No break for bidders with big dreams in Sydney and Melbourne property market

Just over 1000 homes went under the hammer in capital cities last week, half the number that went to auction last ANZAC Day long weekend.

“1080 auctions were held over the past week, a substantial rise from the 644 homes auctioned over the Easter long weekend a week ago, but well down on the Anzac Day long weekend a year ago when ,964 homes were taken to auction,” said CoreLogic research director Tim Lawless.

“The lower level of activity is at least partly attributable to the consecutive long weekends of Easter and Anzac Day which has likely impacted on the timing of auction events,” he said

However, in Sydney’s Sutherland Shire, back-to-back public holiday weekends weren’t going to stop four registered parties from bidding for their dream home.

The stunning six-bedroom, five-bathroom contemporary residence at 19 Lomandra Place, Alfords Point boasts acreage land holding, a swimming pool and breathtaking valley views.

Ray White Sutherland Shire’s Matt Debreczeni said while four parties registered to bid on the modern two-storey sanctuary, just three raised their hand during Saturday’s competitive auction, before selling for $5.288 million.

He said the winning bidders were a local Sutherland Shire family who were looking to move closer to family. They will now look to sell their existing home.

“The owner built the home in 2014, they are staying local as well and are upgrading to a bigger land holding,” Mr Debreczeni said.

“We have sold five from seven properties since Easter. This is our second sale for over $5 million this week. The public holidays haven’t affected things this year; in fact, we are almost on track for a record month,” Mr Debreczeni said.

Almost 400 (398) auctions were held in Sydney last week, according to CoreLogic, returning a preliminary auction clearance rate of 66.2 per cent, down from 67.9 per cent the week prior, which revised down to 59.6 per cent on final numbers.

Home in suburb’s best street sells for first time in nearly 40 years

In Melbourne’s south-east, a charming four-bedroom Edwardian has sold at auction following a slow start.

The auction at 10 Holywood Grove, Carnegie opened with a vendor bid of $1.8 million after the onlookers in the small crowd failed to raise a hand.

Shortly after two bidders joined in, pushing the final selling price to $2.160 million.

Listing agent Benjamin Jax from Woodards Carnegie said the new owners of the 115-year-old weatherboard are locals who plan to move into the home.

“The vendors have owned the home for 37 years and are downsizing,” Mr Jax said.

He said the home was popular with owner-occupiers seeking a heritage home in a prime location in the south-eastern suburb.

“It’s probably the best street in Carnegie. It has a heritage overlay and is just a very pretty street,” he said.

Mr Jax said renovated homes in the area were selling well.

“Anything that is move in ready is selling really well, that market is very strong,” he said.

However, he said homes that needed “extensive renovations” were proving harder to move.

Melbourne hosted 472 auctions and recorded a preliminary clearance rate of 67.6 per cent, the highest of all the capital cities and up from 61.1 per cent the week prior, which revised down to 58.5 per cent on final numbers, according to CoreLogic.

Bush beauty attracts crowd but no bidders

In Bundalong, in Victoria’s north-east Murray River region, a big crowd came to watch the auction of a recently built four-bedroom home at 13 Mcculloch Street.

However, selling agent Andrew Pogue from Kevin Hicks Real Estate said it was passed in on a vendor bid of $1.8 million after “no serious bidders” appeared in the crowd.

“The vendors live in the home permanently and are looking to downsize,” Mr Pogue said.

He said while the market was strong in the area, there had been an increase in listings in recent months since the introduction of the vacant residential land tax.

“There are a lot of properties on the market because of the land tax on holiday homes,” he said.

“This particular property is stunning and we will now list it for private sale,” he said.

The nation’s preliminary capital city auction clearance rate has fallen further to 64.2 per cent, down from 64.7 per cent last week, which revised down to 57.6 per cent on final numbers.

“This week marks the lowest preliminary clearance rate since mid-December 2024,” Mr Lawless said.