Canberra clearance rate weakest of the capitals
Canberra’s auction clearance rate now ranks as the weakest of the capital city markets with its weekend success rate slipping to 52 per cent from 107 offerings.
Canberra’s auction clearance rate now ranks as the weakest of the capital city auction markets.
Its weekend success rate slipped to 52 per cent from 107 offerings, a sharp contrast to during the pandemic when it was often the strongest of the active auction markets.
Canberra’s marked deterioration had been seen when it dipped from 65 to 59 per cent in the last two weeks of February. Its opening February weekend result was 71 per cent.
CoreLogic calculates total Canberra listings are running almost 17 per cent higher than a year ago. “Canberra doesn’t seem to have the same scarcity of supply as the larger cities,” CoreLogic’s Tim Lawless told Competing Bids, noting the flow of new listings over the past four weeks was about 8 per cent above its five-year average.
Sydney and Melbourne have new listings tracking 15 per cent and 12 per cent below their five-year averages.
Blackshaw Manuka agent Mario Sanfrancesco confirmed that Canberra was experiencing “less enthusiasm” from buyers this year. “It appears that the ongoing increasing interest-rate rises and inflation are starting to take effect with buying decisions,” he said.
He said interest rates had certainly impacted on buying power.
The priciest weekend sale was $2.5m for a three-bedroom Griffith house through Blackshaw Manuka agent Christine Shaw. It was a Kenneth Oliphant-designed 1940s house last renovated in the early 1990s.
One of Canberra’s most admired contemporary homes, 45 National Circuit, Forrest, has been listed through Sanfrancesco for a March 18 auction, having hit the market last spring with other agents.
The four-bedroom 2015-built mid-century modern style home comes with a self-contained one-bedroom apartment. There is a lava lamp-lit conversation pit and an Oblica Focus floating fireplace. Plenty of breezeblocks and pebblecrete too. There is space for five cars with a hydraulic car hoist.
“Presented in as-new condition, 45 National Circuit is one of the most impressive homes I have seen in over 30 years of selling some of Canberra finest property,” Mr Sanfrancesco said.
His office secured two suburb records last month, including the five-bedroom house at 20 Wynter Pl, Hughes that fetched $3.05m. The Hughes record had stood at $2.975m.
All eyes on Adelaide
The most viewed residential listing on realestate.com.au last week was a luxury mid-century Palm Springs-style home in Adelaide’s Beaumont, which has been listed for private treaty sale.
The five-bedroom home at The Common was designed by Susanna Bilardo at Enoki and built by Simon Fuss for Nicky Klemich in 2012. No surprise it is listed through the Klemich estate agency.
Meanwhile Adelaide recorded the nation’s highest clearance rate with 80 per cent of 119 auctions finding a buyer.
Across the nation, there were 2050 homes taken to auction last week, down on the prior week’s 2429, and 31 per cent lower than the same time last year.
Of the 1634 results collected so far by CoreLogic, a healthy 70 per cent were successful.
“While the clearance rate will revise lower once remaining results are collected, it will likely hold around the high 60 per cent range for the third consecutive week,” Tim Lawless at CoreLogic forecast.
Standby for listings to ramp up ahead of the Easter break, which will test the market.
Anne Flaherty, the PropTrack economist, calculates there were 1600 auctions this week, rising to 2500 in the following week.
Despite the spike, Flaherty noted volumes will remain lower annually in every capital, no more so than in Adelaide, with an 80 per cent decline in auction offerings.
Right on Kew
On autumn’s opening weekend, Melbourne, the nation’s busiest auction market, had its highest preliminary clearance rate since last April.
Of the 753 weekend results collected so far by CoreLogic, 71 per cent were successful.
A two-level 1915 Kew trophy home that sold pre-auction was its priciest offering.
The vendor, Time & Place Developments director Tim Price, had $10m to $10.5m hopes, but there’s been no price disclosure.
The five-bedroom, five-bathroom home had been previously renovated by Amber Hope Design. Set on a 1280 sqm Sackville St parcel, it had last sold for $10.37m in mid-2021. It attracted some 18,000 online views on realestate.com.au.
But a South Melbourne trophy home auctioned through Oliver Bruce and Nicholas Hoo of Marshall White failed to attract any bids, after being pushed back a week.
The 1880 Victorian residence initially came with a $4.1m to $4.3m price guide, which was dropped to $3.9m to $4.25m.
Bruce placed a $4.1m vendor bid while the attendees sought shade from the unusual autumnal heat in the adjacent Anzac Gardens. Bruce told the crowd the four-bedroom, two-bathroom house on 402sq m had last sold in 2017 for $4.1m. It was offered by Rachel Slade, the NAB executive and her husband Tim.
$7.3m in Brighton
Melbourne’s Brighton had the highest under the hammer sale across the nation. The $7.3m sale of the five-bedroom, three-bathroom 1920s Bay St house came after a $7.1m opening vendor bid. There were three bidders.
The price guide had been $7.4m to $7.6m, down from the initial $7.5m to $7.9m hopes when listed five months ago.
Kay & Burton marketed the 1311sq m parcel.
It last sold in March 1973 at $70,000, plus $6100 in chattels, when bought by accountant Darvell Hutchinson, a leader in the philanthropic community. The honorary fellow of the Melbourne Business School died in February 2022, aged 91.
Sydney’s Linley Point saw a $7.06m under-the-hammer bushland waterfront sale.
Pinnacle seeks $11.5m
Pinnacle on Noosa Waters, a waterfront trophy home scheduled for private weekend auction, now has a $11.5m asking price.
Tom Offermann and Patrick Sherwood of Tom Offermann Real Estate have the listing of the Shorehaven Drive abode.
Set on a 1600sq m block with a 40m water frontage, Pinnacle has a Palm Springs style with a chandelier commissioned from designer David Trubridge.
The five-bedroom, six-bathroom home spans two lift-accessible levels. There’s a pool, cabana, gym, office, wine cellar and also a jetty. Pinnacle last sold for $4.25m in 2019, the first time since its 2000 completion.
Tamarama on top
The nation’s top sale came pre-auction in Sydney when the Tamarama property of global e-commerce hair-extension brand Zala founders, Lauren McLoughlin and Lachlan Gorman fetched $14.5m. It was $3m above the $11.5m guide from PPD’s Alexander Phillips for the resort-style, four-level property that features a cinema, cocktail bar, infra-red sauna, biogas fire pit and a heated infinity pool surrounded by daybeds. It was bought by the couple for $8.4m in late 2018 from medicinal cannabis industry chief Matt Cantelo.
It ranks as the highest sale price since 2019 when a $15.75m sale was secured by local agent Pauline Goodyer on Gaerloch Ave.
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