CoreLogic has reported this week, the combined capital city preliminary auction clearance rate came in at 72.4 per cent, the highest preliminary clearance rate recorded since early March, so it will be interesting to see how it holds up as final results are collected.

In comparison, last week recorded a preliminary clearance rate of 67.3 per cent which later revised down to 63.0 per cent at final figures.

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Source: CoreLogic

At a Glance

• Combined capital city auction clearance rate best since early March, 2020
• Auction rates remain low in Melbourne
• Sydney auction rates continue to improve

This time last year, a final clearance rate of 70.7 per cent was recorded across the combined capitals.

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Source: CoreLogic

There were 918 homes taken to auction over the week, up from 816 over the previous week, although significantly lower than this time last year (1,983).

Victoria

Auction activity remains extremely low across Melbourne this week with just 11 homes taken to auction.

Of the results collected so far, all 7 were successful, with 5 reported as selling prior to auction and 2 selling on the day.

Over the previous week, 13 auctions were held across the city, while this time last year, 1,020 Melbourne homes were taken to auction.

Auction numbers are expected to rise off their record lows next week, with CoreLogic currently tracking around 60 auctions scheduled to be held.

NSW

Sydney was host to 679 auctions this week, up from last week when 600 auctions were held, and higher than this time last year when 646 homes were taken to auction.

Of the 562 auction results collected so far, 72.4 per cent were successful, up from last week’s preliminary result of 70.4 per cent which revised down to 65.9 per cent at final results.

This time last year, Sydney recorded a final auction clearance rate of 72.7 per cent. 

Over at McGrath Double Bay, 3 John Dykes Avenue, Vaucluse was sold at auction having reached its reserve of $4,900,000, with an opening bid of $3,750,000 and five bids in total.

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3 John Dykes Avenue, Vaucluse, sold by Imran Hamidi of McGrath Double Bay. Photo: McGrath.

The vendors were retired real estate agent Roger Mendes and his wife who plan to downsize, while remaining in the area, following the sale of their home of 35 years, which they purchased for $395,000 in 1985.

The buyers are new to the eastern suburbs area, coming from the Blue Mountains.

This property features some of the best of the Eastern Suburbs, with harbour views, a guest suite, a pool, cellar, double garage and sandstone foundations.

“The home required a large amount of work to get it up to scratch.” McGrath Double Bay agents, Imran Hamidi told WILLIAMS MEDIA.

“But there are a lot of buyers in the market still looking for high-end locations and are happy to put in a substantial amount of money to build or renovate properties in top locations.”

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Dominique Vasers Williams of Queensland Sotheby's International Realty was the agent who sold 2 Peninsula Street, Hastings Point in Northern NSW for a record price of $4.45 million.

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2 Peninsula Street, Hastings Point sold by Dominique Vasers Williams of Queensland Sotheby's International Realty. Photo: Sotheby's.

This extraordinary oceanfront residence was on the market for only 10 days before being snapped up by expatriates who live in Hong Kong. 

In the mid-1960s, the residence was a simple beach shack poised on a prime block with 38 metres of beach frontage only a heartbeat away from one of Australia's best surf beaches.

Almost 45 years later, this highly sought-after oceanfront 1,644sqm land parcel found its match with a masterpiece designed home winning an RAIA Architectural Award for Excellence. 

"We did a face time conversation, then negotiated the property on Zoom," said Ms Williams to WILLIAMS MEDIA.

"The new owners are very private people so the privacy aspect was very important.

"They also liked the access to the beach and amenities such as Brisbane airport.

Queensland

In Brisbane there were a total of 65 auctions held with a preliminary clearance rate of 61.9 per cent.

Sold by Amanda and Peter Smyth through McGrath Noosa was 9/512 David Low Way, Castaways Beach.

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9/512 David Low Way, Castaways Beach sold by Ian and Linda Suter through McGrath Noosa Photo: McGrath.

The waterfront property sold for an undisclosed price, however several parties were interested at a price above $3 million.

The property was sold to Sydney-based buyers working for a UK-based software and services company.

According to McGrath Noosa, the buyers will initially use it as their holiday home but plan to relocate there permanently in the future.

Former Prime Minister Kevin Rudd and his wife Therese Rein had previously owned a home in David Low Way that they paid $3.1 m in 2011. 

South Australia

Adelaide saw 73 auctions and 64 per cent of properties sold under the hammer, according to preliminary results.

ACT

Canberra had the highest preliminary clearance rate with 89.2 per cent after 74 auctions were held.

Western Australia

Perth had 14 auctions with 5 properties selling.

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