Weekend auction results hold promise for spring vendors
Auction numbers, clearance rates on the up as spring market warms
Auction numbers, clearance rates on the up as spring market warms
Last weekend continued to see improvement in both the number of houses up for auction and their clearance rates, CoreLogic reports.
After market disruptions caused by football grand finals and public holidays, the market once again found its feet, with 1,799 homes going under the hammer across the country over the weekend. This represents a 11.2 percent increase on the previous weekend and 36.7 percent higher than the weekend prior to that.
Melbourne led the way last weekend, with 721 homes going under the hammer, with a clearance rate of 68.4 percent, the highest since May. In Sydney, 686 homes were auctioned, up 41.7 percent on the Labour Day long weekend the previous week. Clearance rates also improved, with 61.3 percent of homes being sold, the highest rate since August. However, withdrawal rates in Sydney also increased from 17 percent to 21.1 percent, showing vendor uncertainty remains.
The smaller capitals all experienced greater auction activity, except for Perth. No auctions were held in Tasmania.
While the steady rise is encouraging, head of research at CoreLogic Tim Lawless points out numbers are not as strong as the same time last year.
“There has been a consistent improvement in the auction success rate since the last week of July when the combined capitals clearance rate was recorded at 51.9 percent (based on finalised numbers),” Mr Lawless said. “Melbourne came in at 66 percent, Sydney and 61 percent and Adelaide nearly broke the 70 percent mark this week based on the preliminary numbers.
“The volume of auctions is holding lower than last year – a reflection of less stock flowing onto the market, as well as more vendors choosing to use a private treaty campaign over auctions.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
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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
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.