Nearly two thirds of Melbourne home sellers who went to auction last week sold, despite having to reveal their reserve prices early. Greater Melbourne recorded a preliminary clearance rate of 60.1% from 539 auctions, according to realestate.com.au. A three-bedroom townhouse in Reservoir sold for $831,000 after attracting five registered bidders, with a young couple buying their first home. The agent lowered the reserve after buyer feedback and then agreed to $795,000 with the owners. Nationally, the preliminary clearance rate was 41.5% from 1,593 homes scheduled for auction.
Only one in five Brisbane properties sold under the hammer over the weekend, according to Realestate.com.au data. The city's preliminary clearance rate was 22 per cent, down from 30 per cent a week earlier. Regional Queensland fell to 18.9 per cent. Realestate.com.au economist Luc Redman said clearance rates are likely to stay low until sellers lower price expectations or demand returns. A riverfront Newstead penthouse sold for $5.825m, the biggest Brisbane auction sale, while a Daisy Hill property sold for $2.3m.
A four-bedroom Stanmore terrace that agents described as unlivable sold under the hammer for $2.52 million on Saturday, well above its $2.2 million guide. Five bidders registered and three were active during the auction. Domain recorded a preliminary Sydney clearance rate of 45 per cent from 490 reported results, with 184 auctions withdrawn. In Epping, a five-bedroom house sold for $3,419,168, while in Allambie Heights a three-bedroom house sold at its $2 million guide but below its reserve. LJ Hooker's Mathew Tiller said buyers and sellers were sitting on the fence.
AU Now app
Your suburb’s news, alerts and Shorts — in one app
Alerts, Shorts and your saved stories — free on Google Play.
A modest bungalow in Maroubra with ocean views sold at auction for $7 million on Saturday, well above its $6.5 million reserve, after a developer competed with two owner-occupier bidders. The buyer plans to demolish the house and build a new home. Ray White director Angus Gorrie said the result surprised him. Across Sydney, Domain recorded a preliminary clearance rate of 45 per cent from 490 reported results, with 184 auctions withdrawn. In Como, a family upsizing bought a five-bedroom home for $3.14 million, while an Alexandria apartment sold for $1.31 million after being passed in.
Melbourne sellers chasing unrealistic prices are contributing to the city's auction struggles, according to auctioneer Luke Banitsiotis. REA Group figures showed Victoria recorded a preliminary 62.8 per cent clearance rate on Saturday, with 236 sales from 376 reported results. Banitsiotis said owners who set realistic reserves drew four or five bidders. Buyer's advocate Cate Bakos said well-located homes needing renovation faced less competition than renovated family properties. Several homes sold above their published reserves at auction, including a North Melbourne property that reached $1.506m.
A man whose parents rented a Mona Vale beach cottage when he was a child has bought the house at auction for $4.5 million. The three-bedroom home at 78 Surfview Road sold under the hammer after the buyer's early offers were rejected. The buyer said he had huge memories of the house and called it his dream home. In Bronte, an oceanfront home at 522-524 Bronte Road sold for $25.2 million to an owner-occupier. Preliminary data showed a Sydney auction clearance rate of 52 per cent for the week.
A local owner-occupier paid $1,252,000 at auction for a Port Melbourne house with a designed crack in its facade. The two-bedroom home at 29 Little Cruikshank Street was designed by architect Robert McIntyre. Four local bidders competed, and the home had been on the market for only 10 days. Across Melbourne, Domain recorded a preliminary clearance rate of 53 per cent, with 59 auctions withdrawn. In Cheltenham, a young family paid $1.3 million for a four-bedroom house, and in Greensborough a first home buyer paid $635,000 for a villa unit.
A family from Williamstown bought a renovated double-fronted Victorian home in Newport for $1.79 million after auction on Saturday. The property at 32 Speight Street had a $1.8 million reserve. It passed in on the family's $1,735,000 bid before the sale was negotiated. Domain recorded a preliminary clearance rate of 53 per cent for the week. Agents said turnkey homes are selling well, while homes needing work are more difficult to sell.
