Perth apartment’s high price still a step backwards
It was a case of swings and roundabouts for a Perth apartment which on the weekend gained the nation’s highest auction price, yet it was below that paid for the same property 17 years ago.
The West Australian capital has secured the nation’s top reported under-the-hammer result for the second consecutive weekend with a luxury $6m apartment sale at South Perth.
The three-bedroom, three-bathroom Silk Apartments offering is positioned on South Perth Esplanade and has views across the Swan River to the city skyline.
When auctioned by Ray White agent Vivien Yap, there was bidding from two of the three registered bidders for the apartment, which comes with parking for four car spaces.
Ms Yap had secured a $6.65m City Beach sale that ranked as the nation’s top-reported auction the previous weekend.
The South Perth residence had interest from a couple already living in the five-storey building, but they were the underbidder.
The second-floor listing attracted 4275 page views on realestate.com.au.
“It was a downsizer who secured the property,” Ms Yap said.
“The successful sale reflects the continuing strong demand for premium apartments offering outstanding views.”
The apartment last changed hands in 2007 for $6.55m, suggesting Perth’s recent price spurt had not always surpassed previous boomtime prices. The half-floor apartment with 384sq m space, including balconies, had been sold off the plan in 2005 for $5.2m by developer Henry Betlehem of Urban Concepts.
It was not the first Silk Apartments resale at a loss – a garden apartment, sold off the plan for $3.5m in 2006, fetched $4.2m in 2010 but then dipped to $3.2m in 2015.
Silk’s two-storey penthouse, with 576sq m of living space, fetched a Perth record when sold by Silk’s co-developer, David Morell, for $9.8m in 2010.
Landgate records that the highest settled Perth apartment was $17.5m for the One Subiaco penthouse secured in 2022 when bought by Singapore-based Michael Albert from developer Paul Blackburne.
Perth currently ranks as the strongest capital city market, with 20 per cent annual price growth, well up on the 5 per cent national rate, according to Proptrack.
Mosman takes crown
The nation’s most expensive pre-auction result was in Sydney’s Mosman but the amount paid for the home of former AMP boss Craig Meller and wife Sue – which was expected to achieve $12.5m – was not revealed.
The downsizing couple bought the six-bedroom, six-bathroom residence with harbour views for $3.66m in 2004, making updates over two decades.
The James Street residence, on 1451sq m, with a separate studio, comes with bush path access to Chinamans Beach.
Meanwhile, the hillside 1920s Mosman bungalow of late journalists Geraldine and Max Walsh failed to sell, having been listed for weekend auction with a $6m-$6.5m guidance.
The couple bought the four-bedroom Spit Road home for $90,000 in 1974 as Max Walsh returned from the Canberra parliamentary press gallery to take up editorship of The Australian Financial Review until 1981, when he then established Nine’s Sunday program.
Max Walsh died in 2022, aged 84, and Geraldine – a long-time letters editor at The Sydney Morning Herald – died last year.
Mosman saw some mopping up with the midweek sale of Prince Albert House, the home of construction giant Dekenai’s boss, and local Mosman hotelier Matthew Fallon, and his partner Tamara Martin, which had failed to sell on its prior weekend offering. It sold for an undisclosed price reputedly for more than $15m.
Few prestige buyers
Just 15 of the 50 prestige weekend listings across Sydney found buyers, including an $8.2m auction-eve sale in Warrawee of a four-bedroom, four-bathroom house at 15 Warrawee Avenue through Ray White Upper North Shore agent Michael Dempsey.
The home set on 1476sq m with Japanese-inspired gardens last sold in 2015 for $3.38m.
The upper north shore also saw the sale under hammer of a six-bedroom, three-bathroom modern Federation home at 11 Coolabah Avenue, Turramurrafor $5.07m.
Two of the three registered bidders were active when offered through Ray White agents Adam McKay and David Walker. The price guide had been $4.8m.
“The winning bidders were a local family upsizing, and the sellers were a family upgrading locally as well,” Mr Walker said.
“We are getting deals together, because of the time of year; there is no new stock on the market. People are trying to secure things before Christmas.”
Sales prices a mystery
The top sales in Melbourne’s Hawthorn and Prahran went without price disclosure.
The house at 7 Charles Street, Hawthorn sold after being passed in at $5m – having been listed with a $5m-$5.5m guidance.
The Neil Architects house, with four bedrooms, five bathroom plus office, was built after the block cost $165m in 2021.
The 52 Chatsworth Road, Prahran property had come with a guidance of $5.2m-$5.6m.
The highest advised sale price was for a four-bedroom, three-bathroom house at 91 Merton Street, Albert Park that sold for $4.44m through Nicholas Hoo of Marshall White. It had been given an expected price range of $3.6m-$3.96m.
The house has been extended behind its restored Victorian facade, and previously sold in 2018 for $2.15m.
Clearance rate slips
The combined capitals’ preliminary clearance rate slipped to 64.1 per cent, which was the third-lowest preliminary clearance rate of the year to date, according to CoreLogic’s Tim Lawless.
Adelaide led the nation at 70 per cent.
Its top sale was $1.65m for a three-bedroom, one-bathroom property at Henley Beach.
The Raymond Street house has been a rental with income of $640 a week until March next year.
The top sale in Brisbane was on auction eve, when a five-bedroom, three-bathroom house at 29 Glencairn Avenue, Indooroopilly sold for $3,888,888 through Matt O’Neill and Peter May of Place Graceville. It was sold to a family who split their time between China and Brisbane.
The home had been modernised by Mike Olds from InLine Design and Construction since it was bought for $2.3m in 2021.
The 921sq m property has views across the Brisbane River.
Spring listings up
Buyers across Australia are enjoying listing activity at elevated levels.
This week there will be 3339 homes heading to auction, and close to 3500 auctions scheduled during the following week.
“This spring has seen more properties for sale compared to the same time last year, with the new for sale listings up 10 per cent year on year in September, and up 14 per cent year on year in October,” according to PropTrack economist Anne Flaherty.
November listings are at similar elevated levels.
This week’s auctions include Kensington Estate, an Upper Coomera, Gold Coast hinterland property through Alex Phillis and Yiwen Hou of Phillis Real Estate.
The 4.45ha Gumtree Crescent estate has a six-bedroom, three-level Hamptons-style mansion plus a granny flat. It has a 350-tree Kensington Pride mango farm producing 2000 mangoes annually.
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