Small market but Perth leads in auction clearance
Perth uncharacteristically secured the nation’s highest weekend auction success rate at 88.9 per cent, highlighting its residential property market’s ongoing recovery.
Perth uncharacteristically secured the nation’s highest weekend auction success rate at 88.9 per cent, highlighting its residential property market’s ongoing recovery.
There were just 12 homes auctioned in the city.
“This was a strong result for Perth, but we need to remember Perth isn’t really an auction market, with around 2 per cent of homes taken to market by auction,” CoreLogic research director Tim Lawless said.
“Around half the time we don’t report a clearance rate for Perth because there has been fewer than 10 auctions held.
“Accordingly a better indicator for selling conditions in Perth are the private treaty metrics, which show homes are selling in a median of just 10 days – well below the combined capitals’ median of 28 days and close to record lows.
“Similarly vendor discounting rates across Perth are tracking at just 2.5 per cent, by far the lowest of any capital.”
Listings in Perth are at 45 per cent below average for this time of the year, reflecting tight levels of supply.
“It’s fair to say Perth sellers are in a strong position,” Lawless said.
Perth’s top weekend sale was an East Fremantle trophy home that fetched $5,337,000 under the hammer though Ray White Dalkeith’s Vivien Yap, who conducted an extended 52-day marketing campaign.
It sold for above its $5.15m reserve.
There were four registered bidders with the underbidder having put in an prior offer.
The opening bid was $4.5m.
“The buyer registered midway through the auction and ended up winning,” Yap said.
“We were working with $1,000 increments at the end. This is a phenomenal result.”
The four level View Terrace home, with high-speed lift, sits on East Fremantle’s highest point.
The five-bedroom, four-bathroom house has views from Rottnest Island to the CBD and to the Perth hills.
Its solar-heated infinity pool is central to the layout of the home, carved into the limestone rock when built in 2001 by Pirone Builders after its design by Parm Tjhung.
$7.1m in Strathfield
The national preliminary combined capitals clearance rate fell below the 70 per cent mark for the first time since early June, coming in at 69 per cent, down from 72 per cent in the week prior.
The nation’s top weekend sale notification was in Sydney’s inner west at Strathfield for the second consecutive week.
The five-bedroom, five-bathroom 2020-built house fetched $7.1m on Oxford Road.
The pre-auction guide had been $6.5m from Jessy Antaky and Tarun Sethi at McGrath Strathfield.
Their marketing suggested it had been “designed to deliver the height of modern luxury.”
Set on 809sq m, the home had garaging for 10 cars.
There was an internal lift servicing each level from the lower level games room and billiards room.
The Pagano Architects-designed house had a $913,000 build cost on its 2016 council approval.
Designer Some Studio advised the interiors were drawn from the client family’s stone masonry background.
There were 9252 page views on realestate.com.au.
In the prior weekend a new seven-bedroom, seven-bathroom house with an internal lift fetched $8,901,000 on Myrna Road through McGrath. In June a new five-bedroom, five-bathroom house with eight parking spaces on The Boulevarde fetched $6,462,500 through McGrath.
Sydney’s overall preliminary clearance rate rose to 69 per cent, with 594 homes taken to market, down on the prior week’s 721 offerings, which saw a 76 per cent preliminary clearance rate.
There was a pre-auction sale at 1 Gould Street, North Bondi, securing $5.85m, when offered for the first time in five decades.
Manic Melbourne
Melbourne recorded the highest auction volume at 801 homes with a preliminary clearance rate of 70 per cent, up from the prior week’s 69 per cent preliminary clearance.
Melbourne’s priciest sale was at Glen Waverley, where a five-bedroom, five-bathroom house sold for $3.82m. The grand French provincial style residence on Parsons Avenue had $3.5m to $3.8m guidance from Calvin Huang at Jellis Craig Monash.
There had been 8480 page views on realestate.com.au.
Melbourne’s priciest Saturday offering remains listed at Brighton through Alex Schiavo of Kay & Burton Bayside with $4.3m to $4.5m pricing, the same as during its pre-auction marketing.
The five-bedroom, two-bathroom Grandview Road offering hit the market earlier this year with $4.6m to $4.95m guidance.
The listing has garnered 20,000-plus page views on realestate.com.au.
The 1920s Brighton trophy home underwent a redesign by Jackson Clements Burrows in 2010, featuring a cantilevered timber extension with windows disguised by timber shutters.
Set on a 749sq m corner block with landscaping by Renata Fairhall, the property features a pool with matching timber decking. The holding last sold for $500,000 in 2006.
The house of Windsor
Brisbane’s top result was $4.1m at Windsor. The five-bedroom house at 33 Sixth Avenue attracted five registered bidders, with three active.
Its Ray White Wilston selling agent Alistair Macmillan took a $3.4m opening bid. It was called on the market at $4,075,000, with both local family final bidders having been underbidders at an auction in Gordon Park last month.
Brisbane’s weekend clearance rate was 69 per cent.
Capital capers
The ACT, with a 48 per cent preliminary clearance rate, was the weakest auction market and at its lowest so far this year.
Adelaide’s 66 per cent clearance was its lowest rate since April last year, according to CoreLogic.
Its top weekend result came when the four-bedroom, three-bathroom modern home at 10A Leonore Avenue, Kensington Gardens sold for $2.12m.
There were five registered bidders, with three active.
“The market is solid, although we are finding that auctions aren’t going off like they were 12 months ago, with bidders a little more cautious,” Ray White selling agent Andrew Baldino said.
The winning bidder is going to be living there with his family and his in-laws from China, as the floorplan allows dual-living.
Franklins sell
PropTrack economist Anne Flaherty says auction levels rose from 2050 homes last week to 2360 this week.
They include the Gold Coast hinterland home, Villa Casa, of the retired Swans champion Lance “Buddy” Franklin and wife Jesinta through Amir Mian at Amir Prestige Group.
The couple bought the Reedy Creek mansion on 4497sq m for $8.75m in late 2022. It attracted 1300 realestate.com.au page views on its first day and 15,520 page views so far.
PropTrack says Queensland auction listings this week are up 13 per cent year on year.
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