No buyer at $25m for magnificent Mostyn in Elizabeth Bay
The nation’s priciest listing – Mostyn, the 1878 Victorian Italianate non-harbourfront villa in Elizabeth Bay – failed to sell at its weekend auction.
The nation’s priciest listing – Mostyn, the 1878 Victorian Italianate non-harbourfront villa in Elizabeth Bay – failed to sell at its weekend auction.
The Billyard Avenue duplex was passed in on a $25.5m vendor bid placed by auctioneer Damien Cooley for The Agency, who’d provided $25m guidance.
The unrenovated, eight-bedroom offering was built with ornate cast iron lace verandahs by the pioneering colonial secretary Alexander Macleay, owner of the even grander Elizabeth Bay House nearby.
Mostyn last traded in one line in 1971 for $91,000.
The top-level apartment on the pocket sized 481sq m holding has been owned since 1996 by Yass grazier Chris Barber.
The lower level has been held since the early 1970s by the late rheumatologist Dr Egon Auerbach and his artistwife Judy.
The first time a half-share in Mostyn sold was their 1973 purchase for $85,000.
The lower apartment was briefly referred to in the media firestorm surrounding Bruce Lehrmann, when the Auerbach grandson in residence – the former Spotlight television producer Taylor Auerbach – made the contested claim that he had hosted the former political adviser, including a 2022 house call by Thai masseuses, whose were paid with a Seven corporate credit card.
The late media mogul Rod Muir fell short in his late 1980s attempt to consolidate Mostyn with his neighbouring harbourfront.
Market darling
The nation’s top weekend sale was a new six-bedroom home in Darling Point that fetched $20m, having been listed with a $17m price guide by Peter Brooks, the beverage entrepreneur who sold his drinks company to Japanese giant Asahi Breweries in 2010.
In April last year Brooks bought the 1960s Greenoaks Avenue duplex for $11.05m in an off-market deal with the Stapleton family.
A $1.84m development consent for Lucas Stapleton Johnson & Partners plans had been issued in 2021.
The bidding began at $17m through Maclay Longhurst of Sotheby’s.
Brooks had built the three-level home to move into, but decided to stay at Mosman.
Two parties competed for the keys.
There were 37 prestige Sydney auctions scheduled seeking $5m plus, with just three reported as sold under the hammer.
There were five sold prior, six cancelled and eight delayed to as late as September 28.
The overall Sydney preliminary success rate sat at 58 per cent, according to PropTrack.
PropTrack economist Anne Flaherty calculated Greater Sydney secured an overall 60 per cent success rate during winter.
Uneven growth
PropTrack’s latest Home Price Index, released on Sunday, calculates that national home prices have recorded 20 consecutive months of growth, with prices reaching a fresh peak in August.
National home prices gained 0.22 per cent in August to be 6.16 per cent higher than a year ago.
Performance differs significantly, according to PropTrack senior economist Eleanor Creagh, with Perth leading, up 0.79 per cent in August and up 23 per cent in the past year.
Sydney was up 0.32 per cent in August and 5.8 per cent annually.
Melbourne prices fell 0.18 per cent in August, marking the fifth straight month of declines, with prices down 1.98 per cent in that period.
Brisbane shattered its median house price record, pulling away from Melbourne by $50,000.
Hobart appears to have arrested its two-year downturn, with prices rising 0.63 per cent in August.
Adelaide prices are up 23 per cent in the past year.
Hallow’s House sold
The acclaimed 1975 Guilford Bell-designed Hallow’s House in Toorak fetched $6.4m at its weekend auction when sold to a mid-century architecture lover, one of its three bidders.
It had initial $4.4m to $4.8m guidance from Mike Beardsley at Jellis Craig Boroondara, who adjusted it to $4.8m to $5.2m after 200 parties undertook inspections.
“The purchaser had worked with Guilford,” Beardsley said.
“About 100 wanted a no-heritage overlay.
“Some 80 were curious locals, who always had driven past and thought it was an interesting looking place,” he said.
The Kooyong Road house was designed for Dr Gladys Hallows, whose executors secured $450,000 in 1986.
Avoca passed in
There was no sale for Melbourne’s priciest listing – Avoca, the six-bedroom, three-bathroom 1886 Hawthorn residence which was listed with $8m to $8.8m hopes. It was passed in on its $8.5m opening vendor bid. Meanwhile, there have been over 9000 page views on realestate.com.au so far during the marketing of 29 Shakespeare Grove, which last sold 2017 for $7.1m.
Melbourne did see a $5.66m pre-auction sale at 29 Mason Street, Hawthorn through Kay & Burton agent Scott Patterson.
Buyers agent Mal James noted there was a “Zoom bidding war” for the five-bedroom 1890 residence that involved two buyers agents.
The lead-up saw the first offer at $5.1m just a few days into its auction campaign.
It had been a known off-market listing since April.
Auctions heat up
This week is set to be the busiest for auctions since May, with 2700 homes scheduled to go under the hammer, according to PropTrack.
It reflects a 4 per cent rise from the same week last year.
The subsequent week will be slightly busier with 2783 auctions scheduled.
The most viewed residential listing on realestate.com.au last week was Fenagh Cottage, the St Kilda home of media celebrity Kate Langbroek and her husband Peter Allan Lewis.
Their historic 1850s prefabricated timber house has been scheduled for September 7 auction with $2.5m to $2.7m price guidance from Belle Property’s John Manning.
It was built for mail coach operator George Watson, a member of the Victoria Racing Club’s first committee in 1864.
Last sold in 2004 for $830,000, it was leased out at $1600 a week when the family of six moved to Italy for a year during the pandemic in 2021.
The five-bedroom, two-bathroom Burnett Street residence has so far received a stellar 12,000 plus page views.
With the volume of auctions set to trend higher through spring, the markets will see the depth of purchasing demand tested, according to CoreLogic’s Tim Lawless.
“On average, the spring season sees around a 20 per cent uplift in new listings across the capital cities compared with winter.
“Given the range of demand side barriers, including affordability constraints, easing population growth, less ability to save and an erosion of borrowing capacity, there is a good chance the uplift in listings won’t be met by a commensurate rise in purchasers,” Lawless suggested.
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