Weekend auction wrap: where the hammer fell

It has been 11 weeks that Melbourne’s weekend auction clearance rate has hovered below 60%. Sydney’s has been there since February, based on revised figures.

The Melbourne suburb of Richmond was the busiest suburb across the country, with 10 auctions.There was a 42% success rate from the seven known results, suggesting Channel 9 will need to be very realistic when pricing its upcoming auction listings of the four houses on the television series The Block. Castle Hill with eight auctions was the busiest in Sydney, and none of the six reported results found buyers. It certainly invites the debate – which Property Observer will kick off this week – as to just what properties should be going to auction for the remainder of the winter, and even into spring.

Sydney’s weekend clearance rate from the preliminary 248 results compiled by Australian Property Monitors. There were 292 auctions held in Sydney, which was 13% down on the 338 auctions on the second Saturday in July 2010. Clinton McNabb at APM says there are about 240 auction due next weekend. After some further results came in from the July 2 auctions, Sydney recorded a 56.5% clearance rate, slightly lower than the 57% published figure.

Melbourne’s weekend clearance rate from the preliminary 402 results compiled by the Real Estate Institute of Victoria. There were 478 auctions held in Melbourne, which was 15% down on the 576 results on the second Saturday in July 2010. Palm Beach at the REIV says there are about 420 auction due next weekend. After some further results came in from the July 2 auctions, Melbourne recorded a 53% clearance rate, slightly lower than the initial 55% published figure.

Canterbury in Melbourne’s eastern suburbs notched up the weekend’s highest auction price across the country. The contemporary Mont Albert Road residence with four bedrooms and three bathroom had been listed as likely to sell within the $2.5 million to $2.75 million price bracket. It sold post-auction through Paul Pfeiffer and Danielle Henry at Hocking Stuart Balwyn. The house, with 419 square metres of space, was set on a 500-square-metre  block.

The vendor bid when Hocking Stuart auctioned a three-level Albert Park residence with no bids placed by the Saturday afternoon crowd. “We are going to support our vendor’s expectations on price,” auctioneer Andrew Stuart said. The contemporary Merton Street residence  had been listed through Hocking Stuart Albert Park agent Michael Coen, who was always expecting between $2.75 million and $3 million. It had last traded in 1999 for $675,000.

“Why would you be buying at that price when the government is introducing a new tax on Sunday,” one attendee who listened from his all-wheel-drive diesel told another attendee from the neighbourhood. The house is very different than when the former Hamer government minister Brian Dixon owned the property between 1988 and 1992. Guy Angwin from James Buyer Advocates notes its transformation has been extensive, to become a large, light-filled contemporary family home with many extras. But Angwin suggests an opportunity may have been missed, with the large main bedroom not having an en suite. James Buyer Advocates gives it a 639 rating out of 1000.

“Whilst this property ticks most of the boxes, its lack of off-street car parking may limit it's appeal,” Angwin says.

Wahroonga recorded Sydney’s highest weekend sale price, according to APM. The four-bedroom colonial sandstock Plymouth Close house is set on a 960-square-metre block on the corner of Billyard Avenue. It sold through Michele Nomchong at Chadwicks Real Estate Turramurra. It last sold for $860,000 in 2001, reflecting 5% annual growth. In 2009 it was listed for rent at about $1050 a week.

The weekend’s cheapest auction result across the country was a one-bedroom unit under public trustee instructions at West Foostcray in Melbourne. Its price fell within the price estimate of $165,000 to $180,000 given by its Burnham listing agents Luke Christofe and Warwick Burnham. The first floor unit was about 36 square metres.

Adelaide’s highest sale was a three-bedroom 1880s cottage in Adelaide, according to APM. The bluestone cottage sold through Brock Harcourts agents Martin Wylie and Alex Ouwens. There were nine registered bidders, who had been given a pre-auction price guide of between $630,000 to $690,000. It sits on Carrington Street between South Terrace and Wakefield Road. The attached cottage last sold in 2005 at $391,000.