Russell Island mortgagee sale ranked as cheapest weekend auction sale

Russell Island mortgagee sale ranked as cheapest weekend auction sale
Russell Island mortgagee sale ranked as cheapest weekend auction sale

There were big losers and big winners at weekend auctions as the volume picked up after the Easter break.

Listings are still lower than a normal autumn given the virtual long weekend, lingering school holidays and encroaching Federal election nervousness.

The markets remain weak with volumes well down from a year ago, Shane Oliver, the AMP Capital chief economist noted.

Queensland mortgagees accepted $120,000 in the nation's cheapest weekend auction sale.

It was on Russell Island, off the Queensland coast in Redland City near North Stradbroke Island, where a two bedroom 2007-built house (to) was sold for the bargain price.

The $120,000 sale price was lower than its prior two sales, according to CoreLogic.

It fetched $159,000 in May last year, and $180,000 in 2009.

The island's median house price sits at $199,000, having peaked at $233,000 in 2010, and dipping to $170,000 in 2015.

The 2007-built home also went under contract late last year when there was a $155,000 asking price, but the sale did not proceed.

LJ Hooker Bay Islands secured the sale of vacated 74 Falconhurst Road offering on the biggest of the Southern Moreton Bay islands.

There have been 30 sales on Russell Island this year, ranging from $475,000 for a waterfront house which had been on and off the market for six years to $24,500 for a vacant block of land, at half its prior sale price.

Melbourne's priciest sale, a $3 million Blackburn development site which was snapped up pre-auction, also reflected a price drop result.

The 61-63 Whitehorse Rd, Blackburn offering (below) came with approved plans for 12 residences on the 1470sqm residential growth zone development site.

Russell Island mortgagee sale ranked as cheapest weekend auction sale

But the large weatherboard house with another residence last sold at $3.64 million in 2016, according to CoreLogic.

The top house sale was $1.85 million in Caroline Springs, 25 km west of Melbourne's Central Business District, within the City of Melton. 

The 15 Lauriston Quay offering had price guidance of $1.1 million to $1.2 million through First National.

The luxury 2005-built home, on a 976 sqm block directly opposite the lake in the prestigious The Bridges Estate boasts six bedrooms, three of which are grand masters. 

It last sold in 2013 at $937,000, the first time it sold as a home with 650 sqm of floor space.

One on Brighton’s iconic bathing boxes failed to sell at weekend auction when offered by a family that had owned the box for three generations..

Bathing Box 34, just off The Esplanade (below) was passed in on a $280,000 vendor bid.

Russell Island mortgagee sale ranked as cheapest weekend auction sale

It now has a $310,000 asking price for the box which has a sea life mural on the front.

Hocking Stuart agent Rowan Thompson told the Herald Sun his two potential buyers hadn’t shown at the auction. 

The last bathing box sale, No. 89, sold for more than $330,000 a few weeks ago.

Across Australia’s two largest cities, there were 497 Melbourne homes taken to auction, increasing on the 50 homes auctioned last week, however the clearance rate dropped to 55.7 per cent, after last week’s 63.2 per cent final clearance rate.

Russell Island mortgagee sale ranked as cheapest weekend auction sale

In Sydney, 329 auctions were held returning a 57.1 per cent preliminary clearance rate, improving on the 46.3 per cent final auction clearance rate last week when a lower 221 auctions were held across the city.

It was the weekend's strongest auction market, a position it has held since mid February when Adelaide ranked as the strongest auction market.

A newly built French Provincial style home in Strathfield (below) was Sydney's top result in a pre-auction sale.

Russell Island mortgagee sale ranked as cheapest weekend auction sale

Set on a 731sqm block the five bedroom full brick/concrete home with formal lounge room plus a dedicated home cinema room fetched $3.5 million.

There had been a buyers guide of $3.3 million from its selling agent David Pisano for 9 Hedges Avenue.

Neighbouring the golf course, the 730 sqm block was bought in 2017 at $2.055 million. 

The second highest residential sale in Sydney was 33 Boomerang Street, Turramurra which sold for $2,575,000 through Chadwick Real Estate.

Designed by architect Lazlo Ernst, the four bedroom two storey 1970-built, Eagleholme sits on a 942 sqm block.

It last sold in 2002 at $1.35 million.

The national preliminary clearance rate rose across the capital cities accompanied by a slightly higher volume of auctions.

Around 1,019 homes were taken to market returning a 54.6 per cent success rate, according to CoreLogic.

The higher activity this week comes off the back of the Easter slowdown which saw only 394 auctions held across the capitals and a 43.9 per cent final auction clearance rate, which was the second lowest clearance rate over the year to date.

All of the capital city auction markets saw an increase in auction activity with the exception of Canberra.

The performance however was varied, with Adelaide recording the highest success rate of 54 percent, while only 20 percent of auctions cleared in Perth.

Canberra had a 43 percent success rate with the top notified sale coming in Curtin at $1.2 million.

The recently renovated four bedroom at 20 Willcock Place had last sold in 2011 at $880,000. Declined on the market at $1.17 million, it sold through Mario Sanfrancesco at Peter Blackshaw Real Estate with three bidders, Domain reported.

Thee were only 18 auctions scheduled in the nation’s capital.

CoreLogic calculate around 56 percent of houses sold at capital city auctions this week, which was higher than units which returned a 49 percent clearance rate.



Most expensive

Sydney 9 Hedges Av, Strathfield NSW 2135, 5 br House, LJH Strathfield $3,500,000
Melbourne 61-63 Whitehorse Rd, Blackburn VIC 3130, 6 br House, RW Forest Hill $3,000,000
Adelaide 18 Frome Cr, Mawson Lakes SA 5095, 4 br House, C21 Golden Estates Mawson Lakes $901,000
Brisbane 23 Wren St, Ascot QLD 4007, 5 br House, RW Albion $1,715,000
Canberra 20 Willcock Pl, Curtin ACT 2605, 4 br House, Peter Blackshaw Real Estate Manuka $1,200,000

Most affordable

Sydney 10 Kobada Av, Buff Point NSW 2262, 2 br House, LJH Toukley $310,000
Melbourne 14/2A Bates St, Malvern East VIC 3145, 1 br Unit, Ray White Carnegie $272,000
Adelaide 52 Swan Tce, Ethelton SA 5015, 4 br House, Ouwens Casserly $570,000
Brisbane 74 Falconhurst Rd, Russell Island QLD 4184, 2 br House, LJH Bay Islands $120,000
Canberra 95 Fullagar Cr, Higgins ACT 2615, 3 br House, LJH Kippax $510,000


Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Clearance Rate Weekend Auctions

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