Sydney auction market 'relentless', clearance rate nation's strongest

A 1905 Melbourne mansion in Malvern East, once-owned by Little River Band guitarist Beeb Birtles, was likely the nation's highest weekend auction sale.

It sold post auction at an undisclosed price, understood to be for more than $6 million.

The five-bedroom, four-bathroom house on 1400 sqm at 10 Manning Road (above) originally came with $8 million plus hopes through an unsuccessful expressions of interest campaign last November.

Domain reported there was just the one bidder at $5.95 million

Harleston Firs was sold by the band member for $1,265,000 in 1991 to the current vendors.

A one bedroom, one bathroom apartment at Kingsville, some nine kms from the Melbourne CBD, sold at weekend for $210,000, making it the most cheapest sale across the capital cities.

Located at 2/57 Kingsville Street, (above) the property has been a $210 a week rental.

Sydney's clearance rate remains the strongest in the country. Domain economist Dr Andrew Wilson described the Sydney auction market as "relentless." 

The national capital city clearance rate increased this weekend sat at 76 per cent, compared to 75 per cent last weekend and 68.8 per cent one year ago. 

Auction activity increased over the week with 2,844 homes taken to auction, up from 1,473 last week; however this time last year, volumes were higher with 3,540 properties taken to auction.

Each individual capital city market has seen a rise in auction volumes over the week, while clearance rates have been somewhat varied, noted Kevin Brogan at CoreLogic.

The highest preliminary clearance rate was in Sydney where 83.9 per cent of auctions cleared over the week, followed by Canberra at 76.6 per cent.

Melbourne was the busiest city for auctions this week, with 1,415 homes going under the hammer.

Of the 1,059 reported auctions, 804 were successful, representing a preliminary clearance rate of 75 per cent.

One offering that didn't sell was when the comedian and writer Glynn Nicholas’ converted warehouse two-bedroom apartment passed in on a $750,000 vendor bid.

It now comes with an $865,000 asking price (above).

Nicholas has owned the 13/1-5 Martin Street apartment since paying $190,000 in 2000, using it as an office space before converting it and recently adding a mezzanine floor.

Melbourne’s clearance rate dipped from the 79 per cent across 385 auctions on the Moomba long weekend, while last year 72 per cent of the 1,788 auctions held were successful. 

The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 204 and 145 auctions were held respectively. 

The strongest clearance rate was recorded across the North West region, where 89 per cent of auctions were successful based on 74 results.

Melbourne sales included Anthony Hudson — an SEN radio host and Fox Footy commentator - who sold in Brighton for $3.305 million.

It has been four bedroom home (above) with his wife Eloise and their three daughters since traded in 2010 for $2.175 million.  

The Herald Sun reported the renovated 1960s home attracted competitive bidding between two of the four bidders — topping a reserve price around $2.9 million after an opening vendor bid of $2.6 million.

This week, 962 Sydney homes were auctioned and preliminary results show 83.9 per cent were successful, representing a rise from 77 per cent last weekend across 803 auctions.

One year ago, 1,114 auctions were held across Sydney and a clearance rate of 71 per cent was recorded.

Looking at the sub-regions of Sydney, the Baulkham Hills and Hawkesbury and Ryde regions recorded the strongest clearance rate of 92 per cent across 23 and 50 auctions respectively, followed by Eastern Suburbs' 92.7 per cent.

A 1900s bungalow at Mosman fetched $5.58 million, making it Sydney's most expensive weekend auction result.

Located at 12 Edwards Bay Road, (above) the property has been held by the same family for 50 years.

With views over Balmoral Beach, the property was offered through McGrath.

There were 175 Brisbane homes taken to auction this weekend. The preliminary clearance rate for the city is 49 per cent, down from 55 per cent last week and similar to one year ago, when 49 per cent of the 284 properties taken to auction were successful. 

Brisbane's top priced result was in Wilston where a city-view house sold for $1.55 million, located at 18 Main Avenue (above).

Adelaide recorded a clearance rate of 64 per cent across 105 auctions this weekend, down from 73 per cent across 87 auctions last week. At the same time last year, 145 homes were taken to auction, with 67 per cent recording a successful result.

Perth’s clearance rate of 60 per cent across 58 auctions is up from the previous week, when 26 auctions were held and a clearance rate of 39 per cent was recorded. Over the same week last year, the clearance rate was a lower 36 per cent, and 81 auctions were held.

In Canberra, 113 auctions were held this week, and of the 64 reported results, 76 per cent were successful. Last week, 45 auctions were held and the clearance rate was a lower 67 per cent. This time last year, 119 auctions were held and a clearance rate of 67 per cent was recorded.

A resort style Yarralumla home sold for $2.275 million, making it Canberra’s most expensive sale on the weekend.

Located at 7 Drummond Row, (above) it was five bedroom home positioned in a quiet, blue ribbon cul-de-sac.