Auction Markets Strong In Face Of COVID
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Auction Markets Strong In Face Of COVID

The nation’s capitals showed resistance against uncertainty.

By Kanebridge News
Mon, Jul 19, 2021 10:38amGrey Clock 2 min

Auction activity has remained strong, despite increased COVID restrictions across Sydney and Melbourne.

A total of 2179 homes were listed for auction capital city markets on Saturday, July 17 – a new record for July, surpassing the previous high of 1869 set just last weekend.

Across all capitals, auction numbers continue to track around double the levels recorded for the same weekend last year.

Record auction numbers also failed to slow the auction clearance rate with a national rate of 80.5%, higher than last weekend’s 79.5% and well ahead of the 62.5% recorded over the same weekend last year.

Clearance rates were higher in all capitals on Saturday – with the exception of Canberra and lockdown impeded Melbourne – the latter recording the lowest result of all the auction capitals (73.2%).

In Sydney, auction clearance rates held the line against tightening restrictions with a rate of 78.0% – a small rise from last weekend’s year low of 76.6%.

The weekend clearance rate continues to be influenced by a high number of withdrawals with a total of 21.0% of reported auctions  – around double the pre-shutdown results.

Still, a July record of 872 auctions was reported listed in Sydney on Saturday – higher than the 782 auctioned the previous weekend and well ahead of the 471 recorded over the same weekend last year.

Sydney recorded a median price of $1,603,000 for houses sold at auction at the weekend which was similar to the $1,631,000 reported over the previous Saturday.

However, Melbourne’s market proved to be less resilient when faced with the lockdown.

The Victorian capital still reported a robust 73.2% clearance rate, however, was down on last weekend’s 76.7%  – the lowest weekend result since the previous shutdown impacted the result on June 12 at 69.0%.

The lower clearance rate was clearly impacted in a surge of lockdown-related withdrawals with 27.4% of listed auctions reported withdrawn – well ahead of the 9.5% withdrawals reported the previous Saturday.

Another July record 1061 homes were listed to go under the hammer on Saturday –  ahead of last weekend’s previous record 977 auctions.

Melbourne recorded a median price of $992,500 for houses sold at auction at the weekend which was higher than the $983,000 recorded over the previous weekend and 20.2% higher than the $825,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson of My Housing Market.

 



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A contemporary home designed with Feng Shui principles in Malibu that once asked $57.5 million will be auctioned in June.

The architectural home lies on the Pacific Coast Highway in Western Malibu, a surf spot known for its pristine beaches and celebrity owners. Concierge Auctions, which is handling the sale, expects bidding to open between $10 million and $19 million.

The long, narrow lot is about four-fifths of an acre and boasts 75 feet of private beachfront. Owner Wei-Tzuoh Chen, a California-based nephrologist, purchased the property in 2003 with his wife, Carrie Chen, for around $2.25 million. They originally intended to knock down the existing house and develop four condo units but then decided to keep the location for themselves as a vacation property.

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“I’ve lived in many beachfront houses in different parts of Southern California, but this is the finest sandy beach I’ve ever seen,” he said, distinguishing it from places where the water comes right up to the house during high tide.

The couple spent over six years building an 8,206-square-foot glass, steel and concrete residence with Malibu architect Ed Niles, who Chen said “spoke to his taste as a contemporary, not modern, architect.”

A native of Taiwan, Chen wanted to incorporate elements of Feng Shui into Niles’s signature futuristic design, inspired by the Guggenheim in New York City and the Broad in Los Angeles.

“I wanted a mini-museum in which to display my collection of Chinese antiques in a futuristic setting,” he said.

The property was previously listed in March 2023 at $57.5 million by Madison Hildebrand, president and CEO of the Malibu Life Team (and star of Bravo TV’s “Million Dollar Listing Los Angeles”), along with Jennifer Chrisman of Compass,  Wendy Wong of Treelane Realty Group and Katherine Quach of Treeline Realty & Investment. The agents are collaborating with Concierge Auctions, which will launch the auction on its online marketplace in mid-June. It is currently listed at $42 million.

Concierge Auctions

The residence juxtaposes organic with geometric shapes; curved and straight lines mingle inside and out.

As shown in an aerial photo, it consists of a series of circles, semi-circles, triangles and rectangles. “There are basically eight different-shaped structures in a configuration,” Chen said, explaining that the number eight symbolises good fortune in Chinese numerology.

Integrating Feng Shui elements was accomplished in numerous ways.

“Feng means ‘wind,’ and the idea is to have air flowing throughout,” Chen said. “Based on a survey of the site, Niles designed it so that when you open the door on the ocean side, the breeze will circulate into every area of the house.”

He added that the architect also designed the house around the sun’s movement, capturing the ever-changing light via over 45 custom skylights. “The architectural perspective of the house shifts every minute of the day.”

Feng Shui also refers to the flow of movement, which starts from the street-side security gate, where a short driveway descends to the house below. “The concept of the Chinese home is to be unassuming from the front and then to provide a wow factor when you walk inside,” he explained.

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Steps lead down to the glass-walled entrance with a soaring steel-paned glass ceiling. This spills into a cavernous space framed by massive architectural concrete walls and a floating bridge overhead. Two expansive sets of built-in stairs lead in different directions—one connects with a floating staircase to an upper level. The other flows into the ground floor living area and kitchen, with views to the horizon on two sides. A wall of frameless glass doors opens onto the back patio and an outdoor dining area.

Concierge Auctions

Two separate upper-level spaces—one rounded, the other a triangle—jut out over the patio, creating covered sitting areas below. The round space comprises the primary suite, featuring a wood-panelled sleeping area and a marble bathroom with a cylindrical Japanese stainless-steel tub overlooking the ocean. A 50-foot bridge and short flights of stairs lead to three more bedrooms with private decks.

“Every split level has its own wing with an en-suite bedroom, so they are private with no shared walls, and everyone gets to take advantage of the view,” Hildebrand said. “The guest house is separate with its own private outdoor space.”

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Two marine-coated red steel sculptures in the back play on the shapes and number themes. One is an immersive red triangular sculpture that doubles as an enclosure for a small dining table; the other is a humanistic red figure-eight piece. Chen confirmed that both are part of the sale, as is a larger-than-life green butterfly sculpture at the entrance.

Inlaid rectilinear stepping stones cut a diagonal across the lawn to the sandy beach, bordered by large rocks. Although it is technically open to the public, Hildebrand said it is not easily accessible or widely known.

Beyond the interiors, the outdoor entertaining spaces—counting an in-ground fire pit with stone crescent benches—can accommodate up to 100 guests. Six uncovered parking spaces are available in addition to a two-car garage.

“It also has a tide pool where you can see sea urchins, mussels and other marine life on the rocks in ankle-deep water at low tide, which is also very rare here,” Chen said. “That’s the reason I chose this lot over others. It’s such a unique location.”

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