Auction wrap: Nearly $20m paid for latest Mosman marvel
Sydney’s one-on-one property inspections in the current lockdown have ensured that, unlike in Melbourne, prestige sales have ticked along during the pandemic.
Sydney’s one-on-one property inspections in the current lockdown have ensured that, unlike in Melbourne, prestige sales have ticked along during the pandemic – but there have been reduced volumes, in part due to understandable vendor hesitancy.
Mosman has been among the standout suburbs, with its latest sale a near $20m trophy home.
It took the suburb’s 2021 double-digit sales to 19, with four since July. There have been three Mosman sales above $20m this year, along with a fourth trophy home purchased by estate agent Tim Foote who proposes to demolish and build six apartments at a $14m construction cost on Redan St.
The near $20m Hopetoun Ave home hit the market in July, marketed as having four levels of luxury designed by architect Rolf Ockert.
It won the Mosman Design Award in 2017 for the Berry-bound vendors, former PwC consulting partner Neil Livesey and his wife, Cognizant Australia chief Jane Livesey.
There’s been no official price reveal for the home, which came with initial $16m to $17.5m price guidance.
Other recent Mosman negotiations saw a deal secured a fortnight ahead of its scheduled Belle Property auction for an updated five-bedroom Federation era home on Wolseley Road that fetched $10.6m.
Rodney McLoughlin from TBAS Buyers Agents said Sydney’s Covid lockdown had created “the worst housing shortage in a generation, putting added pressure on prices.”
“Freestanding house supply is less than half pre-pandemic levels,” he said.
“Buyers significantly outnumber sellers, with a lot of sellers preferring to buy before they sell, due to fear of being priced out of the market.
“The lowest supply of listings were coastal enclaves.”
The competition among Mosman estate agents for listings has been white-hot, although one of the most prolific has recently ceased promoting his listings.
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Sacred ground
Melbourne’s top notified weekend auction sale was a $3.3m pre-auction result in St Kilda by the Uniting Church after more than 100 years of ownership.
The six-bedroom, two-bathroom Edwardian era home at 67 Blessington St sits on a 670sq m block.
Its marketing information was uploaded in July, so John Manning at Belle Property was able to provide details like floor plan and video for prospective buyers. The home came with soaring ceilings with roses, timber fretwork and fireplaces, ready for extension and renovation.
Melbourne’s priciest online weekend outcome was at Wheelers Hill where $2.81m was paid for a five-bedroom home. Its marketing had also begun back in July.
The Biggin & Scott listing attracted close to 15,000 views on realestate.com.au, with the price guide being $2.38m to $2.6m.
Of the 320 Melbourne weekend results collected so far by CoreLogic, 42 per cent had been withdrawn, and of the 174 sales, half had been secured prior to auction day.
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Stressful times
Melbourne estate agents have mostly held back fresher listings during the latest lockdown.
The highest known house sale has been in Hampton, where a Gordon St estate, listed in June with $8.8m to $9.5m hopes, found a recent buyer.
The highest known apartment sale was an off-market Toorak penthouse for just shy of $9m. The buyer had inspected the Mathoura Road apartment 18 months ago and then again between lockdown five and lockdown six.
Leading Melbourne agents expect a surge in listings after the touted September date, when the state hits 70 per cent first vaccinations, and probably enjoys a relaxation in the metropolitan rules that will permit one-on-one private inspections like Sydney.
Meanwhile, the Melbourne top end market has “stopped, not eased, or fallen”, according to prestige buyers agent Mal James.
“There have been excruciating hidden stresses on buyers and sellers,” he said.
“The market feels like it will continue to rise post lockdown.”
James expects “a fever pitch of activity as buyer inquiry is very deep”.
He notes that initial supply will be limited, as very few homes have been able to go through the two to six-week preparation process of photography and plans, plus the requisite tidy up has not been possible due to tradesman lacking access.
James notes there have been many rumours of agents doing illegal inspections of homes.
“That is just simply untrue,” he says, noting agents are “feeling the (financial) pinch a little”.
“Right now there is almost no activity – legal or illegal,” he says.
However, Ray White Victoria chief Stephen Dullens says buyers are becoming desperate.
“Across the industry, concerningly we are seeing more and more examples of customers taking matters into their own hands,” he says.
“We have many examples where prospective buyers have knocked on the door or written notes to sellers, pleading for access to their homes.
“This occurs after being advised by the sales agent that an inspection isn’t possible.”
Dullens says this led to pandemic safety risks.
“An environment where surfaces aren’t cleaned, social distancing isn’t maintained and contact tracing isn’t possible presents a substantial health risk to the community,” he says.
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Adelaide outperforms
Across the smaller auction markets that are not in lockdown, CoreLogic ranked Adelaide as the best performing with an auction clearance rate of 88 per cent. Brisbane saw a 68 per cent success rate.
Adelaide’s top sale was $2.86m in Unley when 15 registered bidders turned up for the 12 Salisbury St offering. It was a modernised 1890s stone house which last sold at $1,485,000 in 2017. Unley Park’s median price recently hit $2, the priciest in the city.
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Penthouse passed in
A luxury New Farm, Brisbane apartment offering failed to find a buyer when bidding stopped at just over $7m in an auction through Ray White on Friday.
The two-storey Brisbane penthouse on Bowen Tce, listed by businessman John Kilroy, was passed in at $7.25m, below advised expectations of a $10m sale. Kilroy had paid $3.6m off-the-plan in 2013.
Ray White’s auction did secure a $5.025m for a Moray St, New Farm, apartment.
The 339sq m four-bedroom, two-bathroom home at 4/29 Moray St, New Farm sold through Matt Lancashire and Patrick Goldsworthy.
Its view spans the length of the Story Bridge, from Kangaroo Point to Fortitude Valley.
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Bargain buys
There was just a $4000 difference when it came to the nation’s cheapest sale.
A $241,000 Queensland sale just pipped a $245,000 sale in South Australia.
The Goodna offering was a two-bedroom home.
The $245,000 sale was a three-bedroom house at Elizabeth North, which came with a $230,000 guide. Its LJH Greenwith selling agent Ryan Graham sold it to an investor after four of the six registered bidders competed.
Both attracted around 1400 views on realestate.com.au.
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