Auction Markets Tumble Following Rate Rise
With auction numbers low across the country.
With auction numbers low across the country.
Following the RBA’s decision to raise official interest rates by 0.25% last week, the capital city auction clearance rates were mostly sharply lower at the weekend.
The national auction market reported a clearance rate of 71.3% — down on last weekend’s 73.1% and well below the 83.1% recorded over the same weekend last year. It was also the lowest national clearance rate reported for the year so far.
National auction numbers also fell sharply with just 1667 homes listed nationally across the weekend compared to the previous weekend’s 2231 and well short of the 2563 reported over the same weekend last year.
Sydney’s auction clearance rates were steady, with listings falling sharply, reporting just 577 homes for auction over the weekend — well below the 822 auctioned over last weekend and well below 2021’s corresponding weekend total of 1014 listings.
It saw the NSW capital post a clearance rate of 64.6% at the weekend — similar to the 64.5% recorded last weekend but lower than the 83.5% recorded over the same weekend last year.
Sydney recorded a median price of $1,630,000 for houses sold at auction at the weekend which was lower than the $1,765,500 recorded last weekend and now 1.2% lower than the same weekend last year’s $1,650,000.
Melbourne’s market suffered more greatly, with a year-to-date low of 66.4% clearance rate – falling from 71.8% recorded the year prior and significantly lower than the 80.7% of last year’s corresponding weekend.
The Victorian capital saw just 767 homes reported listed at the weekend — well below the 1116 reported over the previous weekend.
Melbourne recorded a median price of $1,075,000 for houses sold at auction at the weekend which was higher than the $1,051,000 reported last weekend and also 2.4% higher than the $1,050,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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The 390-acre property has 2 miles of frontage on the Rogue River
Former “Dallas” star Patrick Duffy is putting his roughly 390-acre Oregon ranch on the market for $14 million.
The property sits along the Rogue River outside the city of Medford in southern Oregon, according to Alan DeVries of Sotheby’s International Realty, who has the listing with colleague Matt Cook.
Mr. Duffy said he bought the first roughly 130 acres of the property in 1990 for roughly $1.5 million with his late wife, Carlyn Rosser. The couple spent roughly two decades and about $3 million buying surrounding properties when they went up for sale, said the actor, who has made the ranch his primary home since the early 2000s.
“My family always felt like we were stewards as opposed to owners,” said Mr. Duffy, 73. “We kept the boundaries sacred.”
Mr. Duffy said he first saw the property while fishing with a friend. The property contained a few structures, including what is now the main house, but was mostly wilderness, he said.
“It was pristine,” he said. “There was no paved road. There were some trails through the woods and about a mile—a little less than a mile—of river frontage.”
Mr. Duffy said he flew Ms. Rosser out to see the ranch, and they bought it. The main house has four bedrooms, and connects to a gallery where the couple displayed their art collection. They converted a caretaker’s cottage into a one-bedroom guesthouse with a loft. They also added a building that contains a hot tub overlooking the river, a structure for an indoor lap pool, and a wine cellar built into the side of a mountain, all within walking distance of each other.
As they purchased adjacent properties over the years, they acquired eight more houses and several pastures that are rented out to local ranchers. One of the homes was demolished, six are rented to tenants, and one is used as the ranch manager’s house, according to Mr. Duffy.
“We became a working ranch but not with our own animals,” he said. “It added the most beautiful, bucolic sense of the place.”
A homestead that dates back over 100 years still sits at the entrance to the property, he said. In it he found an old stove, which he restored and put in the main house. But the majority of the roughly 390 acres remains wilderness. The property now has approximately 2 miles of river frontage, according to Mr. DeVries.
For roughly a decade, Mr. Duffy and Ms. Rosser used the ranch as a family getaway from their primary home in Los Angeles. Then in the early 2000s, when their children went off to college, they decided to move there full time.
Ms. Rosser died in 2017, and Mr. Duffy said he plans to move full-time to either California or Colorado. He will keep a few parcels of land that aren’t attached to the main ranch, according to Mr. DeVries.
Mr. Duffy is well-known for his role as Bobby Ewing in the TV drama “Dallas,” which ran from 1978 to 1991. He also played Frank Lambert on the 1990s sitcom “Step By Step.” Today he runs an online sourdough business, called Duffy’s Dough, with his partner, Linda Purl.