Summer ends with strong capital city auction success rates

The capital city weekend auctions saw continued strong clearance rates as the summer selling season came to a bullish conclusion. 

Sydney recorded a success rate of 81 per cent, with Melbourne not too far behind behind on 77 per cent.

The real estate results contrast with the coronavirus turmoil on stockmarkets, which will be upper most on the minds when the RBA board meet to set its official cash rate on Tuesday.

Melbourne was the busiest auction market with 1,567 auctions, the busiest weekend since October 2018. 

In Melbourne, 1,221 results were captured and 941 homes sold, reported CoreLogic.

Sydney had some 1,045 auctions held over the week. Of the 645 Sydney results captured, 525 homes sold, CoreLogic reported.

"Based on these numbers, the market does not (yet) appear to be affected by global events," SQM boss Louis Christopher said. "But watch this space..."

The highest confirmed residential sale in Sydney was 1701/30 Glen Street Milsons Point (pictured above), a four-bedroom, three-bathroom penthouse. 

The 312-square-metre apartment fetched $7,250,000 through Black Diamondz.

Located within the Colonnades' building, the harbour-view apartment features an upper master retreat opening to a rooftop entertaining terrace, and three double bedrooms with balcony access and views.

It had previously sold in 2014 for $2.88 million.

Sydney's most affordable residential sale, 8/14-16 The Trongate, Granville, sold prior to auction for $375,000. 

Listed by Ray White estate agent, George Jammal, the newly renovated unit is situated on the first floor. 

The two-bedroom, one-bathroom apartment had been fitted with a new kitchen with gas cooking. 

In Melbourne, the highest residential sale was in Hawthorn at $6.07 million.

The 19 Fairview Street Hawthorn home was an architect designed, Merkon-built offering set over three levels on its 790 sqm holding with views over Fairview Park.

There was a sale in Malvern at $5,406,000 of an ornate five bedroom home at 24 Embling Road.

The 1920s home attracted four bidders after the opening $4.8 million vendor bid. 

In Toorak there was a $4,575,000 sale of a 1920s home, Carisbrook.

Announced on the market at $4.3 million, the Toorak Avenue property's price guide had been between $4 million and $4.4 million for the four-bedroom, two-bathroom house by its Marshall White estate agents James Redfern and David Volpato.

The 836 sqm holding had sold at $3.35 million in 2010.

Marketing suggested the house "represents an outstanding opportunity to renovate and extend".  

A Canterbury offering at 8 Stanley Grove sold for $3,780,000.

The four-bathroom, two-bedroom house was listed by Jellis Craig estate agents Peter Vilano and Jessica Zhang. 

The 858 sqm residence showcases a king-sized kitchen that overlooks the family room and west-facing gardens.

A Harold Street, Middle Park house was passed in on a $5.8 million vendor bid at its Cayzer Real Estate auction

Melbourne's cheapest residential sale 11/37 St Kinnord Street, Aberfeldie sold for $300,000, mid-way between its $290,000 to $310,000 Barry Plant price guidance.

The one bedroom, one barhroom unit had previously sold at $275,000 in 2016. 

It was a $250 a week rental in 2015 and at $280 last November. It is leased until next November.

Across the smaller auction markets, preliminary results from CoreLogic show that Canberra was the best performing with a 67 per cent success rate across 82 auctions. 

Brisbane saw a 63 per cent success rate including the sale of 51 Alderley Avenue, Alderley for $958,000. 

"There had been intense interest in this two level family home with more than 80 groups through during the campaign with interest coming from a mixture of first home buyers, young professional couples and families," Ray White Alderley agent Andrew Cowan said.

There were 10 registered bidders “who went hammer and tong” because finding a house like this with four bedrooms and two bathrooms in Alderley is not easy.”

Adelaide saw a 62 per cent clearance rate while only 37 per cent of homes were sold at auction across Perth.