National Auction Market Officially Kicks Off
Major capitals slow off the mark in two-speed market.
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The 2022 home auction year has officially commenced.
While the weekend saw mostly positive results for early-season sellers the two-speed national market is intensifying.
Adelaide, Canberra and Brisbane’s markets have carried its momentum from the latter stages of 2021 into the new year with strong clearance rates this weekend reporting 88.4%, 74.0% and 86.1% respectively.
Elsewhere, the major markets of Sydney and Melbourne are stuttering, reporting lower clearance rates when compared to the same weekend last year at 65.8% and 68.5% respectively.
The national auction market reported a clearance rate of 76.6% at the weekend which was similar to the 76.0% reported over the final auction weekend of 2021 but lower than 77.7% recorded over the same weekend last year.
The number of listings that went to auction over the weekend was 836, higher than the 690 auctioned over the same opening weekend last year.
Sydney’s aforementioned clearance rate of 65.8% is well down on the 81.1% recorded over the same opening weekend last year.
Despite surrounding covid concerns and distractions, a season-opening record 318 homes were listed for auction at the weekend — up on the 138 auctioned over the same opening weekend last year.
The NSW capital recorded a median price of $1,380,000 for houses sold at auction at the weekend which was lower than the $1,580,000 reported over the final auction Saturday of 2021 but 10.8% higher than the $1,246,000 recorded over the same weekend last year.
Melbourne’s clearance rate of 68.5% was also down on the 84.0% recorded over the same weekend last year.
A total of 250 homes were reported listed for auction at the weekend – lower than the 308 reported over the same weekend last year.
The Victorian capital recorded a median price of $873,000 for houses sold at auction at the weekend which was lower than the last weekend in December’s $1,000,000 and 4.3% lower than the $912,500 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, 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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