Auction Markets Running Out Of Steam
The May seller rush continues to test the market.
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Home auction markets reported mixed results over the weekend, May 22, as more record-level offerings tested buyer depth.
National listing numbers were again lower on Saturday but stayed within touching distance of the <ay record of 2563 reported two-weeks ago with 2333 auctions this past weekend.
The national average clearance rate increased to 82%, higher than the previous weekend’s 80.8% and the first rise in six weekends. However, despite the lift, it is smaller markets like Adelaide (90.1%) and Canberra (91.2%) carrying the results.
The larger auction capitals of Sydney and Melbourne are showing signs of fatigue and are expected to drift downwards over the next coming weekends.
Sydney reported a clearance rate of 81.5%, again lower than the 82.9% recorded the previous weekend. Saturday’s results were the fifth consecutive weekend of lower rates.
A total of 949 auctions were reported in the Harbour City, again just below the previous weekend’s 990.
Sydney has now recorded an unprecedented four consecutive weekends with more than 900 auctions, with this weekend’s median price of houses sold at auction sitting at $1,620,000, lower than the previous Saturday’s $1,641,000.
Melbourne reported a clearance rate of 76.9% which was again below the 78.6% of the previous weekend and just ahead of the 74,0% recorded over the same weekend last year.
Saturday, May 22 was the lowest clearance rate of the year so far.
A total of 117 homes were auctioned in Melbourne, close to the previous weekend’s 1159 listings.
Melbourne recorded a median price of $995,500 for houses sold at auction on the weekend which was 9.8% lower than the $1,093,000 recorded over the previous weekend, but 9.9% higher than the 906,000 recorded over the same weekend last year.
Data powered by Dr. Andrew Wilson of My Housing Market.
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
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