Winter Chill Freezes Auction Markets
The national clearance rate is being propped up by the smaller capital cities.
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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$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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