National Clearance Rates Lift Despite Melbourne Lockdown

The past five weekends have seen unprecedented auction numbers flood the market.

With the influx of listings seeing major capitals Sydney and Melbourne trending downwards, national listing numbers rebounded on Saturday, May 29, with the national average on Saturday increasing to 82.2% – marginally higher than the previous Saturday’s 82.0%.

This comes as 2505 auction reported – higher than the previous weekend’s 2333 and just below the May monthly record of 2563 set on May 8.

Of note, lockdown measures in Melbourne hardly impacted the market with the city reporting a clearance rate of 76.5%, just below the 76.9% recorded the previous weekend. Despite being the lowest result for the year so far, the figures remain impressive when considering the restrictions imposed.

Reporting 1272 auctions on Saturday, well ahead of the 1117 conducted the previous weekend, Melbourne’s median price for houses sold at auction on the weekend was $987,500 – just below the $995,500 recorded over the previous weekend.

Sydney was at the heart of the strong national figures with a clearance rate of 82.2% clearance rate – higher than the 81.5% recorded the previous weekend and the first lift in rates in five consecutive weekends.

A total of 981 Sydney auctions were reported on Saturday, higher than the previous weekend’s 949. This brings Harbour City’s total to a record-breaking 4868 weekend auctions over May, with each Saturday registering over 900 listings.

Sydney recorded a median price of $1,605,000 for houses sold at auction at the weekend, just below the $1,620,000 reported over the previous Saturday but 27.9% higher than the $1,255,000 recorded over the same weekend last year.

Data powered by Dr. Andrew Wilson of My Housing Market.

An imposing Scottish castle that has only had four owners in its more than 200-year existence has hit the market asking for offers above £8 million (US$10.45 million).

Seton Hall, as it’s known, was built in 1789 by architect Robert Adam using stone from Seton Palace, the since-demolished property that was considered to be Mary Queen of Scots’s preferred retreat, according to Savills, which brought the home to the market last month.

“Seton is an absolutely magical castle—from the moment you approach, to the inner courtyard, to the quality of interior design,” said listing agent Jessica Gwyn.

The castle—roughly 10 miles from Edinburgh—remained in the same family from the late 18th century until 2003, which “served to freeze Seton in a protective time warp,” according to the listing.

Castellated features such as slit windows and turrets can be seen from the outside, and inside “secret staircases, curved doors, curved walls, arched windows and hidden doors add to the charming sophistication of the architecture and design,” the listing said.

But the castle has since been refurbished to meet modern standards, and now also boasts a helipad, a full security system, a gym, a playroom, a silk-lined dining room and a billiards room.

The restoration project saw a team of expert stonemasons rebuild the castle’s many chimneys, turrets and rooftop parapets. Plus, ironwork was restored, the dumbwaiter reinstated and the 10,000-bottle wine cellar was brought back to life, Savills said.

Alongside the seven-bedroom home that forms the core of the castle, there are additional residences across the property, including Darnley Cottage and Bothwell Cottage—named after Mary Queen of Scots’s husbands.

The castle’s stables have been refurbished, too, and are adjacent to the “Stable Bar,” the castle’s private pub.

The owner—who Mansion Global couldn’t identify—“feels their time as custodian of this outstanding building has come to a natural conclusion and it is time for this historic home to be loved and cared for by someone else,” Gwyn said.

This article first appeared on Mansion Global

National Clearance Rates Lift Despite Melbourne Lockdown

The record-breaking May home auction market concluded strongly.