The auction of a two-storey, three-bedroom Richmond townhouse – set inside Channel 9’s former Melbourne television studios – failed to draw more than a curious audience, with the offering passed in on a $1.85 million vendor bid.
But Melbourne regained its mantle as the hottest auction market, when some 72.5 per cent of the 520 reported auctions sold, followed by Adelaide at 68.9 per cent.
The Richmond offering comes with a $1.95 million asking price having been listed by the boss of First National Real Estate, Ray Ellis, who bought it for $1,725,000 in 2014.
Originally built in the 1900s by the Wertheim piano manufacturers, it went on to become the Heinz soup factory before General Television Corporation bought the site in 1955.
The Herald Sun reported former Hey Hey It’s Saturday star John Blackman was among the onlookers, having worked in the building.
The residential conversion of the former television studio lot was undertaken by Lend Lease as part of the $400 million housing village, dubbed Studio Nine. The offering sits directly under the Television City sign etched onto the front red brick facade on the tree-lined Bendigo Street.
Jellis Craig auctioneer Jonathon O’Donoghue placed two vendor bids before the property passed in at $1.85 million.
This week across the nation’s capital cities, auction volumes continued to increase with 1464 homes returning a preliminary clearance rate of 67.7 per cent.
It was up from the 62 per cent across 790 auctions last week, as listings grow after the summer break.
CoreLogic auction analyst Kevin Brogan noted over the same week last year 1591 auctions were held with a stronger 73.2 per cent clearance rate.
Sydney secured the nation’s top auction result, but it was a close contest.
There was a $3,028,000 apartment sale at Kirribilli which edged out a $3 million Abbotsford house sale in Sydney’s inner-west.
The three-bedroom 61/29 Carabella Street offering had been listed with $2.5 million expectations through Nigel Mikhi at McGrath.
The 14 Irene Street, Abbotsford offering was a three-bedroom single-storey home on 700 square metres. It last sold in 2003 at $1,052,000.
Sydney was host to 517 auctions this week and a preliminary clearance rate of 68.7 per cent was recorded, rising from 57.1 per cent last week across 216 auctions.
Melbourne’s top sale was on the peninsula when $2.45 million was paid at McCrae. The 3610 square metre corner lot set over three titles came with an updated three-bedroom, three-bathroom residence.
The 1-7 Burrell Street offering, 200 metres from the beach, was marketed by Hockingstuart for its development potential. It was listed for the first time in more than 30 years when the blocks fetched around $100,000 each.
The preliminary clearance rate in Brisbane was 53.8 per cent, up from 45.6 per cent last week.
An Ipswich offering at 38 Bassett Lane, Rosewood was the nation’s cheapest capital city result. The five-bedroom house on 1320 square metres sold for $200,000. It had traded at $315,000 in pre-GFC 2008.
Meanwhile, the Gold Coast secured a 65.4 per cent success rate of its 26 reported auctions.
In Adelaide, a 68.9 per cent preliminary result was recorded across 78 auctions. Last week, 98 Adelaide auctions returned a clearance rate of 70.2 per cent.
The top sale was $1,405,000 for a 1925s classic sandstone-fronted bungalow on 935 square metres at St Peters. The 16 Ninth Avenue home was marketed as ideal canvas for an ambitious renovator or home builder.
Perth’s clearance rate of 29 per cent across 31 auction results was lower than last week, when 30 auctions were held and a clearance rate of 47.4 per cent was recorded.
Over the same week last year Perth was 25 per cent, and 74 auctions were held.
Perth sales included a $452,000 result for a home at Marangaroo, described as a four-bedroom, two-bathroom plus study, quality-built Peter Stannard home that was a first home buyer’s dream.
Across Canberra, 73 homes were taken to auction. Preliminary results show a clearance rate of 67.7 per cent, up from 62.2 per cent the previous week.
Tasmania was host to 11 auctions this week and of the eight reported some five successful sales.
A three-bedroom South Burnie home was passed in on a $500,000 vendor bid. It had been transformed into a modern home since selling at $200,000 in 2015.
Jonathan Chancellor is editor at large at Property Observer.
