Former bank boss set to crop his farm holdings

Former Commonwealth Bank chief David Murray is reducing his Upper Hunter farm holdings, listing 2258ha of grazing land in the Merriwa district.

This five-bedroom Auchenflower listing sold for $3m.

Former Commonwealth Bank chief David Murray has decided to reduce his Upper Hunter farm holdings. He has listed 2258ha of grazing land in the Merriwa district. It has 12 paddocks of chocolate basalt soils, 36 dams and a manager’s cottage.

It was 2015 when Murray first bought into the Hunter Valley, with his Wagyu cattle station formed around the 1930s “The Dales” homestead within the former vast Brindley Park empire owned by pioneering pastoralist James Brindley Bettington in the 1800s.

The current offerings, Montego and Moona, cost $6.47m and $2.263m when bought in 2017. They have been listed through McGrath Upper Hunter agent Michael Burke in conjunction with Huw Llewelyn at GM Llewelyn and Co.

The manager’s cottage on a Merriwa property listed for sale.

The Hunters Hill-based Murray was the inaugural chair of the Australian government’s Future Fund board, serving six years until 2012. The 73-year-old declined to comment on the farm listing, but last year told The Australian that he was enjoying being out of the limelight while sharing his farming interests with his wife Stephanie.

“We run black angus,” he told Damon Kitney. “We have brought in some of the best embryos from North America blood lines,” Murray advised, adding it was “a decent-sized farm” with a manager on site. “It’s been really engaging doing that.”

The Dales is set on a 1750 hectare consolidation, which cost $7.35m.

–

Longueville luxury

Sydney recorded its quietest auction patch last week since January, with just 476 homes auctioned across the city. With 381 results collected so far by CoreLogic, Sydney’s preliminary clearance rate rose slightly above the 60 per cent mark for the first time since late May. Sydney had the nation’s priciest sale when a Longueville waterfront sold for $9.16m to a family upgrading from the upper north shore.

The Lee family had paid $200,000 in 1979 for the house with a simple Spanish Mission architectural style.

Some 14 registered buyers hoped to compete for 11a Norfolk Road, a four-bedroom, three-bathroom house on a battle-axe 1382sq m with jetty and slipway on Tambourine Bay.

The bidding commenced at its $7m price guidance and five buyers got to participate as bidding quickly exceeded its $7.5m reserve.

–

$22.5m at Toft Monks

The Toft Monks, Elizabeth Bay penthouse sale price emerged in last week’s settlements at $22.5m when Julie Trethowan, the former manager of Kerry Packer’s luxury CBD health and fitness premises, Hyde Park Club, sold to the boutique property developers Bob and Margaret Rose, who sit 214th on The List: Australia’s Richest 250 with a $604m fortune.

Trethowan had sought $25m for the four-bedroom, two-storey harbourfront apartment on its listing last November through Brad Pillinger at Pillinger Real Estate.

Trethowan is now heading off to One Barangaroo, where she has spent $24m on the luxurious 76th floor.

–

Right on Kew

There were 620 auctions held across Melbourne last week, down 23 per cent on the prior week. Its preliminary clearance rate rose for the third consecutive week to 61 per cent, further highlighting the low midwinter supply levels meeting continued buyer interest.

A Kew home was Melbourne’s top notified sale at $4.62m. The offering at 13 Macartney Avenue had been listed with a $4.1m to $4.3m price guide that dated back to May. It was sold by Richard Winneke at Jellis Craig. The five-bedroom home Silverdene attracted five bidders “all wanting to be close to one of the leading independent schools.”

“I am finding that A-grade properties in A-grade locations are in still in demand, especially in the heart of Melbourne school belt,” Winneke said. It had last sold in 1992 at $636,000.

Melbourne’s next priciest was an unreported sale in South Yarra at $4.42m, an Hawksburn Rd home that last sold in 1981 for $225,000.

–

Fitzroy’s finest

Melbourne’s Fitzroy saw the sale of the apartment listed by retired basketballer Brett Wheeler. His two-bedroom Brunswick St apartment fetched $1.57m, having been listed with a $1.2m to $1.25m price guide from Nelson Alexander agent Rick Daniel.

After almost 200 groups inspected, it was sold by an Australian currently in Portugal.

“We had five bidders participate at the auction.

“The market continues to perform well for good quality, well located property,” Daniel told Competing Bids.

A two-bedroom Brunswick Street apartment in Fitzroy went for $1.75m.

Wheeler played for NBL teams in four states during his 17-year career, appearing in a record eight grand finals, and also spent three seasons with the NBA.

The apartment, bought in 1999 for $335,000, is one of eight in the former 1911 Champion Hotel. Fitzroy also saw the sale of a converted 1880s coach house at 354 Fitzroy St that had residential and commercial usage.

The price was not revealed to the public, but Competing Bids discerns it fetched $2.83m with just two bidders at its auction. The property last sold for $2.595m in 2018.

–

New home popular

Brisbane’s top sale came when $3m was paid for a five-bedroom Auchenflower listing through Matt Lancashire and Josh Brown at Ray White. Four of the five registered bidders were active, with the keys secured by locals attracted to the property because of the high quality of the new home by Rylo Co. There had been some 69 groups undertaking an inspection.

“A lot of people are electing to buy finished products at the moment, with the stress of building and construction costs. There is good value in turnkey, finished products,” Lancashire said.

The 650sq m building block had cost $772,000 in 2016 with the 1930s cottage then demolished. Brisbane’s weekend clearance rate sat at 45 per cent from 116 results.

–

Adelaide in front

Each of the smaller capitals recorded a decrease in auction activity last week, and with their clearance rates all dipping. Adelaide maintained its status of the nation’s top success rate at 65 per cent with its priciest sale being $3.15m for the early 1990s-built four-bedroom, four-bathroom house at 4 Desaumarez St, Kensington Park.

A four-bedroom house at 4 Desaumarez Street, Kensington Park, fetched $2.425m.

There were seven registered bidders with the 1220sq m property sold to a local family through Stephanie Williams and Matthew Paternoster from Williams Luxury. The neighbouring building block fetched $2.425m. “Prices are still holding in the luxury market,” agent John Williams said.

Adelaide had the nation’s highest clearance rate in the June quarter at 75 per cent, followed by Canberra at 68 per cent, according to CoreLogic. Canberra’s weekend 49 per cent success rate was its weakest since 2019, barring a very brief pause at peak of pandemic uncertainty in April 2020.

Tim Lawless at CoreLogic noted it was in mid-2019 when the Canberra market “started to ramp up post-election, aided by rate cuts and after APRA easing”.