's September Super Saturday: REIV

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<img src="https://counter.theconversation.edu.au/content/66990/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Deciding on the best way to divvy up a business when the owners decide to go their own ways can be tricky.
It has to be fair in the eyes of everyone involved, but what if everyone has different expectations?
When people first form a business partnership, they’re often advised to sign a binding contract that specifies how the assets will be divided in the event of death, disability, divorce or departure. This is similar to a prenuptial agreement couples sign before they get married.
However it’s often not practical to sell the business to a third party and divide the proceeds. The partners may have skills or knowledge that make the business less valuable to a third party than to them. 
So we’ve developed another way of dissolving business relationships - through an auction.
<h2>The different ways of dividing</h2>
In the United States the most common exit mechanism for two-person, equal-share partnerships is the “Texas shootout”. The partner who wishes to dissolve the partnership triggers a shootout by naming their price. The other partner is then compelled to either buy out their partner or sell their own interest at that price.
A Texas shootout is like a “divide and choose” mechanism used by parents everywhere to split a piece of cake between two children. This is where one child divides the cake and the other child chooses which piece to take.
Divide and choose has the compelling feature that each child can guarantee themselves at least half the cake. By cutting the cake in what he regards as two equal pieces, the divider gets half the cake. By choosing the “larger” piece, the chooser gets what she regards to be at least half the cake.
Likewise, in a Texas shootout each partner can guarantee they capture at least half of the value they place on the whole partnership. A partner who names a price that leaves him indifferent to whether his partner buys or sells is guaranteed to receive half of his value on the partnership. Likewise, his partner, by simply taking the best deal cannot leave with less than 50% of her value.
However, the Texas shootout is unattractive for a number of reasons. For starters, the procedure does not easily scale if there are more than two joint owners. Nor does it treat the partners symmetrically. 
This point can be illustrated with a simple example. Suppose that Ann’s value for the partnership is $10, Bob’s value for the partnership is $16, and suppose, further, that each knows the other’s value. 
If Ann triggers the shootout, she should propose a price of $8. Bob will buy her out, and she gets $8. On the other hand, if Bob triggers the shootout, he should propose a price of $5, which Ann should accept. 
This way Ann is better off if she triggers the shootout, because she captures $8 rather than $5 – which may lead Ann to trigger the shootout if she fears Bob will trigger it.
Finally, if each partner is uncertain of how highly the other values the partnership, then the buyer in the shootout may not be the partner who values it most highly. 
Suppose Ann, for example, knows that Bob values the partnership more highly than she does but is uncertain of what that value is. If there’s a possibility that Bob values the partnership very highly, it may be optimal for Ann to name a price so high that there is some risk Bob will choose to sell rather than buy.
<h2>The auction method</h2>
So, we have developed a new method – called a “compensation auction” – which avoids the negative features of the Texas shootout while retaining the attractive feature that each partner can guarantee themselves an equal share of the value for the business.
The auction takes place over several rounds. At the beginning of each round, the amount of compensation is set to zero. 
Compensation is then increased continuously, until one of the partners agrees to take this amount of compensation in return for giving up his claim to the business. This partner exits, and a new round begins. 
The process is then repeated until only one partner remains. That partner is awarded the business and he pays each of the others their individualised compensation.
For example, suppose that Ann, Bob and Cathy wish to dissolve their business partnership. In the first round of the auction, compensation rises until Ann becomes the first to drop out, at $8. She surrenders her claim to the partnership and receives $8. Bob and Cathy remain to participate in the second round. 
Compensation is set to zero and then increases continuously. Suppose Bob then agrees to accept compensation when it reaches $6. Cathy buys the business, paying $14 in compensation – $8 to Ann and $6 to Bob.
The rules of the compensation auction treat the partners symmetrically, with no partner having a special role. The auction accommodates any number of players and is also efficient.
In addition, each partner can also guarantee themselves an equal share of his or her value for the business. To illustrate, suppose in the example above that Ann’s value for the business is $15 and she follows the plan of accepting compensation if it reaches $5 (that is, a third of her value). 
There are two possible outcomes: the first is that she accepts compensation of $5 at either the first or second round, getting a third of her value; the alternative is that she buys the partnership after Bob and Cathy have both dropped out, each having accepted less than $5 as compensation. 
In the latter case, Ann gets the business (which she values at $15) and pays at most $10 in compensation, obtaining a net value of at least $5.
The compensation auction therefore ensures each partner can capture an equal share of their value for the partnership. The compensation auction is “fair” in that it treats the partners symmetrically, takes into account any number of partners and is efficient.
John Wooders is professor of Economics at New York University Abu Dhabi and Distinguished Research Professor, University of Technology Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/john-wooders-172104" target="_blank">here</a>.
Matt Van Essen is professor of Economics, University of Alabama and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/matt-van-essen-308206" target="_blank">here</a>.
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Property 101: Why auctions are a better way to resolve business splits

