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What does $10m buy at a Sydney house auction?

What does $10m buy at a Sydney house auction?

Clearance rates were relatively low, but a rare, absolute waterfront offering on Sydney Harbour sold at auction over the weekend for more than $10m, highlighting the resilience of the market's top end.

The four-bedroom Kirribilli residence, a 765 square metre 1930s era deceased estate, sold under the hammer for $10.22m – $620,000 above the reserve price.

The house had been owned by the same family for more than 35 years.

It was the first time in almost a decade a property along Kirribilli's prized Elamang Avenue was offered for sale.

But despite this and other strong individual auction sales, Sydney’s preliminary auction clearance rate fell below 70% for the fourth consecutive week, hitting 67.4% from more than 500 auctions held according to CoreLogic RP Data.

Melbourne fared a little better, with CoreLogic reporting a preliminary clearance rate of 73.2% from close to 700 reported auctions.

Other Sydney highlights

The Kirribilli sale was Sydney’s most expensive disclosed auction sale price for the week and one of the highest so far this year.

Another strong auction sale was seen in Oatley in Sydney’s south, where a 3br, 505sqm Federation home fetched $305,000 above reserve to sell for $1.705m.

Sydney’s most affordable disclosed auction sale was a modern 3br Blacktown villa that went for $470,000.

Australian Property Monitors (APM) reports Sydney’s weekly auction median at $1.21m. An unrenovated 3br, 316sqm freestanding house in Marrickville sold for this price, slightly less than the suburb’s $1.23m house price median.

Melbourne highlights

In the bayside suburb of Hampton, a 3br weatherboard house marketed for its 767sqm of land sold for $1.63m, after bidding opened at $1.2m and was pushed up by six bidders.

Melbourne’s most expensive disclosed auction sale was an 1870s era, 4br two-storey Victorian terrace in East Melbourne in need of updating that fetched $2.32m.

At the other end of the scale, the most affordable sale was in Carnegie, where a 1br brick unit with parking sold for $265,000 – half the south-eastern suburb’s unit median.

Melbourne’s auction median for the week was $680,000, according to APM. Several properties sold for this price, including a 3br unit in Altona and a 2br, 361sqm freestanding Strathmore brick 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.