Auction Market Largely Unaffected By Rate Rise Announcement

The capital city weekend auction market reported more solid early spring results despite yet another rate increase announced last week by the RBA.

The national auction market reported a clearance rate of 63.8% at the weekend which was slightly lower than the 64.7% reported last weekend but still well below the 80.5% recorded over the same weekend last year

National auction numbers were higher at the weekend with 1611 listings compared to last weekend’s 1566 — and again, significantly higher than the same weekend last year’s 1150.

The Sydney weekend auction market recorded another solid spring clearance rate at the weekend of 67.2% — well above the 64.2% recorded the previous weekend but still significantly lower than the 85.2% over the same weekend last year.

Auction numbers were marginally down, compared to the previous weekend with 603 reported listed compared to 653 — yet significantly higher than the 511 auctioned over the same weekend last year.

Sydney recorded a median price of $1,612,500 for houses sold at auction at the weekend which was lower than the $1,764,000 recorded last weekend and 5.9% lower than the same weekend last year’s $1,714,000.

Melbourne reported another steady spring auction clearance rate at the weekend, despite a surge in listings.

Melbourne reported a clearance rate of 62.2% on Saturday — lower than the previous weekend’s 64.3% and also lower than the 79.3% recorded over the same weekend last year.

A total of 758 home were reported listed at the weekend — higher than the 683 reported over the previous weekend and higher than the 414 listed over the same weekend last year.

The Victorian capital recorded a median price of $1,040,000 for houses sold at auction at the weekend which was lower than the $1,077,000 reported last weekend and 2.7% lower than the $1,069,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.

Prince Albert House is a stately Federation manor showcasing just how Mosman’s grand architectural past can be expertly coupled with a contemporary renovation.

Surrounded by some of Mosman’s greatest estates, the regal residence once known as Candida underwent a rebranding and a significant renovation several years ago before it last changed hands in 2016 for $10 million.

Today’s vendors, publican Matthew Fallon and his partner Tamara Martin, have engaged Michael Coombs and Tia Naris of Atlas Lower North Shore to market the property with the auction guide sitting at $15.75 million.

Only the fourth owner in the property’s 117-year history, Fallon is one of three brothers behind The Buena in Mosman. Matthew, Luke, and Tim Fallon bought the Middle Head Rd watering hole Buena Vista Hotel in 2015 for more than $13m before renaming it.

Sitting on 1254sq m of estate-like grounds on Prince Albert St, one of Mosman’s most sought-after streets, this stately house is a blend of old-world charm meets modern luxury, coupled with enviable views of the iconic Harbour Bridge and water.

The period property’s transformation was initiated by the previous owner, recruitment boss Jeromine Alpe, who enlisted Giles Tribe Architects for the bulk of the renovations. Fallon and Martin added their own personal touches later on.

“This is a really beautiful house with lots of space. So many Federation homes have pokey rooms and a difficult layout but this one has been really opened up to be a historic home with a very modern floor plan,” said Coombs.

Inside, Prince Albert House has a host of charming historic detail paying homage to its Federation roots including high ornate ceilings, intricate leadlight windows, and grand marble fireplaces. The 21st Century additions like the Calacatta marble kitchen with custom butler’s pantry and seamless connections to the great outdoors are also perfectly suited to today’s must-have Sydney lifestyle.

The large layout features formal living and dining rooms with bay windows, casual family zones and big bedrooms with built-ins. In the primary bedroom suite, separated from the rest of the house on the first floor, there is a walk-through wardrobe to a deluxe bath ensuite as well as two balconies, a sitting area and an adjoining home office. Two more bedrooms also feature ensuites.

Resort style amenities of the Mosman property include a swimming pool surrounded by manicured gardens, sandstone feature walls, a gym with a sauna and ensuite, plus a large wine cellar.

Close to a long list of lifestyle locations, the house is near family-friendly harbour beaches, Taronga Zoo, Mosman’s shopping precinct, coveted schools and city ferries.

Prince Albert House at 13 Prince Albert St, Mosman is currently listed with Michael Coombs of Atlas and is scheduled to go to auction on November 2.

Auction Market Largely Unaffected By Rate Rise Announcement

The weekend saw a minor dip in the national clearance rate.