Larry Emdur withdraws redundant Dover Heights holding from weekend auction

There are about 600 Sydney houses and apartments listed for auction this weekend. And the following weekend too.

But those volumes are down by about 8% on last year, according to Australian Property Monitors head of research Yvonne Chan.

There is one fewer auction than initially tallied however, as the Channel 7 Morning Show co-host Larry Emdur and his wife, Sylvie, have withdrawn their redundant Dover Heights residence from Saturday auction.

It remains listed for sale through private treaty negotiations.

Its listing followed their recent $6.8 million upgrading to a nearby mansion with dramatic oceanfront cliff-top views over the Pacific Ocean. The Emdurs have owned at Dover Heights since 1994, when they spent $770,000.

They then rebuilt what its McGrath listing agent Bethwyn Richards describes as a contemporary house remaining true to its classic P and O-style heritage. It is set on 417 square metres, whereas the Emdurs’ new home is on 1,062 square metres of cliff-top land.

Based on their nearby purchase price, it had been estimated more than $5 million could be reasonably expected.

But the residence they've just bought was bought from the Moss family who had paid $7.1 million in February 2007, showing the market’s weakness.

Melbourne’s auction tally is lower than last weekend due to the distraction of the Melbourne Cup racing carnival.

This weekend the Real Estate Institute of Victoria has 445 auctions. The same weekend last year had 410 auctions and in 2009 there were 338 auctions.

The number of auctions will increase again with 600 expected next weekend and 850 the weekend after, according to Real Estate Institute of Victoria chief executive Enzo Raimondo.

Melbourne’s year to date clearance rate is now 57% from 22,940 auctions. At this stage last year the clearance rate was 74% from 25,380 auctions and in 2009 there has been 16,555 auctions with an 81% clearance rate.