Auction clearance rates on the up across the capitals

Last weekend’s auction clearance rate in Australian capitals was the highest in more than a year, CoreLogic data reveals.

Of the 1,750 auctions held over the weekend, 75.1 percent were sold according to preliminary figures, the highest since February 2022, which had a clearance rate of 75.7 percent.

The number of properties put to market was consistent with figures from the previous week, where 1,739 homes were offered for sale nationally. However, figures were still down on this time last year when 2,059 homes went to auction.

In signs that buyer confidence is gaining ground, of the 732 auctions held in Melbourne, the preliminary clearance rate stayed above 70 percent for the fourth week in a row, at 76 percent. The market was similarly buoyant in Sydney, with a clearance rate of 78.5 percent, based on preliminary data. The number of properties put to market was also up, 650 homes last weekend compared with 570 the week prior. This time last year, 659 were auctioned.

Among the smaller capitals, Adelaide has so far recorded the strongest results, with 72.1 percent of the 128 homes put to market being sold.

The results come less than a week since the RBA made the surprise decision to raise the cash rate by a further 25 basis points to bring the official interest rate up to 3.8 percent, in a move widely criticised by construction and housing industry bodies.

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

Auction clearance rates on the up across the capitals

Buyers are making their move amid rising interest rates and higher property values