Sydney’s auction success slips to 83.3% with sales from $120,000 Kirribilli car space to $6 million Mosman home

Sydney's auction success slips to 83.3% with sales from $120,000 Kirribilli car space to $6 million Mosman home

A 12 square-metre car space at Kirribilli sold at auction today for $120,000. The company title S7/29 Carabella Street offering was not restricted to building residents, selling to a neighbour. There are 23 apartments in the six-storey near harbour front 1960s block.

The highest weekend result was at Mosman for $6 million, which had been offered with $4.5 million plus guidance.

At Maroubra auctioneer Damien Cooley secured $3.57 million. The 650-square-metre oceanfront property at 19 Mermaid Avenue traded for $1.1 million in 1998.

The Surry Hills warehouse studio-home of Kay Lanceley and her artist husband, the late Colin Lanceley sold pre-auction through BresicWhitney for an unconfirmed $5 million.

The Lanceley’s has bought the Esther Street warehouse in 1992 for $450,000 from their friend, art dealer, Ray Hughes.

The Surry Hills, Sydney warehouse abode had been listed with $4.2 million plus hopes.

There was an 83.3% initial weekend clearance rate, with an emerging softening apparent in the latest APM data, while Melbourne auctions shows strengthening results.

Some 673 Sydney homes were listed to go under the hammer, well up on last Saturday’s 395 Queen’s Birthday weekend tally, and also higher than the 615 auctioned over the same weekend last year.

The weekend tally which secured $465 million in sales saw a $1.26 million Sydney median house price and a $775,000 Sydney median unit price.

Sydney’s south hosted the most number of auctions of the suburban regions with 96 scheduled.
The next highest was the city and east with 86 followed by the upper north shore 81, the lower north 75, the south west and the inner west each with 68, the west 51, Canterbury Bankstown 50, the northern beaches 45, the north west 32, the central coast 19 and the Blue Mountains with two auctions scheduled this weekend.
The most popular suburb for auctions in Sydney this weekend is again Mosman with nine followed by Wahroonga and Baulkham Hills each with eight.
There were just the six Mosman results notified.
Seven auctions were scheduled on Saturday in Hornsby, Hurstville, Bexley, Lane Cove, Randwick and Bankstown.
Huge crowds attended weekend auctions after a week of histrionic property commentary. At 25 Grove St, Casula a crowd of 150 watched four bidders – from the 18 registered – run the price up to $807,500 through Trevor Byrne at One Agency Carnes Hill. Auctioneer Rob Trovato had a crowd of around 120 watch as 277a North Rocks Rd North Rocks sold for $980,000 as five bidders sought to secure the battle axe home.
Last weekend’s Queens Birthday long-weekend holiday break showed signs of easing in Sydney’s red-hot auction housing market, recording a weaker, but still strong clearance rate at 85.1% – which was revised down to 82.9% on late notified results. Last Saturday’s clearance rate was significantly higher than the 73.7% rate reported over the same weekend last year. 
The May monthly clearance rate was 83.9 percent result over the full month.
“This was the fourth consecutive month that Sydney has broken the clearance rate record in a remarkable unprecedented performance,” APM senior economist Dr Andrew Wilson said.
Sydney also notched up its second highest ever monthly total number of auction sales over May at 3375 – just behind the November 2014 all-time record of 3717.
The value of homes sold at auction over May soared to $4.14 billion – again just below last November’s all-time record of $4.24 billion.
This article originally appeared on Property Observer.



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