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Australian property auctions see varied results ahead of new reserve laws
Australian property auctions saw varied results during the final weekend before new legislation takes effect on October 16, which will require vendors to advertise their reserve prices at least seven days before an auction.
In Melbourne, a Kensington terrace owned by North Melbourne defender Luke McDonald sold for $1.06 million, exceeding its $990,000 reserve. In Moonee Ponds, a renovated five-bedroom home initially passed in at $2.79 million before selling for $2,817,500 after the vendors lowered their $2.85 million reserve. Melbourne's preliminary auction clearance rate was recorded at 58 per cent.
In Queensland, a historic 1921 Queenslander in Gordon Park, which had remained in the same family for 105 years, sold for $2.03 million following a competitive bidding war involving 10 registered bidders.
Entities
Domain · Gordon Park · Kensington · Luke McDonald · Melbourne · Moonee Ponds · North Melbourne · Ray White · Ryan Currie
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] New legislation requiring vendors to advertise auction reserves seven days in advance takes effect on October 16.
- [● 3 SOURCES] Luke McDonald's Kensington terrace sold for $1.06 million at auction.
- [● 3 SOURCES] The Kensington property was one of 698 scheduled for auction in Melbourne this week.
- [● 3 SOURCES] The property was listed with a price guide of $900,000 to $990,000.
- [● 3 SOURCES] Auctioneer Ryan Currie stated he pre-empted new legislation regarding auction reserves.