Sydney Records Another Year-Low Clearance Rate
The auction market is trading well below last year’s figures.
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The national home auction market enjoyed a weekend free from weather events and holiday distractions, posting a lift in clearance rates and auction numbers.
Across the country, the market saw 2475 listings, up on the previous weekend’s 1574 and well ahead of the 2190 reported over the same Saturday last year.
Further, the national clearance rate lifted to 75.1% at the weekend — higher than the previous weekend’s 73.8% but significantly down on the 87.4% recorded over the same weekend last year.
Out of all the capital cities, Adelaide was the only market to break 80%, posting an impressive 89.8% clearance rate from 111 auctions.
Sydney’s market was lower again with an elevated number of withdrawals posted.
The NSW capital recorded a year-low clearance rate of 69.6% at the weekend – similar to the 69.8% reported last weekend but well below the record high 92.4% reported over the same weekend last year.
Sydney reported 866 homes listed for auction. However, this figure is down on the previous weekend’s 884, yet higher than the 856 auction over the same weekend last year.
Sydney recorded a median price of $1,757,000 for houses sold at auction at the weekend — higher than the $1,605,500 reported over the previous weekend and 9.1% higher than the $1,610,500 recorded over the same weekend last year.
Melbourne’s market saw a predictable surge in auction listings following the holiday weekend, up to 1390 homes listed for auction from the previous weekend’s 423.
The Victorian capital recorded a steady clearance rate of 69.9% on Saturday which was slightly lower than last weekend’s 70.3% and remained well below the 82.1% recorded over the corresponding weekend last year.
Melbourne recorded a median price of $1,115,000 for houses sold at auction at the weekend which was significantly higher than last weekend’s $1,008,000 and 13.8% higher than the $980,000 recorded over the same weekend last year.
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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