Auction Markets Tumble Following Rate Rise
With auction numbers low across the country.
2 min
Following the RBA’s decision to raise official interest rates by 0.25% last week, the capital city auction clearance rates were mostly sharply lower at the weekend.
The national auction market reported a clearance rate of 71.3% — down on last weekend’s 73.1% and well below the 83.1% recorded over the same weekend last year. It was also the lowest national clearance rate reported for the year so far.
National auction numbers also fell sharply with just 1667 homes listed nationally across the weekend compared to the previous weekend’s 2231 and well short of the 2563 reported over the same weekend last year.
Sydney’s auction clearance rates were steady, with listings falling sharply, reporting just 577 homes for auction over the weekend — well below the 822 auctioned over last weekend and well below 2021’s corresponding weekend total of 1014 listings.
It saw the NSW capital post a clearance rate of 64.6% at the weekend — similar to the 64.5% recorded last weekend but lower than the 83.5% recorded over the same weekend last year.
Sydney recorded a median price of $1,630,000 for houses sold at auction at the weekend which was lower than the $1,765,500 recorded last weekend and now 1.2% lower than the same weekend last year’s $1,650,000.
Melbourne’s market suffered more greatly, with a year-to-date low of 66.4% clearance rate – falling from 71.8% recorded the year prior and significantly lower than the 80.7% of last year’s corresponding weekend.
The Victorian capital saw just 767 homes reported listed at the weekend — well below the 1116 reported over the previous weekend.
Melbourne recorded a median price of $1,075,000 for houses sold at auction at the weekend which was higher than the $1,051,000 reported last weekend and also 2.4% higher than the $1,050,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests
2 min
A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).
Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.
“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.
The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”
The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.
“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”
The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.
The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.
“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”
This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
