Family battle it out for renovators delight to ‘get in the zone’

A five-bedroom, four-bathroom unrenovated home on 1012sqm in the affluent Perth suburb of Dalkeith has sold at auction for $2.58 million.

The large home at 57 Circle Circle North, which is in need of a modern makeover, attracted the interest of six registered bidders, with three of them taking part in Saturday’s auction.

Listing agent Viven Yap from Ray White Dalkeith/Claremont said many of the prospective buyers were drawn to the property’s prestigious riverside location, which is just metres from Dalkeith Primary School.

She said the successful bidders will eventually undertake a major overhaul of the home.

“The buyers are a gorgeous family with two young children,” Ms Yap said. “They are looking at doing a bit more of a renovation and from there will make a decision about when they want to start doing a much larger renovation as it’s quite a big job,” she said.

Ms Yap said the vendors had originally planned to rebuild the property.

“The sellers had intended to build something but decided not to in the end,” she said.

But she said the new owners were looking forward to giving the home a facelift.

“They have renovated before and aren’t afraid of it. They are actually quite excited as they wanted to get into the local school zone for their children,” she said.

“That was the drawcard for many buyers. They wanted to be in the school zone and also have something they could put their own stamp on and make into their own,” she said.

The renovator’s delight was one of 16 homes that went to auction in Perth last week, the same number as the previous week, according to CoreLogic. This time last year 22 homes went to auction in Perth.

A preliminary clearance rate has not been recorded for Perth this week. Last week’s final clearance rate was 56.3 per cent, and this time last year the auction clearance rate in Perth was 54,5 per cent.

In Adelaide, a contemporary three-bedroom, two-bathroom home in the small eastern-city suburb of Evandale has sold under the hammer for $1.32 million, well above its reserve price of $1.298 million.

Seven bidders registered to bid on the home at 2/2 Janet Street on Saturday, but just three bidders took part on the day.

Listing agent Juan Gaviria from Ray White Magill said the auction was a competitive one.

“We had a good amount of interest throughout the campaign. The winning bidder and the underbidder were both the keenest the whole way through the campaign,” he said.

“It showed in their bidding today. We paused the auction halfway through to negotiate and when it was called on the market, the two bidders then increased their bids by $10,000 each in an effort to secure the property,” he said.

“The underbidder was a downsizer while the winning bidder was a young couple with children who live locally,” he said.

Listing agent Juan Gaviria from Ray White Magill said the auction was a competitive one.

Mr Gaviria said properties priced in line with market expectations were selling well.

“We’re noticing that anything overpriced is sitting there longer than it should but anything well priced like today is flying out the door,” he said.

The modern home was one of 167 properties that went to auction in Adelaide last week, compared to 169 auctions held the previous week, according to CoreLogic. This time last year 184 homes went to auction in Adelaide.

Adelaide’s preliminary clearance rate was 61,7 per cent, well down on last week’s preliminary clearance rate of 66.3 per cent, which revised down to 60.4 per cent once finalised. This time last year the auction clearance rate in Adelaide was at 75 per cent.

A block of four two-bedroom units in the sought-after suburb of Norman Park in Brisbane has sold under the hammer for $2.5 million.

Three bidders pushed final selling price to $2.5m. for the two-storey property at 14 Thackeray Street. The developer’s dream was one of just 2597 homes that went to auction in capital cities across the country last week, as auction volumes wind down ahead of Christmas.

According to CoreLogic, the volume of auctions was down on the 2881 auctions held the previous week and well below the spring peak of 3135 auctions. held over the week ending October 27.

Meanwhile, the preliminary combined capitals auction clearance rate was just 62.4 per cent, the lowest preliminary result so far this year.

Listing agent Paula Pearce from Place Bulimba said all the interested parties were hoping to develop the property, just 7km from Brisbane’s CBD

“All the bidders were land bankers and developers,” Ms Pearce said.

“The flats are pretty old and can be demolished,” she added.

She said the successful bidders would continue to rent out the units and redevelop the property sometime in the future.

“The successful bidders plan to keep as an investment and down the track look at developing it,” Ms Pearce said.

The property was one of 203 properties that went to auction in Brisbane last week, compared to 175 the previous week. This time last year 215 homes went to auction in Brisbane, according to CoreLogic.

Brisbane’s preliminary clearance rate was 57.6 per cent, up from last week’s preliminary clearance rate of 52.9 per cent, which revised down to 48.6 per cent once finalised. This time last year the auction clearance rate in Brisbane was 56.1 per cent.

CoreLogic research director Tim Lawless said the combined capital auction clearance rate of just 62.4 per cent, a full percentage point lower than the week prior and the lowest this year reflected an increase in properties on the market.

“The weak outcome for auction markets reflects weaker selling conditions as advertised stock levels rise without a commensurate lift in purchasing activity,” he said.

Mr Lawless said he expected auction volumes to fall further next week as Christmas approaches. “Next week is set to show a further reduction, with around 2,200 homes currently scheduled for auction, reducing to around 800 the week after,” he said.