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TV house makes 86% profit at Sydney auction

TV house makes 86% profit at Sydney auction

A Bondi property made famous by a TV renovation show has sold at auction for almost double what it sold for just three years ago.

A Bondi property made famous by a TV renovation show has sold at auction for almost double what it sold for just three years ago. 

More than half of last week's 2,182 capital city auctions were held in Melbourne, which CoreLogic RP Data reports saw a preliminary clearance rate of 71.2%, down from 73.5% the previous week.

Sydney also saw another week of clearance rates above 70%, recording a preliminary rate of 72.6% from 647 scheduled auctions.

Sydney highlights

Sydney saw two of its strongest auction sales in the eastern suburbs, the city's top-performing sub-region last week with a preliminary clearance rate of more than 89%.

In Bondi, a wide-fronted Federation semi that was flipped on The Block All Stars in 2013 and sold for $1.375m fetched almost double this price at auction. The 3br property sold within six days of hitting the market.

In nearby Paddington, a local resident paid $515,000 above the reserve for a block of four single-bedroom apartments that fetched $2.615m. The older-style building sits on a 310 square metre block of land, and offers a potential rental return of $100,000pa, according to the selling agent.

Sydney's most expensive disclosed auction sale was in the CBD suburb of Millers Point, where an 8br Victorian mansion fetched $6.1m. The heritage property contains an "1820s-era gentleman's villa", which the agents claim is the only one of its type in the city.

In Hinchinbrook in Sydney's western suburbs, a 4br brick house sold for $440,000, the city's most affordable disclosed auction sale. Outer sub-regions continue to struggle with significantly lower clearance rate than inner-city areas, with only 46% of auctions successfully clearing in Sydney's south-west.

Australian Property Monitors (APM) reports Sydney's weekly auction median at $1,265,500. A 2br, 455sqm California bungalow in Earlwood in need of updating sold for this price.

Melbourne highlights

A suburb record was set for Sunshine in Melbourne's west when a 4br, 810sqm house sold for $1.03m. It was the first time the million-dollar mark was cracked in Sunshine, historically a working-class suburb.

In Toorak, a 5br residence sitting on 815sqm and featuring a swimming pool and spa fetched $6.37m, Melbourne's most expensive disclosed auction sale for the week.

At the other end of the price scale, the most affordable auction sale was in the airport suburb of Tullamarine – $277,500 for a 2br brick unit in a block of four.

The city's auction median was $800,000, according to APM. Three properties sold for this price: a 3br townhouse in Bentleigh East; a 2br art deco apartment in Windsor; and a 3br, 306sqm Rosanna house.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.