Mad Melbourne mural house sells for $500k over reserve as clearance rates across the nation shift

Clearance rates across the country have had a rollercoaster weekend as some fought crowds for properties and others were the sole bidder.

SYDNEY

A two-bedroom, two-bathroom penthouse apartment in Kirribilli, with sweeping views of Sydney Harbour has sold at auction for $6.1 million in a weekend that bought property hunters out across the country.

The stunning apartment in the prestigious ‘Gainsborough’ tower piqued the interest of four registered bidders at Saturday morning’s auction.

Located at the exclusive tip of the Kirribilli peninsula, the modern apartment at 31/50 Upper Pitt Street boasts views of harbour icons, including the Opera House and the Harbour Bridge, from every room.

“It’s got the best views in Kirribilli, it’s in a tightly-held building, and it hasn’t been sold in 46 years,” said listing agent Nigel Mukhi of Di Jones, Neutral Bay.

Bidding started at $5 million with two of the four registered bidders raising their hands throughout the competitive auction, with the breathtaking apartment selling under the hammer for $6.1 million.

Mr Mukhi said the successful bidder was a local downsizer who was drawn to the location and the views.

The apartment was one of 632 auctions in Sydney last week, up from 612 the previous week, according to CoreLogic. This time a year ago, 765 homes went to auction across the city.

Mr Mukhi said stock in the area, which is dominated by owner-occupiers, was “pretty tight”.

“This building in particular is very tightly-held,” he said.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Sydney of 68 per cent from 447 reported results, down from 69.4 per cent the previous week. It is the second week running, where the preliminary clearance was below 70 per cent.

MELBOURNE

A quirky, well-lived-in home on a 482 sqm allotment in the quiet back streets of inner-city Prahran, was the centre of a “cracker of an auction,” according to listing agent David Sciola from Jellis Craig Stonnington.

The home, at 18 Alfred Street, which featured murals on the walls and ceilings, had been owned by the same family since 1958.

“It hadn’t been sold for 66 years. So, it has a lot of character,” Mr Sciola said of the property, which has no heritage overlay.

Bidding for the property started at $2.2 million, with two bidders, both local families with two children, vying for the keys.

“It was a fast and competitive auction. Within moments it was on the market at $2.4 million before being sold for $2.89 million. It was over in a flash,” he said.

The successful bidders, who live just around the corner and paid almost $500,000 above the reserve, plan to demolish the existing house and rebuild a modern new home.

The house was one of 844 homes auctioned in Melbourne last week, the highest volume since the week ending June 23, when 920 auctions were held, according to CoreLogic. This time last year, 877 homes went under the hammer in Melbourne.

Mr Sciola said he was starting to see more stock coming onto the market in the lead-up to spring, which is Melbourne’s peak auction period.

“We’re seeing more properties just starting to flow onto the market now and a good amount coming on for spring. We had three auctions in Prahran today and they all sold,” he said.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Melbourne of 69.5 per cent, down from 70.4 per cent the week prior, which was revised to 61.7 per cent once finalised.

BRISBANE

In Brisbane, an architecturally redesigned five-bedroom, three-bathroom Queensland workers’ cottage in the sought-after suburb of Norman Park, captured the hearts of two registered bidders.

Bidding for the two-storey cottage on a spacious corner block, with a separate granny flat, started at $1.5 million, with the bidders pushing the final selling price to $1.65 million.

Listing agent Darcy Lord from Place Bulimba said it is the third time he has taken the charming 1910 Queenslander at 114 Mcilwraith Avenue to market.

A single professional, who plans to rent the granny flat for additional income outbid a local family for the sprawling, light-filled home, situated just five kilometres from Brisbane’s CBD.

“The new owner loved the idea of it being a classic Queenslander but with those really contemporary, architectural design elements. And the idea that she could also generate an income from the granny flat really added to the appeal,” Mr Lord said.

He said with increases in building costs, renovated homes were generating greater interest than homes that required improvements.

The quintessential Queenslander was one of 141 homes auctioned in Brisbane last week, slightly down from 143 the week prior and higher than the 120 homes auctioned at the same time last year.

“We are heading into the highest period for stock volume of the year but at the moment there’s still not a lot on the market in this area,” he said.

On Sunday, CoreLogic recorded a preliminary auction clearance rate of 73.1 per cent in Brisbane, from 108 recorded results. This compares to last week’s preliminary clearance rate of 69.4 per cent, which dropped to 69 per cent when finalised.

PERTH

In Rockingham, a beachside suburb 47 kilometres south of Perth’s CBD, a contemporary four-bedroom home in a coveted street, and just a 3-minute walk to nearby Palm Beach, sold under the hammer for its reserve price of $1.25 million.

Three local families fought it out for the prized coastal home, after bidding opened at $850,000.

Selling agent Nola Tully from Harcourts Elite Agents South Perth said the home’s location at 38 Harrison Street contributed to the popularity of the home.

“It’s a very sought-after area and people literally wait for a home to turn up in that particular street,” Ms Tully said.

“All the bidders were local families wanting to get into the street,” she said.

There were 11 auctions in Perth last week, which is traditionally a small auction market.

REGIONAL

In Bendigo, 150 kilometres north-west of Melbourne, a unique stone-built cottage in the historic suburb of Eaglehawk sold at auction for $655,000.

Constructed in 1872, by Cornish copper miners, the four-bedroom, 1-bathroom home on a 1,866 sq m allotment, was restored by the vendor to maintain many historic elements of the original cottage.

Listing agent Ella Douch from Ray White Bendigo said more than 20 groups came through the home at 5 Clarke Street during the campaign period, with two parties registering to bid at Saturday’s auction.

“In the end, we had just one active bidder, who was successful in securing the property,” Ms Douch said.

“She is local to the area and was drawn to the history of the home,” she said.

“The vendor had it for 18 years and did a lot of the renovations and restoration herself, so it’s in a condition where the new owner can just move in and enjoy it,” she said.

According to CoreLogic, 1811 capital city homes went to auction last week, up from 1778 the previous week.

CoreLogic research director Tim Lawless said even more homes are scheduled to go under the hammer across the country next week in the lead-up to Australia’s peak selling period.

“The number of auctions scheduled for next week is currently just over the 2000 mark, rising to around 2100 the week after, signalling a pick up in selling activity ahead of the spring selling season,” Mr Lawless said.

This article was originally published at view.com.au.