A ‘cracking’ start to 2024 with strong weekend property auction results
It was the second-biggest start since 2008 with 1,671 homes going under the hammer
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More than seven in 10 homes that went to auction on Saturday sold under the hammer, delivering a preliminary national clearance rate of 73.9 percent across the combined capital cities, according to CoreLogic data. The strongest result was seen in Canberra where 80 percent of the 75 homes auctioned were sold. Adelaide recorded a 77.6 percent clearance rate, Sydney 76.3 percent, Melbourne 71.9 percent and Brisbane 68.5 percent.
Impressive clearance rates were also recorded in regional areas. Newcastle and Lake Macquarie hosted 37 auctions with a 77.8 percent clearance. The Gold Coast saw 126 homes go to auction with a clearance of 65.3 percent. For perspective, a clearance rate of 60 percent reflects normal market conditions, with anything above this indicating strong selling conditions and high buyer demand.
Australia’s biggest agency network, Ray White, also reported a 74 percent clearance rate for the 387 auctions it conducted on Saturday. The company said the market was roaring back in 2024, with the number of buyers attending open inspections up by 24 percent since 1 January compared to the same period last year.
CoreLogic said the first major week of auctions had set a “cracking pace” for the market in terms of volume and sales success. Saturday was the second-biggest start to a new year’s auction season since CoreLogic began keeping records in 2008. A total of 1,671 homes went to auction across the capital cities. CoreLogic economist Kaytlin Ezzy said the clearance rates in Sydney and Melbourne represented “a sizeable step change” compared to the end of last year.
“Overall, it looks like auction markets are starting the year on a strong footing,” Ms Ezzy said. “Potentially, the news of low inflation and the possibility of early rate cuts is already boosting sentiment. The next few weeks should provide further guidance on whether this strong result is simply some early-year exuberance or a trend that can persist.”
Last week the Australian Bureau of Statistics revealed inflation fell to 4.1 percent in December, lower than the expected forecast of 4.5 percent, representing a two-year low. Prior to the figures being released, most economists were predicting that interest rates could start to fall by September this year.
The first interest rate decision by the Reserve Bank will be announced at 2.30pm today. Following on from changes signalled last year in the way the rate decision is announced, Governor Michele Bullock will conduct a press conference to explain the board’s decision and answer questions from journalists at 3.30pm.
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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