Sydney And Melbourne Auction Results Slide
However the national auction clearance rate held firm.
2 min
A further rise in listings impacted the auction market at the weekend with results becoming mixed across the country’s capital city markets.
The usual end of year rush to market has been exacerbated by the release of covid restrictions with many sellers compensating for the lost opportunities of recent months.
National auction numbers were reported at 2463 – up from the previous Saturday’s 2424 and well ahead of the 1439 auctioned over the same weekend last year.
While the major markets of Sydney and Melbourne were down, registering clearance rates of 76.1% and 76.5% respectfully, the national clearance rate rose yet again at 83.8% — higher than the previous weekend’s 81.9%.
Brisbane is now the nation’s leading home auction capital with 153 auctions across the weekend and a clearance rate of 89.5% — nearly 15% up on the previous weekend.
Sydney’s clearance rate suffered from the influx of listings with 994 homes auctioned – the highest November Saturday total for 6-years and well above the previous weekend’s 887.
The surge saw the clearance rate fall nearly 5% from the previous weekend – remarkably below the 78.5% recorded over the same weekend last year.
Sydney recorded a median price of $1,777,500 for houses sold at auction at the weekend which was well below the $1,900,000 reported over the previous Saturday but 17.7% higher than the $1,510,000 recorded over the same weekend last year.
The Melbourne market fared similarly with the clearance rate down 4% from the previous weekend – its lowest clearance rate for six weekends.
In total 1095 homes were listed for auction at the weekend – lower than the 1193 the previous weekend but still up above the 480 auctioned over the same weekend last year.
Melbourne recorded a median price of $1,065,000 for houses sold at auction at the weekend which was lower than the $1,145,000 recorded over the previous weekend but 11.5% higher than the $955,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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The actress and her husband, comedy writer Dave McCary, spent more than three years restoring the house, which is one of the priciest properties for sale in the Texas city.
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In 2021, actress Emma Stone purchased a historic estate in Austin, Texas, with a plan to move her family there. Four years later, she has instead decided to put the property on the market.
The actress and her husband, comedy writer Dave McCary, are asking $26.5 million for the newly renovated estate, according to Eric Moreland of Moreland Properties/Forbes Global Properties, one of the listing agents. The 1.25-acre property, located in the upscale Tarrytown neighbourhood, will be among the most expensive on the market in Austin.
Stone and McCary have spent more than three years renovating and restoring the Texas property, Moreland said.
A spokesperson for Stone didn’t respond to requests for comment. Moreland said the couple’s New York business interests have expanded since they started the remodel, and while they hope to live in Austin eventually, it doesn’t make sense for now.
The couple, who are co-founders of the production company Fruit Tree, own a roughly $12 million apartment in lower Manhattan, according to property records. Stone is slated to star in the upcoming contemporary Western film “Eddington.”
It’s unclear what Stone and McCary paid for the Austin property, since Texas is a nondisclosure state . The Georgian-style brick house dates to around 1940, making it one of the oldest estates in the area.
The roughly 10,000-square-foot estate includes a main house with four bedrooms and a two-bedroom guesthouse. The property also has a pool, a hot tub, and a garage with a screening room and entertaining space above.
As part of the renovation, the couple removed, cleaned and reused all the exterior brick. They also reconfigured some of the living spaces, opening the kitchen to the living room for a more modern layout. It took more than a year just to install the millwork in the screening room, said Moreland.
The contractors are now putting the finishing touches on the property, he said.
The “La La Land” actress has a track record of buying and selling her homes for significantly more than she paid. In 2022, she sold her blufftop Malibu, Calif., home for $4.425 million after buying it for $3.25 million in 2018, according to property records.
Last year, she sold her home in L.A.’s Comstock Hills neighbourhood for $4.3 million, significantly more than the $2.3 million she paid in 2019.
Austin saw an influx of new residents during COVID, but many of those are now returning to the East and West coasts, particularly workers in the tech sector.
While the market “has come down to earth a little bit” since the pandemic-era boom, Moreland said, he has seen a number of $20 million-plus deals over the past few months.
Moreland has the listing with colleague Diane Humphreys.
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