Greetings from Scoutable and welcome to our September Wrap Up.
I hope you and your loved ones are well.
Spring time is usually when many vendors decide to sell, preferring the warmer weather and blooming gardens to showcase their properties. Following this trend, last weekend Sydney reported 815 auctions, the highest volume of auctions since April, although down from this time last year, where Sydney reported 950 properties for auction. The preliminary clearance rate last weekend was 75%.
In contrast, Melbourne, which is still under heavy COVID-19 restrictions, reported only 60 auctions over the weekend with a preliminary clearance rate of 29%. The number of properties scheduled for auction is up from the previous weeks in September, however, of the 49 results collected so far, 31 were withdrawn from the market. The high withdrawal rate suggests vendors are reluctant to test the market through the lockdown period.
Across the smaller capital city markets, Canberra recorded a preliminary clearance rate of 85% out of 64 auctions, the highest of the smaller cities. Adelaide followed with 77% of the 71 homes selling at auction over the week and Brisbane recorded 85 auctions, with a preliminary clearance rate of 50%.
The results are encouraging, as buyer confidence is returning to most capital cities. Melbourne, however, is reminding of how precarious the current property market conditions are, and how tethered it is to any outbreaks of COVID-19.
If you would like to discuss the current market conditions in more detail or are looking to buy property in Australia, please get in touch to learn about Scoutable's services and how we can assist with your property search.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
RESTRICTIONS ON MELBOURNE PROPERTY INDUSTRY EASED, PRIVATE INSPECTIONS PERMITTED
https://www.domain.com.au/news/restrictions-on-melbourne-property-industry-eased-private-inspections-permitted-990919/
HOUSE PRICES TO BOUNCE BACK IN 2021 AFTER MODEST FALLS DURING CORONAVIRUS PANDEMIC, CBA PREDICTS
https://www.abc.net.au/news/2020-09-09/house-prices-to-bounce-back-after-modest-fall-cba/12645780
TELSTRA TO SELL SYDNEY PITT STREET TELEPHONE EXCHANGE WITH LEASEBACK OPTION
https://www.news.com.au/finance/real-estate/sydney-nsw/telstra-to-sell-sydney-pitt-street-telephone-exchange-with-leaseback-option/news-story/ee32e2ef774f9faab92b2f037ba1ea19
PROPERTY OF THE MONTH
1 Campbell Lane, Balmain
1 Campbell Lane has only had three owners since it was built in the 1880s. The property was built by Charles Yeend, the son of prominent inn keeper, James Yeend. Mr Yeend paid £30 for the land in 1886. In 1930 the property sold to Mort’s Dock and Engineering Company, the largest shipyard and engineering company in Australia at the time (which then shared the Mort Bay waterfront). Mort’s Dock went into liquidation in 1958 and 1 Campbell Lane was sold in 1960 to William Clousgessy for £3,350. The Clousgessy family have lived in the property since then. The property is for sale with an expression of interest campaign, guiding $11,000,000.
The property is positioned on 1,800sqm of waterfront land. This is about 10 times the size of an average Balmain block. The dwelling is a grand example of a Georgian Victorian sandstone home. The property is in original condition. There is a tidal pool, access to a sandy beach, large lawn area, six bedrooms, three bathrooms and parking for three cars. Balmain is located 3km west of Sydney’s CBD. The area is known for its many pubs, cafes, retail amenities, waterfront parklands and easy access to the CBD.
If you'd like to know more about this property or any others, please get in touch.
