Winter Auction Markets End Positively
Engaged sellers drive auction markets.
2 min
The winter weekend auction market has ended on a largely positive note.
A total of 2202 auctions were reported listed nationally at the weekend – higher than the previous weekend’s 1943 and significantly higher than the 737 auctions over the same weekend last year.
The weekend increase in auctions reflected rises in Melbourne (1427), Adelaide (114) and Sydney (488) – however, Brisbane (88) and Canberra (85) were slightly lower.
Despite a rise in listings nationally, the clearance rate decreases sharply – down to 76.2% from 80.7% – the lowest for the year so far.
High withdrawals in Melbourne dragged the national clearance rate down sharply this weekend – while other capitals continued to produce robust results.
In Sydney, the weekend auction market produced strong buyer activity with a clearance rate of 83.35% lower than the previous weekend’s 86.3% and again well ahead of the 70.8% recorded over the same weekend last year.
Of note, Sydney recorded an 80% clearance rate for each weekend of August – a strong showing for a city in the depths of lockdown.
However, the high clearance rates reflect the shortfall of listings mentioned above.
Sydney recorded a median price of $1,757,00 for houses sold at auction at the weekend – lower than the $1,878,000 reported over the previous Saturday but 34.1% higher than the $1,310,000 recorded over the same weekend last year.
While Melbourne listed an impressive number of auctions, a high level of withdrawals impacted the performance of the market.
Just 48.1% of listed auctions cleared on Saturday – well below the previous weekend’s 64.9% – and the lowest since last year’s winter and spring lockdown impacted results.
Melbourne recorded a median price of $1,000,000 for houses sold at auction at the weekend – lower than the $1,018,000 recorded over the previous weekend but 10.3% higher than the $906,500 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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$30 Million Nashville-Area Estate Quietly Looks for a Buyer.
2 min
A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.
Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.
The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.
Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.
The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.
In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.
Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.
The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.
The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.
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