Winter Chill Freezes Auction Markets
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Winter Chill Freezes Auction Markets

The national clearance rate is being propped up by the smaller capital cities.

By Terry Christodoulou
Mon, Jun 6, 2022 10:13amGrey Clock 2 min

Capital city auction clearance rates were generally, and sharply, lower than the previous weekend with the winter selling season arriving early this year in the major markets of Melbourne and Sydney.

The national auction market lifted to 69.4% from the previous weekend’s 67.3% thanks to strong performances in Brisbane (80.9%) and Adelaide (79.7%). The national figure is still well below the clearance rate reported for the same weekend last year of 80.7%.

National auction numbers also tumbled from last weekend, with 2220 homes listed compared to 2707 — well below the same weekend last year’s 2697.

Sydney’s market fell sharply at the weekend to reach a two-year low recording a clearance rate of just 60.3% at the weekend — well below the 66.9% recorded last weekend and the 80.7% recorded over the same weekend last year.

A total of 801 Sydney homes were listed for auction at the weekend — well below the 1013 of the previous weekend and lower than the same week last year’s efforts of 1048.

Sydney recorded a median price of $1,550,000 for houses sold at auction at the weekend which was well below the $1,720,000 recorded last weekend and 3.4% lower than the same weekend last year’s $1,605,000.

Melbourne saw similar results, with clearance rates sharply lower, equalling the year-to-date low of 63.8% seen on the election day weekend. The figure is lower than the previous weekend’s 68.1% and well below the 72.2% recorded over the same weekend last year.

Only 1095 homes were listed at the weekend in the Victorian capital — lower than the 1320 reported over the previous weekend and the 1369 listed over the same weekend last year.d

Melbourne recorded a median price of $1,117,000 for houses sold at auction at the weekend which was lower than the $1,150,000 reported last weekend but still 6.8% higher than the $1,046,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.

 



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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