Massive week for auctions throughout the country

THERE is an unprecedented number of properties going to auction across Australian capital cities this week and into the weekend.

THERE is an unprecedented number of properties going to auction across Australian capital cities this week and into the weekend.

According to the latest figures from RP Data there are 3111 auctions scheduled throughout the country, with 2589 of those in capital cities. This is up 53 per cent than the same time last year.

Robert Larocca of RP Data says vendors worried a lot of auctions meant too much for buyers to choose from, should be buoyed by results last week when there was a national auction clearance rate of 66.6 per cent across capital cities.

He said the increase this week was largely as a result of a surge in listings in Melbourne and Sydney, both cities have more than 1000 auctions this week.

In Melbourne there are 1137 auctions scheduled. This will be the ninth week this year that more than 1000 properties have been auctioned in the city.

In Sydney there are 1017 properties to be auctioned this week — almost twice what was offered at the same time last year.

Even smaller auction markets Canberra and Perth are expecting a record number of auctions for the year with 72 in Canberra and 69 in Perth.

Adelaide will have 119 auctions compared to 121 last week, Brisbane will have 175 auctions compared to 133 last week.

Tasmania has eight auctions scheduled this week.

Views while you cook at 76 Amalfi Drive, Isle of Capri.

On the Gold Coast a four-bedroom waterfront home in the sought-after Surfers Paradise, the Isle of Capri will go to auction on Saturday at 12.30pm.

The property at 76 Amalfi Drive sits on 782sq m and was architecturally designed. It has a pool, spa, jetty, boat ramp, fireplace and grand foyer.

It is being marketed through Ray White Broadbeach.

Steeped in history, 60 Garfield Drive, Paddington.

In Brisbane a home at 60 Garfield Drive, Paddington will be auctioned at 11am Saturday. The three-bedroom house

Marketing agent Daniel Argent of Urban Property Agents says it is ideal for renovation or subject to council approval could be removed. The property has 270 degree views to the northeast and the city.

The home was built around 1946. Once referred to as Archibald Hill the home has a formal living and dining room, sun room and eat-in kitchen.

The bathroom has Terrazzo floors.

Ultra model feel inside Lomond Tce, East Brisbane apartment.

The views from the Lomond Tce, East Brisbane apartment.

An apartment at 11/1 Lomond Tce, East Brisbane with amazing city views will be auctioned at 10am on Saturday through Ray White East Brisbane.

The fourth-floor corner apartment has views which extend from the outer suburbs of Brisbane, through to the city, The Gabba and Story Bridge.

The unit has three-bedrooms and two bathrooms.

Held by the same family for more than 60 years, 6 Alexandra St, Hunters Hill.

A sandstone home at 6 Alexandra St, Hunters Hill which was pulled from auction a few weeks ago, will now go under the hammer on Saturday at 11.15am.

The house is being marketed by a McGrath Real Estate.

Known as Ardath, the single level cottage was built around 1880. It is the first time the historic residence has been offered for sale in 64 years. It has high decorative ceilings, formal lounge with working fireplace and well established gardens. There are three bedrooms.

A townhouse at 2/144 Flinders St, Thornbury has price expectations of more than $590,000.

Greville Pabst, WBP Property Group chief executive, remains positive about the auction market in Melbourne.

Mr Pabst said there had been up to five bidders on average at auctions attended by his team last weekend.

Citing Real Estate Institute of Victoria figures, he believes the Melbourne market will hold on to current clearance rates until the beginning of winter.

“And, with just two weekends to go before the official commencement of winter, there’s a record 2,500 auctions scheduled, which is uncharacteristic of this time of year,” he said.

“Will prices and clearance rates hold up to this volume of property in the next fortnight? We think so.”

Among those going to auction this weekend is the townhouse at 2/144 Flinders St, Thornbury.

The two-bedroom property with open-plan living spaces and polished floorboards will go under the hammer with $590,000-plus expectations, according to Carl Carrubba with the Peter Markovic, Fitzroy, office.

Originally published as Massive week for auctions throughout the country