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The Block: Thousands turn out to tour finished houses

Photo: AAP

Melbourne’s embrace of the 13th season of The Block has drawn huge crowds to the inspections of the five Elsternwick house offerings.

The relocated and extended homes were open for the first time on Sunday with queues extending along Regent Street.

Nearby streets were closed to accomodate the enormous crowds, estimated to be in the thousands, with reports that some fans queued for hours to get a glimpse inside the properties.

Several stars of the reality TV show, including host Scott Cam and contestants Elyse Knowles and Josh Barker, greeted the crowd.

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The Block‘s Josh Barker and Elyse Knowles posed for photos with the crowd. Photo: AAP

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Scott Cam is seen with fans in house one. Photo: AAP

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Members of the public queued for hours to inspect the properties in Elsternwick, Melbourne. Photo: AAP

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Stickybeaks flooded into Josh Barker and Elyse Knowles’ house during Sunday’s open inspection. Photo: AAP

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Fans wander through house one at Regent Street. Photo: AAP

Meanwhile, Sydney rode the spring racing fervour, with strong buyer demand evident for the latest off the plan apartment offering at Randwick on Saturday.

The upcoming October 28 auctions have come with indicative sale prices between $2.4 million and $2.64 million, although market commentators have suggested previously the homes ought to fetch $3 million.

The first stage of the Newmarket Randwick project sold out – all 124 apartments mostly to owner-occupiers for a $175 million total.

Known as Newmarket Residences, the two eight-storey proposed buildings were designed by Bates Smart taking inspiration from the nearby heritage Newmarket House and the grand old stable buildings on the site.

Some of the buyers in the conversion of the former Inglis thoroughbred sales complex went on to The Everest race day.

During the four-hour sales session, a three-bedroom apartment sold at the top $2.8 million price. Prices for one-bedroom apartments started from $780,000, two-bedroom apartments from $1.2 million and three-bedroom apartments from $2.2 million.

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The Newmarket development will have 642 apartments and terraces on its 2020 completion. Photo: Cbus Property

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One three-bedroom apartment sold for $2.8 million. Photo: Cbus Property

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One-bedroom apartments started from $780,000. Photo: Cbus Property

The Cbus Property development will have 642 apartments and terraces on its 2020 completion after the five-hectare site was secured for a reported $250 million in 2015.

The site had accommodated up to 620 horses and included a 1000-person arena used regularly for major horse sales.

William Inglis & Son Ltd, the 150-year-old family business had secured the site for £50,000 in 1917, but sold after shifting to new headquarters near Warwick Farm Racecourse in south-west Sydney.

Meanwhile Sydney’s preliminary auction clearance rate was 69.5 per cent across 916 auctions, after last week saw the final 61.3 per cent clearance rate fall to the lowest level since late 2015.

“This is likely to revise lower over the next few days as more results are collected,” CoreLogic auction analyst Kevin Brogan said.

This time last year, Sydney auction volumes were similar, although the clearance rate was much stronger at 81.4 per cent.

Sydney’s coastal Bronte secured the top weekend sale across the nation with a pre-auction sale of a $6.43 million contemporary home.

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The Bronte property sold pre-auction for $6.43 million. Photo: Phillips Pantzer Donnelley

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The stunning view from the four-bedroom home. Photo: Phillips Pantzer Donnelley

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The four-bedroom home’s commanding vantage point and breathtaking views. Photo: Phillips Pantzer Donnelley

Architect Michael Folk captured the essence of beach house luxe, selling agent Alexander Phillips at Phillips Pantzer Donnelley said.

But Domain’s senior economist Dr Andrew Wilson decreed the boom-time results of recent years have now clearly ended.

“Although home prices are now falling, the underlying drivers of the Sydney housing market remain positive with strong migration, a robust local economy and an underlying chronic shortage of homes,” Dr Wilson said.

The national auction clearance rate held firm, buoyed by stronger results across the Melbourne and Canberra housing markets, according to CoreLogic.

There were 2497 auctions held across the combined capital cities, up from 2318 last week.

So far, 2007 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.6 per cent, increasing from last week when the final clearance rate slipped to 64.4 per cent, the lowest clearance rate since January 2016.

Over the corresponding week last year, auction volumes were similar, with 2443 properties taken to auction, while the clearance rate was stronger at 76.2 per cent.

Melbourne’s 74.8 per cent success rate was the nation’s strongest, followed closely by Canberra on 74.5 per cent.

Melbourne was host to 1208 auctions and with 1042 results sits above the prior weekend’s final clearance rate of 70.3 per cent.

At the same time last year, Melbourne’s clearance rate was 77.7 per cent across 1182 auctions.

Melbourne’s top sale was $6.37 million at Middle Park. The 307 Beaconsfield Pde offering was sold without heritage overlay through Greg Hocking Holdsworth agent Simon Gowling.

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The Middle Park property was Melbourne’s top-selling home at the weekend. Photo: Greg Hocking

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A private, elegantly landscaped courtyard leads to a triple car garage, with a versatile studio above. Photo: Greg Hocking

AFL GWS veteran Heath Shaw sold his former Kew East home for $1.655 million under the hammer, some $55,000 over the reserve, through Marshall White Boroondara.

The Herald Sun reported there were four bidders for the four-bedroom house at 27 Elm Grove which was his home while at the Magpies and kept it as an investment since moving north, most recently at $895 a week.

Marshall White quoted $1.4 million to $1.54 million for the home that sold for $780,000 in 2008.

Channel Nine newsreader Alicia Loxley secured a $1.2 million sale of her former Abbotsford home. It was on the market at $1.1 million with competition between two first home buyers.

It was bought with her husband Kane in 2009 for $604,500 after she returned from several years working in Perth.

The brick Victorian in Vere Street had price guidance between $1 million and $1.1 million.

With two sons, the couple have moved into a bigger house. It had been offered as a $600 a week rental.

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Alicia Loxley’s former Abbotsford home sold for $1.2 million. Photo: Biggin & Scott

Jonathan Chancellor is editor at large at Property Observer.

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