Market Wrap: How the market performed as restrictions ease
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May 11, 2020
Market Wrap: How the market performed as restrictions ease
Auction clearance rates record the highest percentage since late March at 64.5 per cent, as Savills and Ray White share their big sales for the week.
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Ray White49 Beaconsfield St, Newport has sold by principal Noel Nicholson of Ray White Palm Beach (NSW).
Restrictions are easing and people are coming out from isolation to attend open homes and auctions again, depending on the rules from each state.
Regardless of the level of restrictions, real estate is still selling.
New South Wales
Ray White Palm Beach (NSW) Principal Noel Nicholson said they have just sold the grand waterfront estate at 49 Beaconsfield Street, Newport after only eight days online.
49 Beaconsfield St, Newport has sold by principal Noel Nicholson of Ray White Palm Beach (NSW). Photo: Ray White
The seven-bedroom mansion - a former retreat for Catholic nuns built in the 1930s - with three-car garage, private beach and jetty was marketed by Mr Nicholson with a guide of $9m to $10m.
The estate called Melody Lane which spans a 2973sqm parcel, with a 76m beachfront and a private jetty attracted interest from locals in Sydney plus buyers in Singapore, London and New York.
Other recent sales include a local property consortium who sold 3 Iluka Road Palm Beach for $3,450,000, while 1155 Barrenjoey Road, Palm Beach sold for $3,925,000, 111 Bynya Road, Palm Beach sold for $2,900,000 and 2 Captain Hunter Road, Bayview sold for $3,750,000.
Queensland
A local Brisbane family has purchased Dovercourt, a large Victorian home at 124 Sherwood Road, Toowong for an undisclosed price from the Bigge family, who have owned the property for the last 90 years.
124 Sherwood Road, Toowong sold through agents Robert Dunne and Will Carman of Savills Australia. Photo: Savills
Dovercourt is a beautiful 1864 William Henry Elleker designed large Victorian home on 7,036 sqm of land at 124 Sherwood Rd Toowong, one of the first grand acreage residences in Toowong. The character of Dovercourt has been described as one of a grand yet charming Victorian Period house, in an Arcadian setting.
It was the talk of the town at the time with its new age dumbwaiter and enormous bi fold doors dividing the lounge and dining room.
The residence boasts a rich history dating back to 1863 when English architect William Henry Ellerker arrived in Brisbane from Melbourne. He had been engaged in private practice in Victoria for three years, and on moving to Brisbane he was employed by the Colonial Architect's Office as a temporary draftsman.
By 1864 he had set up a private practice in Brisbane, and in that same year purchased an eight-acre allotment of land at Toowong on which he erected 'Dover Court Cottage' to his own design.
Dovercourt was sold in 1868 to accountant Walter H Snelling. Solicitor and local identity W H Miskin was a tenant for many years, finally purchasing the property in 1887. By the 1890s the property was in use as a residence for the boarders of Mr Mark's School before the Bigge family took ownership and converted the property into a family home for a number of generations.
Robert Dunne and Will Carman of Savills Australia negotiated the sale on behalf of the Bigge family and said the public interest in this property was substantial with eight strong offers.
The new owners are looking forward to raising another generation at Dovercourt and said 'When we discovered the trapdoor to the hidden cellar below the original kitchen then we knew had to have this home'
Auctions
The combined capital city preliminary auction clearance rate bounced back above 60 per cent for the first time since late March, with 64.5 per cent of homes selling this week.
The higher clearance rate was across a lower volume of auctions over the week with 473 scheduled, down on the 612 auctions over the week prior when a preliminary clearance rate of 59.6 per cent was recorded, later revising down by final result to 47.5 per cent.
Source: CoreLogic
Of the 333 results collected this week, 22 per cent returned a withdrawn result, well below the withdrawal rate of 56 per cent recorded a few weeks ago when a much larger number of auctions were scheduled to proceed.
The lower withdrawal rate is the main factor driving an improvement in clearance rates, however CoreLogic said they are also seeing a recent trend towards a higher proportion of homes selling ‘at’ auction, rather than prior to the event, implying vendors are becoming more willing to test the market under auction conditions.
With news over the week that the ban on on-site auctions and inspections as a result of COVID-19 would now be lifted in NSW, WA and more recently announced in SA and Qld, along
with a broader relaxation of social distancing policies, there’s likely to be a lift in confidence and volumes over the coming weeks.
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