Auction wrap: Where the hammer fell
Auctions are quickly moving into the normal winter hibernation. A poll of 13 leading Melbourne agents has found seven expect spring will not bring its traditional major fillip in auction volumes. The early winter results have been described as mediocre by James Buyer Advocates, which has noted the best buyers in the current buyers’ market scenario are the pro-active ones. In Melbourne Real Estate of Victoria CEO Enzo Raimondo notes there are 460 auctions over each of the forthcoming four weekends, which compares with the 630 average in the first half of the year. Sydney likewise is heading for quieter times with weekend auction volumes set to head under 300 from July 16, according to Australian Property Monitors. Dr Andrew Wilson, the senior economist for APM, has already noticed buyers showing restraint through what he expected to be the quiet winter selling season.
Sydney’s weekend clearance rate from the preliminary 203 results compiled by Australian Property Monitors. There were 298 auctions held in Sydney, which was 17% down on the 360 results on the first Saturday in July 2010. Clinton McNabb at APM says there are about 310 auction due next weekend.
Melbourne’s weekend clearance rate from the preliminary 403 results compiled by the Real Estate Institute of Victoria. There were 470 auctions held in Melbourne, which was 20% down on the 591 results on the first Saturday in July 2010. Enzo Raimondo at the REIV says there are about 485 auction due next weekend.
Reservoir in Melbourne was the busiest auction suburb across the country with 10 listings, however just two sold – and they were after the auction. Surry Hills in Sydney was the next busiest auction suburb, with its six of its eight listings finding buyers. The dearest two Surry Hills terraces had both last sold in 2007. The four-bedroom Riley Street terrace that fetched $1.45 million through BresicWhitney agent Brigitte Blackman previously sold for $1.21 million, reflecting 4.5% annual growth. The three-bedroom Bourke Street terrace that sold for $1.12 million on the weekend through McGrath agent Andrew Toohey had sold for $850,000 in 2007, reflecting 7.2% annual growth.
Brisbane’s highest weekend auction sale was in Coorparoo, according to APM. The three-bedroom Ferris Street house sold through Ray White Eight Mile Plains. The 627-square-metre property last sold for $12,000 in 1975.
A six-bedroom house in Sydney’s Randwick was the weekend’s dearest house sale. The 655-square-metre Darley Road property sold through LJ Hooker Bondi Junction agent Edward Brown. Set directly opposite the Govett Street Gates to Centennial Park, the unrenovated 1913 residence was being offered for the first time in 50 years.
Adelaide’s Unley Park recorded the city’s highest weekend sale, according to APM. It was a renovated four bedroom 1925 stone Northgate Street cottage that had been listed through Toop & Toop Norwood agent Kay Morris with $1.1 million hopes. It had last sold in 1998 for $289,000, according to RP Data.
