Melbourne property momentum amid Sydney slowdown

Sydney auctions struggled but still managed the top weekend result with a North Bondi home, while Melbourne’s top sale was $5.25m house offered for the first time in 50 years.

Sydney’s top sale was at North Bondi.

Melbourne secured its highest weekend auction success rate in seven weeks with a jump from 66 per cent to 72 per cent in its preliminary clearance rate, according to CoreLogic.

Its top sale among the 930 results was in South Yarra. The four-bedroom, two-bathroom home at 42 Davis Ave sold for $5.25m when offered for the first time in 50 years.

“Renovate, occupy or develop on this prized 499sq m allotment,” was the marketing pitch from Castran Gilbert selling agent Mark Forytarz.

There were four registered bidders, and it was announced on the market at around $4.5m.

“The vendors were ecstatic,” Forytarz says.

The similar neighbouring home had sold for $4.6m in March when offered for the first time in 40 years.

Melbourne’s next priciest under the hammer weekend result was in South Melbourne with Marshall White agent Oliver Bruce securing $3,405,000 for a contemporary four-bedroom, three-bathroom townhouse.

The Park St home had previously sold in 2015 for $1,275,000.

335 Park Street, South Melbourne.

It was one of the Marshall White agency’s 23 weekend auction listings, with 11 sold prior, including the $4,515,000 sale at 41 Hanby St, Brighton.

This coming weekend Marshall White’s auction listings jump to 37, with a forecast $50m-plus sales tally.

The October 21 weekend sees 62 auctions, which are tipped to fetch some $145m, followed by the October 28 weekend when Marshall White has 82 scheduled auctions that are tipped to sell for $245m plus.

Jack Bongiorno, the sales director at the high-end real estate agency, noted its $500m worth of homes up for auction was a dramatic increase on last ­October. 

Of course there will be a pause in early November with Bongiorno hoping his two horses, Lunar Flare and Knights Order, will be racing at Flemington, given they are among the 72 still left in Melbourne Cup contention.

111 Sackville Street, Kew.

“It’s been a long time since we have seen an October that is this strong,” Bongiorno said.

“When the top end sells well, the whole city sells well.

“We have seen this trend guiding the general property market for almost three decades.”

The agency has 45 homes worth more than $10m on the market, including a 2400sq m family home at 111 Sackville St, Kew featuring an indoor basketball court.

It is expected to fetch more than $18m through James Tostevin at Marshall White Boroondara in conjunction with James Buy Sell.

Sydney slowdown

Just four of Sydney’s 16 priciest weekend auctions reported sales, with the emerging weakness at the top end contributing to the overall decline in its success rate.

Sydney’s preliminary clearance rate sat at 69 per cent from 710 results, its lowest in nine weeks, Tim Lawless at CoreLogic noted.

There was no sale notification for the four trophy home offerings seeking $10m-plus results at Cammeray, Mosman, Huntleys Point and Randwick, where the 2014-built, six-bedroom, five-bathroom Govett St home was passed in on a vendor bid by The Agency agent Ben Collier.

Nonetheless, Sydney scored the nation’s top weekend auction result when a three-bedroom, two-bathroom North Bondi home found a buyer.

It had been passed in but sold soon after at $6.8m. The home was marketed by PPD agents Kenji Fukushima and Alexander Phillips as a hacienda-style beach house just 450m from the sand. The freestanding Brighton Boulevard house last sold for $2.34m in 2011.

Sydney’s next top auction sale was $6.55m at Beecroft for a six-bedroom, five-bathroom offering on a 3350sq m Chapman Ave holding. The estate came with a tennis court and 12m saltwater pool, plus triple garaging and guest accommodation.

Top of the Hill

Brisbane’s top result was $3,503,000 in Camp Hill with five registered bidders and the reserve surpassed “by a significant margin”.

The five-bedroom, three-bathroom renovated 1930s Newman Ave home on 810sq m sold through Sarah Hackett at Place Estate Agents. She said the “prestigious hillside location had easy access to parkland, dining precincts, shopping destinations, and outstanding local schools”. The two-level home has city skyline views.

57 Newman Avenue, Camp Hill.

It was last sold to surgeon Peter Beckingsale and wife Cathy, whose renovation kept its character, including leadlight windows and Blackbutt timber flooring.

It last sold in 2008 for $1,860,000.

The recent PropTrack Home Index puts the median house value in Camp Hill at $1,434,000, up 4.1 per cent over the last three months and 6.25 per cent annually.

Brisbane saw a $3.3m pre-auction sale of the three-level home at 5 Beaufort Lane, Clayfield.

The three-bedroom, two-bathroom house on 432sq m was designed by architect Noel Robinson. Listed through Ray White agents Tom Lyne and Jackson Roberts. It had last sold in 2019 for $1,860,000.

Queensland’s top advised weekend sale was when $6,700,000 was paid for the five-bedroom, five-bathroom house at 9 San Remo Boulevard, Sorrento through Kollosche Prestige. The two storey home sat on a 1,471sq m block with 34m river frontage with views of the Surfers Paradise and Broadbeach skylines.

Sales success

Adelaide, with an 80 per cent success rate, was the strongest capital city weekend auction market. Friday saw its top sale when the townhouse at 60 Stanley St, North Adelaide fetched $1,805,000 through Steve Alexander and Penny Riggs at Alexander Real Estate.

The two-storey, 2009-built, three-bedroom home with a central courtyard had sold in 2016 at $1,250,000.

There had been a pre-auction sale of $1,525,000 at Largs Bay a week prior.

The four-bedroom 1926 bungalow, close to one of Adelaide’s premier beaches, was snapped up after just 13 days on market through Ray White agent Peter Kikianis. The 35 Kanowna Rd home featured high ceilings, jarrah floors and restored Federation fireplaces.

Cautious Canberra

The ACT auction market remained weak, with an overall preliminary clearance rate of 56 per cent. The clearance rate in the ACT has been below 60 per cent for five of the past eight weeks, CoreLogic says. Apartments sat at just 45 per cent while houses secured a 58 per cent clearance.

8 Wells Gardens, Griffith.

Its top Saturday sale was $2,975,000 for 84 Banks St, Yarralumla, a 1967 four-bedroom, two-bathroom home. It had last sold at $2,250,000 in 2017.

There was also $2,110,000 paid for a four-bedroom, two-bathroom home at 8 Wells Gardens, Griffith through Maloney’s agent Philip Kouvelis. The 1955 house on 902sq m, offered for the first time since 1961, attracted 1170 views on realestate.com.au.