National Clearance Rate Revels In Face Of Restrictions
Despite lending restrictions announced by APRA, the auction market continues to perform.
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National auction markets produced further strong results on Saturday despite the introduction of loan restriction from the financial regulator, APRA.
It comes as national auction numbers soar at the weekend, following last weekend’s holiday in most states. Melbourne was also bolstered by a sharp revival in listings following the recent easing of local covid restrictions on property inspections.
A total of 1858 homes went under the hammer national compared to the 254 auctions reported the previous Saturday – well ahead of the 948 listed this time last year. Of the properties auctions at the weekend, the national clearance rate recorded 86.1% – similar to the previous weekend’s 86.5%.
Sydney market continues to surge relentlessly recording an astonishing clearance rate at 86.6% at the weekend, just bellowed the previous weekend’s 87.1%. It is the 10th consecutive weekend the NSW capital has recorded clearance rates above 80% and six straight weekends above 85%.
In line with national trends, Sydney saw a rise in home’s listed, up to 611 homes compared to Saturday’s 455.
Further, Sydney recorded a median price of $1,712,500 for houses sold at auction at the weekend which was lower than the $1,870,000 reported over the previous Saturday but 22.3% higher than the $1,400,000 recorded over the same weekend last year.
Melbourne’s recent easing of property restrictions has seen a boost to the local housing market.
A wave of 932 homes were listed for auction at the weekend – significantly more than the 571 reported over the previous weekend and well ahead of the 57 auctions over the same weekend last year.
The boost in numbers saw the clearance fall to 76.6% – well below the previous weekend’s 80.1%.
Further, the easing of restrictions saw the auction withdrawal rate down to 12.9%, well below the rates seen through September which were well into the 20%.
Melbourne recorded a median price of $1,060,000 for houses sold at auction at the weekend which was slightly lower than the $1,100,000 recorded over the previous weekend but significantly higher than the $746,500 recorded over the same weekend last year
There is no end in sight to current weekend auction market results, although APRA has announced lending restrictions, this may only act to fuel runaway activity, bringing forward buyer demand.
Data powered by Dr Andrew Wilson, My Housing Market.
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The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
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A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
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