Records tumble as luxury end houses are sold above expectations, say agents from The Agency and McGrath.
It was a weekend of records for the real estate industry as a number of homes saw prices reach some dizzying heights.
In Sydney Ben Collier of The Agency had the highest sale at auction on the weekend for 356 Edgecliff Rd, Woollahra.
It sold for $8.1 million at auction, a $3million increase from when it sold in 2017 for $5 million.
356 Edgecliff Road, Woollahra sold through agent Ben Collier of The Agency. Photo: The Agency
"The attraction of the property was the combination of the beauitful period style home with classic modern renovations," said Mr Collier to WILLIAMS MEDIA.
"There were 3-4 registered bidders at the auction but throughout the campaign, the inspections were always very well attended."
347-349 Lawrence Hargrave Drive, Clifton sold through agents Jeremy Hodder and Lashay Borg of McGrath Estate Agents. Photo: McGrath
Down the coast at 347-349 Lawrence Hargrave Drive, Clifton a young family from Sydney’s Northern Beaches have bought their dream holiday home for $3,375,000 through agents Jeremy Hodder and Lashay Borg of McGrath Estate Agents.
They had been comparing other options including Avoca Beach and Palm Beach.
At a Glance:
In the end, they were attracted to the South Coast lifestyle, the quieter beaches and slower pace.
The opening bid was $3.3 million and only four bids later, the property was sold.
The cliff-top home had 300 enquiries and 12 contracts issued.
It is the highest price sale this year in the 2515 postcode and the only sale above $3million under the hammer for 2020.
60 Georges Road, Elsternwick sold through agent Brendan Walker of The Agency. Photo: The Agency.
In Melbourne, a remarkable price was attained for 60 St Georges Road, Elsternwick of $2.41 million, which was up from 12 months ago when it sold for $2.1 million.
"The property is in a ripping location and a top quality street," said agent Brendan Walker of The Agency to WILLIAMS MEDIA.
"There is great period detail throughout with a commanding entrance and is really turn-key and ready to move in."
At a Glance:
Mr Walker said 22 separate groups showed interest in the property.
"There were four offers on the home where 2 were acceptable to the vendor," said Mr Walker.
"These two groups fought it out until a decision was made at 10pm last Thursday night."
All interested parties were local buyers.
Auctions
CoreLogic has reported 1,344 capital city homes taken to auction this week, with preliminary collection showing a success rate of 59.2 per cent.
This week’s clearance rate was the exact same as last week’s preliminary figure which later revised down to 53.1 per cent at final collection, although last week there were a lower 1,176 auctions held.
It’s likely this week’s final clearance rate will come in around the same early 50 per cent seen last week as we continue to see large numbers of Melbourne auctions withdrawn from the market.
Source: CoreLogic
Over the same week last year a lower number of auctions were held (1,124) with a higher rate of success (68.6 per cent).
Comparing the results across Australia’s two largest auction markets highlights the impact of Melbourne’s lockdown.
The preliminary numbers show 41per cent of Melbourne auctions were withdrawn from the market this week compared with only 16 per cent in Sydney.
Source: CoreLogic
The larger number of withdrawn auctions in Melbourne, which are counted as unsuccessful auctions, has seen the clearance rate drop from the early-to-mid-60 per cent range through late May and June to the low 40 per cent range over the past two weeks, while Sydney clearance rates are holding above 60 per cent.
Removing withdrawn auctions from the clearance rate calculation shows the two markets are returning a similar ‘adjusted’ reading in the low 80 per cent range, highlight that those properties which aren’t withdrawn from the market are still finding buyers.
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