Strong auction results point to the return of buyer confidence

The weekend showed the highest preliminary property auction clearance rates since mid year 2023, new data shows.

The CoreLogic weekend market summary reports that the capital city clearance rate hit a high of 76.2 percent, the strongest result since the first week of June last year.

CoreLogic research director Tim Lawless said the results were a further rise since the previous week’s preliminary clearance rate at 73.9 percent, which was later revised down to 68.3 percent, and represented further evidence of solid rebounds in property prices.

He says the auction results may be a reflection of rising confidence amongst buyers in anticipation of an earlier than expected drop in interest rates.

“The newfound strength in auction markets is a radical turnaround from the December results last year, where the preliminary capital city clearance rate fell to the mid 60 percent range while final clearance rates dropped to the mid 50 percent level,” Mr Lawless said.

“The early part of the year can show some seasonality, however, with both the volume of auctions and the clearance rate coming in high over the past two weeks, it looks like the year has started with a much better fit between buyer and seller pricing expectations.”

Legend has it that opera icon Dame Nellie Melba performed in the minstrels’ gallery and current-day hitmaker Tones and I filmed a music video at Noorilim estate. The high profile property has even been the breeding ground for multiple Melbourne Cup winners including 1910 champion, Comedy King, who was laid to rest within the grounds.

In 1998, prominent art dealer and entrepreneur behind Menzies International, the late Rod Menzies and his wife Carolyn, bought Noorilim for $3.325 million and set about restoring the Italianate mansion to its former glory.

Today, the 65ha property in the heart of the Goulburn Valley is on the market for only the third time in the past 50 years via Sean Cussell of Christie’s International Real Estate with a price guide of $15m.

During the Menzies’ ownership, the glamorous country estate was a venue for weddings, concerts, and private events, welcoming a long list of international guests. Chart-topping artist Tones and I filmed the video for her song Bad Child at the estate, and the period property has played its part in numerous films and television series. Singer and actor Ted Hamilton, known for roles in Division 4, Homicide, The Love Boat, M*A*S*H and Hawaii Five-O, was also a regular performer at the address.

Given its stately grandeur, Noorilim was even a successful auction centre for fine art with works by Brett Whiteley, Sidney Nolan and Jeffrey Smart sold under the hammer at the property.

Built in 1879 by celebrated architect James Gall for parliamentarian William Winter-Irving, Noorilim is a prime example of post-Gold Rush prosperity in Victoria. At the time of its construction in the mid to late-1800s, Australia had been labelled one of the richest nations on earth and Melbourne’s monied elite were spilling out of the city looking to build country estates to rival those in Great Britain. The nouveau riche began commissioning lavish ornamental houses shadowing the Gothic, Italianate and Queen Anne designs of Europe.

Noorilim’s facade is a striking example of this “boom style” architecture featuring an asymmetrical tower, ornate balustrades and grand arched loggias that frame sweeping views of the estate’s manicured grounds.

Inside, the vast 1022sq m residence has 5m ceilings and lavish period features, including 15 fireplaces, seven staircases, and intricate Corinthian columns.

At the heart of the mansion its grand hall has Minton tiles imported from England and laid by Italian artisans who were shipped out specifically for the job. There is a turret lookout, a billiard room, 10 bedrooms, four bathrooms, an office and grand formal rooms such as a lounge, library and dining room all with expansive windows showcasing views of the gardens and vineyard.

Noorilim’s name is derived from the Indigenous Yorta Yorta language and means “place of many reeds” reflecting the estate’s connection to its natural surroundings. Complementing Gall’s vision, renowned landscape designer William Guilfoyle — who worked on Melbourne’s Royal Botanic Gardens — crafted Noorilim’s standout gardens.

The grounds are home to echidnas, kangaroos and koalas, more than 300 mature trees including ancient Moreton Bay figs, a rose garden with a central fountain, an ornamental lake, a boathouse, and even a private beach on the banks of Goulburn River. There is also an extensive wine cellar, numerous outbuildings and barns, as well as a heritage-listed water tower. The working vineyard produces Chardonnay, Shiraz, Cabernet, and Merlot grape varieties.

Noorilim, near Nagambie, is 150kms north east of Melbourne at 205 Wahring Murchison East Rd, Wahring. The property is listed with Sean Cussell from Christie’s International Real

Strong auction results point to the return of buyer confidence

Buyers and sellers are ‘a much better fit’ in terms of pricing expectations, leading property data expert says

An architectural jewel of Victoria’s Goulburn Valley, the Noorilim Estate stands as one of Australia’s most extraordinary Italianate mansions.