Some properties are being sold now. In Toorak, the 5 Yar Orrong Road home of former tobacco executive William Webb and philanthropist wife Marijke sold for $32 million late last week, after an off-market drive.
The sale, below the $38 million to $42 million range the property marketed in, still marked a 60 percent profit on the $20 million the Webb family paid for the home in 2015, after selling. Mandalay, his Point Piper estate in Sydney. for $40 million.
Marshall White’s agent, Marcus Chiminello, who marketed the property along with Sydney agent Monika Tu of Black Diamondz Property Concierge, confirmed the Toorak sale but declined to comment on the price.
In Sydney too, properties are changing hands between high-profile names. The $9.35 million buyer of the Dalkeith Cremorne mansion from corporate manager Vaughan Strawbridge, was Edward Dawson Damer and his wife Joanne Grant, settlement papers for the Bannerman Street estate program.
Dawson-Damer, son of George Dawson-Damer, 7th Earl of Portarlington, is a former Irish Guards officer and friend of the British royal family, who served as an equerry to the late Queen Mother in the 1980s. He attended Prince William and Kate Middleton’s wedding in 2011.
In Sydney, where the weekly preliminary clearance rate fell to 64.2% from 67.5% the week before, a three-bedroom terrace house in the western hinterland of Forest Lodge sold for $2.93 million. , $180,000 above the reserve of $2.75 million, at auction on Saturday. which involved four bidders.
The two-story home at 18 Lodge Street attracted family bidders and was sold to a young couple from nearby Chippendale, Ray White’s agent, Matthew Carvalho, said.
“Almost all the families bid,” Carvalho said.
A detached terraced house that he and his colleague Bianca Field marketed at 53 Lombard Street in Glebe sold for $1.91 million on Saturday to a couple who are downsizing after passing it on earlier at auction.
In Melbourne, an election-occupied venue, auction volumes fell to 987 from 1,008 the week before and the preliminary clearance rate also fell to 61 percent from 65.5 percent, a figure that was later revised to 62, 3 percent when the results of more auctions were reported.
In inland east Richmond, a 3,500-square-foot, four-bedroom, three-story brick home built around a central courtyard and with two street fronts sold for $4.4 million, $1.3 million above reserve at auction on Saturday that pitted four bidders. Each other.
“It was a difficult property to value given that it was an ugly duckling built in the 1970s in its original state,” said RT agent Edgar Anthony Grimwade, who marketed the 1 Clifton Street property with Tim Wilson Property Associates.
But with large spaces, a brilliant rooftop terrace with fantastic views of the city and Richmond Hill… I think this shows that there is still a demand for property that is a bit different and unconventional, with buyers who are undaunted. for the renovations.
Settlement rates hovered around the 60 percent level, signifying a more balanced market than last year’s booming rates of more than 70 percent, also in the smaller auction markets.
Adelaide, with 148 scheduled auctions, had the highest preliminary approval rate at 65.9%, followed by Canberra at 62.8% based on the reported results of the 152 scheduled auctions.
Brisbane, which had the most scheduled auctions of the smaller markets (154), posted a preliminary clearance rate of 47.4 percent.