Weekend Auction Markets Low But Largely Steady
While the home auction clearance rate is trending lower, the market is showing signs of stabilisation.
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Weekend auction markets continue to report similar results, with buyer and seller activity moderated compared to previous months.
The national auction market reported a clearance rate of 60.1% at the weekend — slightly down on the previous weekend’s 60.8% and significantly lower than the 77.3% recorded over the same weekend last year.
Saturday’s results were once again the lowest clearance rate since lockdown-impacted August 2020.
National auction numbers were higher at the weekend with 1487 listings compared to last weekend’s 1442.
While the Sydney market continues to trend lower, it is stabilising albeit at the lowest levels since lockdowns in April 2020.
The NSW capital recorded a clearance rate of 57.9% at the weekend — similar to the 58.0% recorded the previous weekend but well below the 75.1% of the same weekend last year.
The number of residences auctions was lower at the weekend with 575 reported compared to the previous weekend’s 597 and higher than the 566 of the same weekend last year.
Sydney recorded a median price of $1,505,500 for houses sold at auction at the weekend which was slightly lower than the $1,515,000 recorded last weekend and 1.8% lower than the same weekend last year’s $1,532,500.
Melbourne’s weekend auction market continues to produce steady results with the impact of higher interest rates having an effect on buyer confidence.
Melbourne reported a clearance rate of 607% on Saturday – lower than the previous weekend’s 60.4% and lower than the 79% recorded on the same weekend last year.
A total of 627 homes were reported listed in the Victorian capital at the weekend — higher than the 598 reported over the previous weekend but again well below the 1120 of the same weekend last year.
Melbourne recorded a median price of $1,000,000 for houses sold at auction at the weekend which was higher than the $923,000 reported last weekend and 6.6% higher than the $938,000 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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