Weekend auction wrap: where the hammer fell

The recent share market turmoil strangely did not weaken the weekend's auction success rate.

Indeed, Sydney’s clearance rate was 60.5%, compared with 54.3% last weekend and almost par with the 64.2% for the same weekend last year. Melbourne’s clearance rate was 57% compared with 54% last weekend and 67% last year.

SQM Research property analyst Louis Christopher says the weekend clearance rates were surprisingly strong in both capitals.

There were 299 properties offered for auction across Sydney compared with 261 last weekend and 372 on the same weekend last year.

Of the 214 reported auctions, 144 properties were sold for a total value of $116.4 million at an average value of $800,000.

The median price of houses sold was $855,000 and for units it was $685,000, according to Dr Andrew Wilson, the senior economist for Australian Property Monitors.

“There are indications that Sydney's housing market is still subdued but stable, with just a hint of growing confidence,” Wilson says.

With 51 results yet to be tabulated there where 431 auctions reported in Melbourne. Of the 187 passed in, 123 of those were on a vendor’s bid.

“Those looking to sell their home over spring will be hoping that speculation of an interest rate cut last week becomes a reality as it would boost buyer confidence just at the right time,” Real Estate Institute of Victoria chief executive Enzo Raimondo says.

Next weekend the REIV expects around 490 auctions. And Clinton McNabb at Australian Property Monitors expects 303 properties to go to auction in Sydney next weekend.

The most expensive house sold across Australia was a $6,725,000 Gold Coast riverfront auction.

Dan McVay’s Admiralty Drive property in Paradise Waters went under the hammer. McVay paid $5 million for the property in 2006.

It was on the market at $5.85 million and sold well above its reserve through Michael Willems at Ray White. It’s a five-bedroom, seven-bathroom house on a 1,351-square-metre block. The house also comes with an office and six-car garage. There is a 12-metre enclosed swimming pool.

Melbourne’s highest reported sale was a Sackville Street, Kew house. Bidding for this five-bedroom, three-bathroom renovated 1920s property began with a vendor bid of $3.7 million before four bidders joined the bidding, according to James Buyer Advocates. It was announced on the market at $4,175,000 through James Tostevin of Marshall White Armadale.

It was built in the mid-1920s but since extended and renovated. The house last sold for $2.3 million in mid-2004 when bought by mining magnate Tony Manini, the former Oxiana exploration manager. There was a higher undisclosed sale when a Walsh Street, South Yarra house sold after auction for $4.8 million plus. This accords with the trend detected by JPP Buyer Advocate Catherine Cashmore, who senses an increased preference to negotiate after auction for top-end listings. Buyers at the executive top end have become more stubborn about price, especially after the events of last week, Mal James from James Buyer Advocates says.

The most expensive Sydney property sold was a five-bedroom house in Strathfield that last sold at $832,000 in 1998. About $2 million had been expected by its Devine agent Greg Emerton.

Sydney’s cheapest sale was a two-bedroom unit in Wiley Park through Allan Dale Real Estate that last sold for $107,000 in 1993.