A new Toorak listing from the Smorgon family could top the $24 million sale price the Baillieu family achieved for the sale of its St Georges Road Toorak home.
Rebecca Thistleton
A new Toorak listing from the Smorgon family could become Melbourne’s highest-selling home, with a price tag in excess of $20 million.
It could top the $24 million sale price the Baillieu family achieved for the sale of the St Georges Road Toorak home to soft-drink magnate and property developer Harry Stamoulis.
It is the latest in a flurry of spring activity from buyers and sellers who waited until after the election and the school holidays.
In Canberra, Kevin and Therease Rudd have finally sold their Yarralumla home. It was listed in May with Peter Blackshaw Real Estate agent Shane Killalea for $2.25 million, but was later taken off the market.
The agency confirmed it has sold in recent weeks for $2 million.
RP Data reported there were 46,885 newly advertised homes listed in the four weeks to October 13.
Big weekend ahead for auctions
Robert Larocca from RP Data said there were 1046 auctions scheduled for Melbourne this weekend, where clearance rates have been above 11 per cent for 11 consecutive weeks.
The week ending October 26-27 will be the biggest for auctions in Victoria’s history – 1628 homes will be auctioned, 1500 in Melbourne and 1396 of them on Saturday.
“These conditions will provide a high level of choice for buyers and will not only provide favourable negotiating conditions but also help with the often difficult task of finding the special home that they have been searching for,” he said.
Lower than normal stock levels at the start of spring have boosted competition for houses. But Mr Larocca said it was often forgotten that buyers struggled to find homes which meet their needs when there was a lack of available homes, which can dampen the market.
Strong interest from buyers
In Sydney, Australian Property Monitors has 635 auctions scheduled for the weekend, more than 200 more than the same weekend last year.
Keen interest at open-for-inspections and multiple contracts offered for homes have agents hopeful for a repeat of the 80 per cent and stronger clearance rates Sydney has enjoyed in recent months.
McGrath agent Kevin Dearlove said there were 18 contracts issued after 210 groups inspected an Epping home which will be auctioned on Saturday.
The three-bedroom, two-bathroom home was built in 1953. It is expected to sell for more than $900,000 after generating interest from investors and renovators.
Interest has spiked in Sydney for homes priced between $800,000 and $2 million. McGraths also reported that over 100 groups have inspected homes to be auctioned in Rosebery, Naremburn, Centennial Park and Blakehurst.
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