Circular Quay prices are right for economists Warwick McKibbin and Renee Fry-McKibbin
Warwick McKibbin and his wife Renee Fry-McKibbin have made a second swoop on the Loftus Lane apartment building at Sydney’s Circular Quay.
Economists Warwick McKibbin and Renee Fry-McKibbin have doubled down in the Circular Quay apartment building, Loftus Lane.
Their two savvy purchases have been at a discount to the prior sale price.
The latest purchase was at $3.2m.
The two-bedroom, bathroom 99sq m space in the 2021-completed building had traded off the plan for $3.9m in 2017, reflecting an 18 per cent price discount There is no registered mortgage.
The eighth floor space, which looks over Macquarie Place Park, is now given as the registered address of the economic modelling business, McKibbin Software Group.
The McKibbins’ initial purchase was $5m last year for a three-bedroom, two-bathroom apartment in the Silvester Fuller Architects-designed building through Adrian Wilson at Ayre Real Estate.
It had been sold for $5.25m, off the plan, in 2017.
The high off-the-plan prices secured by AMP Capital have fallen by up to 30 per cent in resales.
Warwick McKibbin, a professor of economics at the Australian National University, spent a decade at the RBA after being appointed by the Howard government in 2001. He had earlier worked at the Reserve Bank from 1975 to 1991.
Renee, a professor of economics in the Crawford School of Public Policy at the Australian National University, was one of the authors of the recently implemented RBA review.
The couple recently sold their Deakin home and are looking for an apartment in Canberra.
“It was time to downsize,” he said.
Nation’s top sale
The nation’s top sale on the last weekend of the spring selling season was a riverfront home in Sydney’s Drummoyne at $14m.
Listed with $12m hopes, the 986sq m St Georges Crescent property last sold in 1984 when bought by Pat Conway, the 1980s Leighton Properties executive who died in 2003, and his wife Mary.
They bought it for $400,000 from Cliff Vincent Jnr, the Amco jeans distributor scion.
The beachfront six-bedroom house with classical period details comes with a boatshed.
There are views to the city skyline.
The next highest price was $11.35m at East Lindfield on the upper north shore for a five-bedroom, three-bathroom Arts & Crafts home on a 1 935sq m estate with a synthetic-surface tennis court. It has 659sq m internal space.
The house last sold in 1994 for $835,000.
Sydney’s dearest offering at 58-60 Carrington Road, Wahroonga, which was listed with $18m hopes, failed to sell.
The five-bedroom, five-bathroom house comes with a 25m Master Builders Association award-winning pool, with in-floor cleaning, infinity edge and waterfalls.
There is a tennis court with a sandstone-framed cabana and a wet bar with Sonos sound in the 4047sq m grounds, plus a Hartley Botanic greenhouse, also with Sonos sound.
Brisbane’s brightest
The top Brisbane auction result was at Ascot where $4.95m was paid for a five-bedroom, four-bathroom house with poolhouse.
Two of the four registered bidders competed when 56 Palm Avenue was auctioned by local Ray White agent Damon Warat.
“The winning bid went to a local family who were upsizing,” he said.
The downsizing vendors had paid $2.3m in 2014.
There was also the $4.707m sale of a five-bedroom, four-bathroom home at 993 Brunswick Street, New Farm through local Ray White agent Annette Richards. She saw three of the four registered bidders compete for the 600sq m holding across the street from New Farm Park.
Brisbane’s priciest weekend listing at 25 Maxwell Street, New Farm failed to sell.
Seeking $15m, bidding got to $14.1m through Ray White agent Matt Lancashire.
The 1210sq m block was listed by Ben Seymour, the grandson of Seymour Group founder Kevin Seymour, who had paid $9.9m in December 2020.
It consists of two dwellings with 16.9m of river frontage.
Strathmore stunner
Melbourne’s top advised sale was an auction-eve $4m deal at Strathmore. The 41 Hayes Road home had come with $3.5m to $3.85m price guidance from Jellis Craig Moonee Valley agent John Morello.
Melbourne’s priciest listing, the historic Seafarer’s warehouse residence in Middle Park, failed to find a buyer, having been listed with $6.5m to $6.8m hopes through Max Mercuri of Jellis Craig.
It is now priced at $6.25m.
The three storey warehouse 1in Langridge Street was listed by Kathryn Gunn, the director of Tawarri Hot Springs.
She purchased the home with four bedrooms, four bathrooms and city views from its decked terrace for $1.08m in 2000.
There was no price disclosure for the 25 Bonview Road, Malvern and 21 Margaret Street, Canterbury sales.
The Melbourne auction market saw its preliminary clearance rate falling to 64 per cent, according to Tim Lawless at CoreLogic, and into the 50s after final results were tallied.
The national preliminary national clearance rate ended spring with a whimper, falling to a year low of 63 per cent, with Adelaide’s 66 per cent ranked the best performing capital, but at its equal lowest through the year to-date.
Greater choice
Buyers benefited from more choice during spring 2024 compared to a year ago, PropTrack economist Eleanor Creagh noted.
The last week of spring saw the auction tally up 10 per cent compared to the same week last year. Victoria’s 1539 auctions were 13 per cent higher year-on-year while NSW with 1257 auctions was up 11 per cent, year on year.
While still high, December doesn’t have the momentum of last year, since the 1434 Melbourne auctions this week is down 1 per cent year on- ear. Ditto the 1,078 Sydney auctions scheduled this week, also down 1 per cent, year on year.
“Opportunities to buy are likely to drop off significantly from mid-December onwards until the market picks back up towards the end of January,” Creagh expects.
Past Decembers have yielded record volume, including 2021 when there were 1845 auctions scheduled for one week in Melbourne.
Auctions delayed
There were 50 prestige Sydney weekend auction listings seeking $5m or more with just five finding buyers on Saturday, and seven being sold prior.
Some of the weekend-scheduled prestige auctions have been pushed into December and some into February next year.
The newly constructed 9 Beresford Road, Rose Bay home created by Andrew Tzannes, director of Smith & Tzannes, is among the many auction listings pushed back a week.
However the 28 Isabella Street, Queens Park listing has now got a February 15 auction date and the 16 Ilya Avenue, Bayview offering has been scheduled for February 22 auction.
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