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Sydney's July 11 weekend auction clearance rate was down to a year low of 80%. It represented the biggest of recent gentle declines amid five of six recent weekends of falling clearance rates.  
Sydney previously recorded an initial clearance rate of 83.3% (revised to 80.6%) and 72.7% recorded over same weekend last year.
The near 600 offerings was a record July volume.
The most popular suburb for auctions in Sydney was Maroubra with 11 followed by Blacktown with eight. There were seven auctions scheduled for Marrickville, Baulkham Hills, Wahroonga, Liverpool and Chester Hill.
Sydney’s south hosted the most number of auctions with 94 scheduled followed by the west with 76, the inner west and the city and east each with 71, the upper north shore 67, the south west 60, Canterbury Bankstown 47, the lower north 38, the northern beaches 33, the north west 31, and the central coast 17.
While Sydney auction clearance rate down to year low 80%, Dr Andrew Wilson at APM noted was Melbourne solid at 79.2%.
With less volume, some 560 auctions in Melbourne on Saturday, Melbourne's preliminary clearance rate of 79.2 per cent on Saturday, higher than the 78.7 per cent of the week before. The Melbourne numbers were just below the 548 auctioned last weekend, but ahead of the 478 auctioned over the same weekend last year.  Reservoir hosted the most number of auctions in Melbourne on Saturday with 14 followed by Richmond 13, Port Melbourne, Glen Waverley and St Kilda each with nine. 
The last weekend of July sees more than 700 homes scheduled for auction in Sydney.
Sydney will struggle with these high numbers to maintain the high clearance rates achieved earlier in the year, Dr Wilson forecasts.
"The preliminary clearance rate for the city was 80 per cent, which, while high in most markets, was the lowest rate of 2015 for a weekend not affected by holidays," he said.
"The reduced clearance rate is another early sign, along with the the surprise drop in home loans recorded in May, which point to a market that is passing the peak of house price inflation," he told Fairfax Media.
Sydney's top sale was $4.45 million for a 1319 square metre Chiswick property, with perched views over Five Dock Bay where its original cottage - three bedrooms plus sunroom - will be replaced with a new home. 
Lochlan Grahame of Cobden &amp; Hayson <a href="https://www.domain.com.au/for-sale/52-burns-crescent-chiswick-nsw-2046-2012048897?topspot=1" target="_blank">had nine registered bidders</a>.
A four-bedroom apartment atop the Portofino building in Bay Road, Sandringham sold for $3.3 million through Biggin &amp; Scott Brighton, as Melbourne's highest weekend sale.
Brisbane's top $1.7 million sale at Cleveland was an offering on its second auction marketing campaign. It had $1,890,000 plus private treaty hopes since last November's unsuccessful auction.
In Canberra the top sale was a 1975 built family home on a 1417-square-metre block in Beaumont Close, Chapman, 12 kilometres from the city, sold for $1.01 million through Deborah Blaine at Peter Blackshaw Woden and Weston Creek. It had been listed with $875,000 plus hopes. 
<div> </div>
<div>
<table style="width: 605px;" border="0" cellspacing="0" cellpadding="5"><tbody>
<tr>
<td colspan="2">
Most expensive
</td>
<td colspan="2"> </td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_0">
<td id="x_rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_0" colspan="2">52 Burns Cr, Chiswick NSW 2046, 3 br House, Cobden &amp; Hayson Drummoyne</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_0">$4,450,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_1">
<td id="x_rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_1" colspan="2">31/49-51 Bay Rd, Sandringham VIC 3191, 4 br Unit, Biggin &amp; Scott Brighton</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_1">$3,300,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_2">
<td id="x_rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_2" colspan="2">69 Avenue Rd, Highgate SA 5063, 4 br House, LJH Kensington | Unley</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_2">$1,230,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_3">
<td id="x_rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_3" colspan="2">16 Raby Bay Bvd, Cleveland QLD 4163, 4 br House, LJH Cleveland</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_3">$1,700,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_4">
<td id="x_rpMostExpensive_tdMostExpensiveCity_4" align="left">Canberra</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_4" colspan="2">14 Beaumont Cl, Chapman ACT 2611, 4 br House, Peter Blackshaw Real Estate Woden &amp;</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_4">$1,010,000</td>
</tr>
<tr>
<td colspan="2">
Most affordable
</td>
<td colspan="2"> </td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_0">
<td id="x_rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_0" colspan="2">4/11-17 Davidson St, Greenacre NSW 2190, 3 br Unit, Town and Country</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_0">$425,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_1">
<td id="x_rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_1" colspan="2">6-7 Raymond St, Melton South VIC 3338, 2 br House, Raine &amp; Horne Melton</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_1">$163,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_2">
<td id="x_rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_2" colspan="2">64 Overland Rd, Croydon Park SA 5008, 2 br House, RW Flinders Park</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_2">$373,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_3">
<td id="x_rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_3" colspan="2">11 Woodview St, Browns Plains QLD 4118, 3 br House, RealWay Property Consultants Metro</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_3">$332,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_4">
<td id="x_rpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_4" colspan="2">14/89 Britten-Jones Dr, Holt ACT 2615, 3 br Townhouse, Luton Properties - Gungahlin</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_4">$380,000</td>
</tr>
</tbody></table>
Source APM
 
{mijopolls 120}
 
</div>
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