New Auction Year Kicks Off Early
Eager sellers look to get a head start on the market.
Eager sellers look to get a head start on the market.
As sellers look to get a head start on the rest of the market, the property auction market has kicked into gear earlier than usual.
Of the 448 homes listed nationally for auction over the past week, 66.8% sold according to data from CoreLogic.
The auction volume for the first major weekend of the year was significantly higher than the previous corresponding weekend at almost double the same time last year — with 244 properties auctioned.
CoreLogic predicts the number of homes taken to auction will continue to rise over the coming weeks, with over 1150 auctions expected to be held next week, compared to 884 over the same week last year.
In Sydney, a total of 79 homes hit the market — compared to 47 this time last year — of which 60 have been recorded and 58.3% of those auctions were successful.
Melbourne proved the busiest auction capital this week with 144 properties listed for auction.
With 100 results taken at the time of writing, 64% reported a successful result — on par with the average final clearance rate through December.
Over the same week last year, 127 homes were auctioned across the Victorian capital.
The push for sellers to get a jump on the market follows on from a record December quarter in 2021.
CoreLogic’s Quarterly Auction Market Review recorded 42,918 properties were taken to auction across the combined capital cities in the three months to December 2021.
The numbers equate to an 85.1% increase from the previous quarter and a 109.5% lift from the December 2020 figures.
In Australia’s two biggest auction markets, Melbourne had 19,788 auctions and a clearance rate of 69.7% for the December quarter compared to Sydney with 14,906 auctions and a clearance rate of 69.9%.
Across all capitals, the quarterly clearance rate of 71.3% was fractionally down on the previous quarter’s 71.7%
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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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This stylish family home combines a classic palette and finishes with a flexible floorplan