This last week has seen a couple of properties sold either before auction or above the the expected price range.

The common denominator is the strong interest showed, either from people inspecting the properties or the number of people who registered to bid or place offers before auction.

At a Glance:

• 1,082 capital city homes taken to auction this week
• Preliminary results show 64.7 per cent returned a successful result
• Melbourne continues to navigate through lockdown restrictions resulting in lower levels of activity
• Sydney has seen volumes trending higher over the past few months

Sydney

An extraordinary last-minute number of offers on Friday last week, saw 10/5 Tipper Avenue, Bronte kept away from going to auction the next day. 

There were 120 groups who had inspected the unit with  panoramic views over Bronte Beach, through McGrath Estate Agents.

From this 15 contracts were issued and 5 groups made offers on the property on the Friday night before Saturday's auction.

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10/5 Tipper Avenue, Bronte sold through agent Simon Exleton of McGrath Double Bay. Photo: McGrath

McGrath Double Bay agent Simon Exleton said he wasn't surprised people wanted to secure it before auction.

“It was an authentic whole-floor penthouse in a 1970s walk-up building," said Mr Exleton to WILLIAMS MEDIA.

"The views span across Bondi to Tamarama and around to Bronte."

The property is north-facing and has 3-bedrooms and 2-bathrooms.

It comes with a newly refurbished interior with two north-facing balconies.

It finally sold for $3.55 million and contracts were exchanged Friday night at 7pm.

The vendors were a couple who had owned the penthouse for 16 years and are now relocating to the North Coast.

The buyers are a professional couple from Bondi.

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84 Palace Street ,Petersham sold through agent Shad Hassen of The Agency. Photo: The Agency.

In Petersham, 84 Palace Street sold at auction for $3.3 million, a huge $650,000 above reserve.

Agent Shad Hassen of The Agency told WILLIAMS MEDIA there was plenty of interest in the property with around 200 people inspecting the property.

There were 8 registered bidders on the day which were mostly young families.

"It's a great spot so very desirable," said Mr Hassen.

"The land size is impressive with a swimming pool.

"It is the type of home where you don't have to do anything."

The Petersham home is a grandly proportioned terrace with 4 bedrooms and three bathrooms on a 564sqm block

Melbourne

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38 Southey Street, Elwood sold through agent Sam Hobbs, Brendan Walker and Jesse Raeburn of The Agency. Photo: The Agency

On the other end of the scale, 38 Southey Street, Elwood finally sold unconditionally last week, after being prepared for auction back in March.

"It didn't go to auction due to the first lockdown," The Agency agent Sam Hobbs told WILLIAMS MEDIA.

"There were lots of inspections but it finally sold as a private sale for an undisclosed price.

"It was at an attractive price point for a family with good land and a studio."

Mr Hobbs said the successful buyer was a local person.

It is a 4-bedroom home, with 2-bathrooms and is in one of Elwood's most coveted and tree-lined pockets in the area.

Auctions

CoreLogic has reported that there were 1,082 capital city homes taken to auction this week, a slight increase on the 1,046 homes auctioned the week prior.

According to preliminary results, 64.7 per cent returned a successful result, this was a minor improvement on last week’s preliminary figure of 64.3 per cent later revising down to 58.4 per cent at final collection.

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Source: CoreLogic

The last few weeks have seen both the clearance rate and number of homes taken to auction relatively steady each week, with volumes remaining around the 1,100 level and final clearance rates around the mid- to-high 50 per cent range.

The performance across the two largest capital cities has been quite diverse as Melbourne continues to navigate through lockdown restrictions resulting in lower levels of activity and

higher withdrawal rates, while Sydney has seen volumes trending higher over the past few months and consistently higher year-on-year. 

In Melbourne, preliminary results show that only half of the homes taken to auction this week were successful, down on last week’s preliminary figure of 63.6 per cent (final 53.7 per cent).

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Source: CoreLogic

The lower clearance rate was across a slightly higher number of auctions held with 223 homes taken to auction, up on the 191 over the week prior.

Of the 183 results so far, 41 per cent are reportedly withdrawn auctions, which is higher than last week’s final withdrawn rate (33 per cent).

There were 632 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 71.9 per cent.

This was an improvement on last week’s preliminary figure of 67.8 per cent which later revised down to 61.9 per cent at final collection.

Volumes were a higher 668 last week across the city however.

One year ago, a lower 503 Sydney homes were taken to auction returning a higher success rate (78.1 per cent). 

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