Double sale of luxury homes for Ray White team over the weekend
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Nov 25, 2019
Double sale of luxury homes for Ray White team over the weekend
Two luxury homes in the Clayfield suburb of Brisbane went under the hammer over the weekend.
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Luxury List129 Adelaide Street, East Clayfield was one of two properties in the Brisbane suburb that sold under the hammer over the weekend by Ray White Real Estate.
There were 2,599 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 72.9 per cent.
Last week, 2,590 auctions were held and the final clearance rate came in at 70.1 per cent.
Over the same week last year, auction volumes were higher with 2,701 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 41.9 per cent.
Sydney
There were 934 auctions held in Sydney this week, returning a preliminary clearance rate of 82.3 per cent.
In comparison, there were 947 auctions held over the previous week and the final auction clearance rate was 71.9 per cent.
One year ago, 1,035 auctions were held and the clearance rate came in at 44.8 per cent.
Brisbane
With a combined value of $7.525 million, properties at 129 Adelaide St, East Clayfield and 100 Oriel Road, Clayfield have exchanged hands, creating real estate excitement along the way.
The sale of 100 Oriel Road at $4.1million resulted in one of the best auction results nationally.
100 Oriel Road, Clayfield was sold for $4.1 million by Damon Warat of Ray White Real Estate. Photo: Luxury List.
At East Clayfield the home of Ray White's own Paul White, 129 Adelaide St, achieved a final sale price of $3.425 million after some discussion when the price stalled at $3.2 million.
Overall, Brisbane had 184 properties go for auction with a preliminary clearance rate of 46.4 per cent.
Melbourne
A clearance rate of 72 per cent was recorded this week compared to 74 per cent last week and 47 per cent last year.
There were 838 auctions reported to the REIV, with 602 selling and 236 being passed in, 104 of those on a vendor bid.
Gil King of the Real Estate Institute of Victoria said the top-performing suburb for last week was Preston, recording 100 per cent clearance rate from nine properties held for auction.
"Followed by Ascot Vale and North Melbourne, both sold all six homes listed for auction," said Mr King.
“Almost half of last week’s auction sales occurred in Middle Melbourne as Reservoir went back at the top with 18 auctions held over the week and 15 of them sold.
“A townhouse in 42 Pascoe Avenue, Bentleigh was sold for $1,820,000, the most expensive unit sold for the suburb since early 2017.”
Other Markets
Adelaide had 155 properties go under the hammer with a 59 per cent clearance rate.
Perth saw 39 properties auctioned with a 27.3 per cent clearance rate.
Canberra had 99 properties go to auction with 67 per cent sold.
Next week
Over the next few weeks we will see the depth of buyer demand tested, with an increase in the number of properties taken to auction.
Next week we are expecting auction numbers to lift by around 14 per cent, to be the biggest week of auctions held so far this year.
Clearance rates across the largest cities have mostly remained above 70 per cent since July, implying that vendors remain in a strong selling position.
With advertised supply remaining low and buyer demand rising, FOMO has once again becoming a factor in the market as buyers sense some urgency to buy before prices rise further.
With auction volumes set to rise, it will be important to see whether clearance rates can hold up under the increased level of supply being brought to market over the coming weeks.
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