Auction Rates Slowed By Sydney Lockdown
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Auction Rates Slowed By Sydney Lockdown

However a number of records continued to tumble.

By Kanebridge News
Mon, Jul 5, 2021 10:12amGrey Clock 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A significant 17.5% of listed auctions were reported as withdrawn on Saturday.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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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

By TALI ARBEL
Sun, May 26, 2024 2 min

A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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