Auction Markets Strain Under Lockdown
High numbers of withdrawals saw the clearance rate dip at the weekend.
2 min
While Auction numbers remain high – with 1944 listings reported on Saturday, July 24 – the national clearance rate suffered due to COVID-related lockdowns falling to 77.3% when compared to the previous weekend’s 80.5%, the lowest results of the year.
Clearance rates were lower in all capitals on Saturday – with Sydney and Melbourne experiencing a high volume of withdrawals – with the exception of Canberra.
In Sydney, auction numbers were sharply low – due to the COVID lockdown.
A total of 566 homes were reported as auctioned on Saturday which was well below the 872 July record set last weekend – the lowest reported on a non-holiday weekend since February 13 this year.
The clearance rate was also lower, falling to a year low 75.1% compared to the previous weekend’s 78.0%. However, it remained higher than the 70.4% recorded over the same weekend last year.
A total of 24% of reported auctions were withdrawn.
The NSW capital recorded a median price of $1,532,500 for houses sold at auction at the weekend which was lower than the $1,603,000 reported over the previous Saturday but 17.7% higher than the $1,302,500 recorded over the same weekend last year.
In turn, Melbourne’s auction market held the line on Saturday, producing relatively strong results.
The Victorian capital recorded a robust 73.0% clearance rate at the weekend – close to the previous weekend’s 73.2% but well ahead of the 47.7% recorded over the same weekend last year.
The clearance rate was again impacted by 30.6% of auctions withdrawn.
A total of 1120 homes were listed to go under the hammer on Saturday, ahead of last weekend’s previous record 1061 auctions and significantly higher than the 527 auctions over the same weekend last year.
Melbourne recorded a median price of $938,000 for houses sold at auction at the weekend which was lower than the $992,500 recorded over the previous weekend but 9.4% higher than the $857,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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Early indications from several big regional real-estate boards suggest March was overall another down month.
$30 Million Nashville-Area Estate Quietly Looks for a Buyer.
2 min
A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.
Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.
The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.
Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.
The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.
In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.
Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.
The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.
The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.
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Early indications from several big regional real-estate boards suggest March was overall another down month.
