Harbourfront McMahons Point weekend's most expensive sale

A harbourfront McMahons Point property sold for $8.3 million at weekend auction was the nation's most expensive weekend result.

The 1940s house on the 720 sqm property was marketed as a "once in a lifetime" property.

Platinum Asset Management's founder, Kerr Neilson was the underbidder on Saturday.

There were 10 registered bidders — with five taking part — after the starting bid of $6 million.

It sold to an eastern suburb family for $8.3 million.

Located at 6 West Crescent Street (above), it came with a boat shed with jetty and slipway on Berrys Bay.

Set close to Blues Point Road’s many eateries, the property was sold by boatbuilder Bill Barnett who had bought the building block for £300 in 1941.

In the late 1960s he was commissioned to a build the 12-metre America’s Cup contender Dame Pattie, and then Gretel II.

According to CoreLogic’s auction report, there were 2,490 auctions held across the capital cities, up from 2,258 over the prior week, making it the busiest week for auctions since June.

Based on preliminary results, the combined capital city success rate came in slightly up at 70.3 per cent this week.

It was up from 66.9 per cent the prior week.

Over the corresponding week last year, auction volumes were lower, with 2,149 properties auctioned and a clearance rate of 76.2 per cent was recorded.

Melbourne had the highest number of auctions, with 1,268 auctions held, registering a preliminary clearance at 73.6 per cent.

The weekend’s result reflected a rise in the clearance rate, after Melbourne’s final clearance rate was recorded at 71.8 per cent last week.

Over the same week last year, Melbourne’s clearance rate was 77.8 per cent across 965 auctions.

Melbourne prices ranged between a Williamstown unit for $255,000 at 13/2 Techno Park Drive, a non-residential business park zoned offering, and $5.58 million for a five bedroom Kew house at 5 Stoke Avenue.

The nation's highest preliminary clearance rate was recorded in Adelaide at 75 per cent across 72 reported auctions.

Over the previous week Adelaide’s clearance rate was 66.2 per cent and 74.7 per cent one year ago.

A sandstone three bedroom College Park house sold for $1.21 million making it Adelaide’s most expensive weekend auction sale.

Located at 24 Harrow Road, the 1900 cottage last sold for $960,000 in 2015.

Adelaide's cheapest was a three bedroom Para Hills house sold for $273,000.

Located at 20 Frank Street, the early 1960s property last sold for $291,315 in 2011.

Currently the property is tenanted on a lease for $290 per week. 

In Sydney, 897 auctions were held, up from 826 over the previous week.

The preliminary clearance rate of 69.4 per cent is up from 65.8 per cent last week, however much lower than this time last year, when a clearance rate of 81.6 per cent was recorded across 815 auctions.

"The clearance rate for Sydney is yet to drop below 65 per cent this year so it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released," CoreLogic's auction commentator Kevin Brogan noted.

But Domain commentator, Dr Andrew Wilson noted "very low results" in Sydney's Western suburbs had been a downward force on the market.

The highest result was the inner west with a strong 79.5 per cent followed by the lower north 76.9 per cent, the northern beaches and the city and east each with 74.4 per cent, the south 70.6 per cent, Canterbury Bankstown just below with 70.5 per cent, the upper north shore 66.3 per cent, then a significant gap to the north-west with 46.2 per cent, the central coast 42.9 per cent, the south-west 40 per cent and the west with a clearance rate of just 39.1 per cent from 46 reported auctions.

"We're back to the underlying trend of lower clearance rates in a market that has run out of puff," Dr Wilson said.

"Western Sydney, South Western Sydney and the North West all had clearance rates well under 50 per cent," he told Domain.

"It shows the two-speed nature of the market with the inner suburbs, where buyers are less discretionary still very strong [with around 80 per cent clearance rates]."

The Bell Potter stockbrokers issued a report on the McGrath group referencing the recent auction activity.

"There has been a mixed start to listing volumes in Sydney," Chris Savage, the sharebroker analyst advised today.

"The positive is that listing volumes are up about 20 percent for the half so far while the negative is that the average clearance rate is much lower at about 68 percent versus 78 percent in the pcp.

"On a net basis this suggests actual sales volumes are tracking about 4-5 percent ahead of the pcp.

"Note the increase in volumes this half has been driven by much better volumes in July and the first half of August while for the last few weeks volumes have been comparable with last year.

The Bell Potter updated chart for listing volumes and clearance rates in Sydney is shown below. 

"We would now expect a meaningful uplift in volumes over the next several weeks as we progress through Spring. 

"There is no change in our forecasts, PT or recommendation for McGrath," the report concluded.

There were 132 Brisbane homes taken to weekend auction, with 98 results reported so far.

The preliminary clearance rate was 49 per cent, up from 38.8 per cent last week.

A four bedroom Marsden house sold for $320,000 making it Brisbane’s cheapest weekend auction sale.

Located at 6 Yale Street, the house sits on a 1028 sqm holding.

Brisbane's top sale was a three bedroom Bulimba house sold for $1.885 million.

Located at 11 Pine Street, the 835 sqm holding was marketed as suitable for development.

There were 33 Perth auctions with 35.3 per cent selling.

Last week there was a 41.7 per cent clearance rate for Perth.

Across Canberra a total of 62 auctions were held on the weekend, compared to 72 last week and 87 at the same time last year.

Canberra’s preliminary clearance rate of 73.1 per cent is higher than it was the previous week's 70.1 per cent.

A five bedroom 2013-built Harrison house sold for $1.3 million making it Canberra’s most expensive weekend auction sale.

Located at 56 Albatross Avenue, the 663 sqm land holding was sold in 2012 for $327,500.