Super Saturday auction listings shrink, but results had zest

Melbourne's record weekend auction listings didn't quite eventuate.

But Melbourne estate agents secured an impressive clearance rate of 76% from the 1246 auctions reported to the REIV today.

There had been estimates of 1500 plus Melbourne auction listings.

Super Saturday resulted in over $1.2 billion worth of property sold across Melbourne, with a few more expected from Sunday's offerings.

Brighton, with 32 scheduled auctions, secured the top $3.82 million sale through Nick Johnstone Real Estate. The highest number of auctions held remains March 15, 2008 with 1,351 auctions.

Last weekend Melbourne agents secured a 70% success rate from 1010 offerings and next weekend the REIV expects around 200 auctions as it is the Derby Day weekend before Melbourne Cup.

One of this weekend's offerings was a Richmond cottage from the inaugural Melbourne series on the Block on Channel 9 in 2011.

The Richmond cottage fetched $1.03 million today which Biggin & Scott selling agent Russell Cambridge pointed out was 12% higher than its 2011 sale price. It was 43 Cameron Street, Banstead Cottage, the renovated three bedroom terrace of Rod and Tania.

Rod and Tania's 2011 auction reserve was $850,000, and while it didn't sell on the television spectacular, the couple's handiwork secured an ensuing $922,000 sale at an impromptu 2011 onsite auction attended by six parties.

The marketing for 43 Cameron Street had the price estimate as $900,000 plus, cautious as RP Data suggests the median Richmond house price sits at $773,000 which is down on the $800,000 median around the time of the 2011 auction.

Sydney's weekend auctions numbered 690,  the second-highest number for any weekend this year, and the APM preliminary result came in at 83.2%. 

At the same time last year Sydney’s clearance rate was much lower at 61% as were auction volumes at 550.

The result pushes the success rate back above 80% clearance rate as last weekend's results was 79.9% on preliminary numbers and 75.7% after later revisions. Spring's 85.9% peak success rate was recorded on the October 12 weekend.

The jump in listings are against the backdrop of recent strong price growth, especially in Sydney. The latest APM report had the Sydney median house price  up 4% in the September quarter to $722,000. The median unit price jumped 3% to $515,000.

House prices are now $90,000 more expensive than they were at the start of 2012, APM's senior economist Dr Andrew Wilson says. ‘‘And apartment prices are nearly $65,000 higher.’’

There are 50 Sydney suburbs with median house price below $400,000.

Sydney's inner west with 94 auctions - they have had 16% annual growth price growth according to APM --- was among the busiest regions this weekend. As far as suburbs it was Epping and Beecroft in the north and Maroubra in the east were the busiest suburbs with nine auctions apiece.

A Drummoyne house sold under the hammer for $2,250,000, and a $3.64 million sale was secured through McGrath Estate Agents in McMahons Point. Rhodes recorded a $3.49 million sale. There were envisaged pricey offerings at auctions at Longueville and Birchgrove, but those results are yet to be lodged.

The smallest weekend offering was 25 square metres in Surry Hills. The eighth floor studio apartment in the Zest building on Crown Street sold for $392,500 shortly after being passed in at $391,000.

It last sold at around $280,000 in 2009. There were four bidders with Belle agents Michael Kirk and Mark Foy selling to an investor who will rent the apartment with car space out for $400 a week plus rental.

"Stunning auction results today despite record listings - markets are strengthening with extraordinary results," Dr Wilson tweeted.

There were not as many auctioneers reporting dramatic over reserve results although 5 Yengo Court, Holsworthy sold for $526,000 smashing its reserve price by $126,000. The 553 square metre block sold at land value although there was a five bedroom home. The crowd of 80 people and 12 registered bidders were "shocked" at the price. The bidding opened at $300,000 before moving to $480,000 before two bidders were left to fight it out.

It was sold to a builder who plans to renovate the property. Agents Raine Horne Liverpool sold it through auctioneer Rocky Bartolotto from auctionservices.