Rural property sales experiencing historic growth according to McGrath Central Tablelands, Sydney Sotheby’s International Realty breaks their own record when a Vaucluse house sells for a staggering $14 million above reserve, big crowds at auctions according to Brisbane agency, Place, and as of midnight on Sunday 27 September, Melbourne’s property market officially re-opens for inspections - and business.
This week CoreLogic reports that 70.5% of homes listed sold as volumes increased across the capital cities. There were 1,107 capital city homes taken to auction this week, of the 841 results collected so far, 70.5% were successful results.
The performance across the two largest capital cities remains mixed. While volumes remained extremely low across Melbourne, there was a slight rise in the number of homes scheduled to go under the hammer this week.
There were 815 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 74.8%. This was an improvement on last week’s preliminary figure of 72.4% which later revised down to 67.5% at final collection.
In contrast to Melbourne, the number of auctions across Sydney has been consistently trending higher, with this week’s volumes the highest recorded since April. One year ago, a higher 950 Sydney homes were taken to auction returning a higher final success rate (74.5%).
This week’s preliminary figure is down on the 72.4% preliminary figure last week (this was later revised down to 67.6% by final collection).
Last week’s clearance rate was the highest final clearance rate since early March. This time last year, a higher 1,278 capital city homes were auctioned with a final clearance rate of 71%.
Source: CoreLogic
At a Glance:
Queensland
Brisbane based Apollo Auctions reported a strong auction result for Queensland properties this week, posting the first back to back overall clearance results in excess of 70% across the last 12 months. Sales prior to auction have dipped slightly, though this is possibly a reflection of confidence for vendors and agents to see their campaigns through until auction day.
This confidence to see a campaign through to auction is also noted by agent Joanna Gianniotis for Place Estate Agents, Bulimba.
Ms Gianniotis’ 53 Lloyd Street, Camp Hill listing saw 106 groups of people inspect the property, as well as a very high level of direct enquiries, plus several strong pre-auction offers. In consultation with the vendors, it was decided to not accept a pre-auction offer and allow, “everyone an equal opportunity to buy this property,” said Ms Gianniotis.
Sold - 53 Lloyd Street, Camp Hill. Listed by agent Joanna Gianniotis for Place Estate Agents, Bulimba. Photo: Place.
“Camp Hill is a very highly sought-after suburb. Especially a Queenslander such as this one that is on a larger block, making it ideal for a family home,” said Ms Gianniotis.
“There were 11 pre-registered parties, plus two more on the day of the auction, making 13 registered bidders in total. The bidding opened up at one million and continued through with two bidders after $1.4 million until the hammer fell at $1.42 million, which bettered the reserve,” said Ms Gianniotis.
Sold - 53 Lloyd Street, Camp Hill. Listed by agent Joanna Gianniotis for Place Estate Agents, Bulimba. Photo: Place.
Another property listed by Place Estate Agents sold for $1,520,000 by auction this weekend. The property, 11 Bruce Street, Grange is located in one of Brisbane’s most tightly held suburbs - which likely added to the large crowd in attendance.
NSW
The number of auctions across Sydney has been consistently trending higher, with this week’s volumes the highest recorded since April. But it’s not just the cities in NSW that are clearing expectations, regional NSW is also seeing plenty of interest.
According to Adam Woods from McGrath Central Tablelands, the rural property market is in incredible shape.
“With over 20 years selling property I have never seen a time like it”, says Mr Woods.
“Growth in rural property would have to have outstripped all other asset classes and judging by buyer enquiry and sentiment, we are only in for further growth particularly in well-located property that is a reasonable commute from metropolitan centres.”
To illustrate the point, McGrath Central Tablelands’ Mr Woods last week sold Pine Ridge, Dunedoo for $3.3 million following four offers.
Purchased by a Sydney-based family with rural interests, the historic property attracted buyers from across Australia with substantial enquiries from both regional and metropolitan-based buyers.
Pine Ridge was built by the George Henry Cox (1824-1901) in 1860 Pine Ridge and is located 85 kms from Mudgee and 4.5 hours from Sydney. George Henry Cox was from the pioneering Cox family, one of four families who settled in the Liverpool Plains and founded Mudgee.
The historic sandstone homestead with its beautiful valley views is 827 square metres with a watch tower, seven bedrooms, formal living rooms with fireplaces, billiards room (formerly the ballroom with podium) a smoking room, library, sewing room and an iconic, Australian wraparound verandah.
Sold - Pine Ridge, Dunedoo. Listed by Adam Woods from McGrath Central Tablelands. Photo: McGrath.
Other notable features include an ornate pressed-metal ceilings ranging from 10 feet to 14 feet high, leadlight windows and grand leadlight entrance door, ornate fretwork, wide hallways and eleven fireplaces.
Pine Ridge is one of three remaining historic homesteads in the area. The property also includes a four-bedroom managers’ residence, plus a third residence.
Sotheby’s International Realty smashes another record
When it comes to waterfront Sydney, there’s no shortage of interest – or money for an iconic property such as this Vaucluse house. This Sydney property fetched an extraordinary $10.6 million above the reserve price, selling for $24.6 million. This sale broke a previous auction record of $23 million, a record that was set by the same agent, Sydney Sotheby’s International Realty’s Michael Pallier back in 2009.
Sold - 42 Vaucluse Road, Vaucluse. Listed by Sydney Sotheby’s International Realty’s Michael Pallier. Photo: Sotheby's.
Victoria
The big news of course, is Melbourne’s doors are now officially open with inspections now allowed for properties listed for sale or for lease.
Meanwhile last week, volumes remained extremely low across Melbourne, there was a slight rise in the number of homes scheduled to go under the hammer this week.
There were 60 auctions scheduled across the city, returning a preliminary auction clearance rate of only 28.6%. Of the 49 results collected so far, 31 were withdrawn from the market or 63%. Of the 14 properties that did sell, 93% sold prior to auction. While volumes did increase over the week, the high withdrawal rate, and high proportion of properties selling prior to the auction, suggest vendors remain reluctant to test the market through the lockdown period.
While volumes remained extremely low across Melbourne, there was a slight rise in the number of homes scheduled to go under the hammer this week. There were 60 auctions scheduled across the city, returning a preliminary auction clearance rate of only 28.6%. Of the 49 results collected so far, 31 were withdrawn from the market or 63%. Of the 14 properties that did sell, 93% sold prior to auction. While volumes did increase over the week, the high withdrawal rate, and high proportion of properties selling prior to the auction, suggest vendors remain reluctant to test the market through the lockdown period.
South Australia
Source: CoreLogic
Tasmania, ACT and Western Australia
Source: CoreLogic
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