Auction Rates Slowed By Sydney Lockdown
However a number of records continued to tumble.
2 min
Impacted by COVID restrictions in Sydney, school holidays and the onset of winter, national auction numbers were lower over the weekend.
However, despite the aforementioned hurdles, it was a record day for July with 1825 homes auctioned, nearly double the 940 listed over the same weekend last year.
The national market reported another strong clearance rate at 79.8%, which, although lower than the previous weekend’s 82.5% is significantly higher than the 66.1% reported over the same weekend last year.
All capitals reported declines in clearance rates, when compared to the previous Saturday, with the exception of Adelaide that was 0.7% higher.
COVID related withdrawals dragged the Sydney market to a year low with the NSW capital recording a clearance rate of 76.9% on Saturday – well below the previous weekend’s 83.0% and just ahead of the 75.4% recorded over the same weekend last year.
A significant 17.5% of listed auctions were reported as withdrawn on Saturday.
Sydney reported a July record 792 auctions on Saturday was significantly lower than the previous weekend’s 958 but well above the 470 recorded over the same weekend last year.
Further, Sydney recorded a median price of $1,500,000 for houses sold at auction at the weekend – marginally lower than the $1,550,000 reported over the previous Saturday but 11.9% higher than the $1,341,000 recorded over the same weekend last year.
Melbourne performed strongly, despite easing clearance rates.
A total of 853 homes were listed to go under the hammer on Saturday, well below last weekend’s pre-holiday 1320 auctions, however still a record number for a July Saturday.
Melbourne recorded a clearance rate of 76.9% – lower than the previous weekends 79.0% but higher than the 63.2% recorded over the same weekend last year.
The Victorian capital saw a median price of $1,092,000 for houses sold at auction at the weekend – higher than the $1,000,000 recorded over the previous weekend and 32.8% higher than the $822,000 of the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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$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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