Auction activity rebounds

Auction activity rebounded this week after the Easter long weekend saw volumes plummet as they traditionally do. The Ray White Group had 348 auctions booked today across Australia and the leading group cleared 75 per cent under the hammer.

Across the combined capitals, 1,780 homes were set to go under the hammer this week and the 'competition creators' at Ray White had 30 per cent of that auction market share this week with 520 auctions booked.

The auction focused group recorded 3.1 active bidders, and 5.4 registered bidders on average. Crowd sizes swelled across the country to 35 people on average, with some auctions seeing crowds as high as 130 people.

Melbourne played host to the busiest auction market this week with 180 homes scheduled for auction across the city. The Victorian capital cleared 85 per cent under the hammer today.

The highest sale under the hammer today was in beautiful Brisbane where Ray White New Farm principal and top prestige agent Matt Lancashre took 11/1 Macquarie St, Teneriffe to auction and it sold for $6.55 million to a local buyer under the hammer. There were 11 registered bidders vying for this slice of riverside paradise.

The property with the most number of bidders in the country was 286 Riverside Drive, Airds in Sydney which Ray White Macarthur Group agent Julie Latham sold with competition from 23 registered bidders, six of them actively bidding.

Ray White New South Wales chief auctioneer Alex Pattaro said there continued to be momentum which was evident through bidding activity, as well as clearance rates across the Sydney auctions.

“The property market now is in a much healthier position than what it was last year. And this is evident through our pricing data, which is also showing some positive growth. The current state of the market is making it a great time to transact. Sellers should have no fear in coming to the market as your data and all of our metrics around auction are extremely strong,” he said.

13 Clay St, Balmain

• Sold under the hammer for $1.24 million. reserve $1.1 million

• Lead agent: Belinda Cassano - 0416 255 410 and David Meadowcroft

• 9 registered bidders, four active

• Ray White Rozelle

Ms Cassano said in front of a crowd of 50 people, this original terrace sold to a first home buyer for $1.24 million (pictured above). The first home buyer is also a builder, who is confident he can do a renovation to make the house livable once again. The agent said buyers came from all over Sydney to see this house.

“There was such a cross section of interest from builders to first home buyers.” She said it was a bittersweet sale for the sellers as it was a deceased estate and on the market for the first time in 50 years.

“The sellers had some tears, it was where they grew up,” Ms Cassano said. “We have no shortage of buyers right now as people are feeling like the rate cycle has plateaued, and they may have even factored in another rise into their finances. Stock levels are still down but there’s plenty of people looking for an opportunity to buy.”

9 Jocelyn Ave, Marrickville

• Sold under the hammer for $1,687,000, some $230,000 over reserve

• Lead agent Astrid Joarder - 0410 351 519 and Ercan Ersan

• 13 registered bidders

• Ray White Surry Hills

• Auctioneer: James Keenan, Ray White

Pictured happy buyers and sellers at 9 Jocelyn Ave Marrickville

Ms Joarder said this two bedroom semi with attic conversion was in hot demand by buyers from across the inner west. She said there were a lot of upsizing couples keen on the property. “Stock is short and everyone knows that but sellers need not be nervous as deals are 100 per cent getting done. We are an auction company, and Ray White is known as the competition creators.”

“I ring all my buyers at least once a week before any auction to help answer any questions. I have always been a strong communicator with buyers as often they are not familiar with the process and right now you have to put your best foot forward,” she said.

She said she’s noticed more buyers using advocates than ever before. “I am seeing buyers come who I met a few months ago, and often they now have a buyers’ advocate with them at opens now. While a professional buyer can give people an edge, you don’t need one. I have always been an agent who over-communicates with buyers.”

38 Cairns St, Riverwood

• Sold under the hammer for $1.810 million

• 10 registered bidders, 3 active bidders

• Lead agent Adison Cao - 0416 878 877

• Ray White Riverwood

The auction started slow and the sellers were very happy with the result.”

“The buyer had never seen the property until 20 minutes before the auction. ‘They basically bought it sight unseen. They came to the open and they aren't locals, bt they have friends in the area.”

3 Ferguson Ave, Wiley Park

• Sold under the hammer for $902,000, $32,000 over reserve

• 6 registered bidders, 5 active bidders

• Ray White Punchbowl lead agent John Yatman - 0423 344 868

• Auctioneer; Alex Pattaro, Ray White

• Sold under the hammer for $1,561,000, $61,000 above reserve

• 8 registered bidders

• Lead agent Navid Nawaz - 0402 604 766

• Ray White Lakemba

• Auctioneer: Narz Sayed

Mr Nawaz said the auction started at $1.3 million and travelled up from there. “This house is ready for redevelopment. The house market has good demand in the Lakemba area. There’s no shortage of buyers.”

71 Cambridge St Berala

• Sold under the hammer for $1,748,000, reserve was $1,400,000

• 16 registered bidders, 7 active bidders

• Lead agent Frank La Malfa - 0401 316 877

• Ray White La Malfa Group

• Auctioneer: Mitch Overs

126 Cardigan Street, Auburn

• Sold under the hammer for $1,330,000, reserve was $1,3000,000

• Lead agent Frank La Malfa - 0401 316 877

• 4 registered bidders, 4 active

• Ray White La Malfa Group

• Auctioneer: Mitch Overs

Mr La Malfa said had a massive day with two properties selling under the hammer.

“We have had two huge auctions with many local buyers out in numbers. Some buyers have come from neighbouring suburbs as they see value in Berala. W3e follow the auction process, and we know it works,” Mr La Malfa said.

Ray White Victoria chief auctioneer Jeremy Tyrell said that with no AFL games in Melbourne this weekend, Melburnians decided to gather around real estate as auction volume returned (as well as crowds) following the Easter break, with 180 auctions scheduled across the network.

“Buyers didn't hold back as 92.5 per cent of all auctions conducted had active bidding and the preliminary clearance rate came in at 80 per cent. These are some of the highest numbers we've seen this year, indicating the real estate market in Melbourne may have turned a corner,” Mr Tyrell said.

“With interest rates on hold for the moment, a low supply of property for sale, historically strong rental demand and migration starting to flow back to our shores, it could just be the perfect storm favouring sellers at the moment.”

22 Scarlet Ash Dr, Templestowe Lower

• Sold for $1,350,000 - $250,000 above reserve

• Three bidders

• Lead agent: Harry Lai 0402 638 076

• Ray White Manningham

• Auctioneer: Jeremy Tyrell, Ray White

Mr Lai said: “We had more than 100 groups visit the property, with the most amount of interest from first home buyers. However the property was sold under the hammer to a local investor.”

The sellers were preparing to downsize with the sale of their home for the first time after 40 years. “The family was ecstatic with the result, taking only 20 minutes to sell this clean Templestowe Lower home for $250,000 over reserve.” he said.

18 Grovedon Cct, Donnybrook

• Sold for $912,000 - $42,000 above reserve

• 4 registered bidders

• Lead agent: Sahil Kakar 0401 926 466

• Ray White Craigieburn

Mr Kakar said the success of this auction achieving one of the highest selling prices for a single level home in quiet Donnybrook, came down to the value this display home brought to the buyers.

"The value was maximised on the day, as only three days ago we received a call saying the buyers were no longer interested. The couple joined the bidding war and secured themselves a place to call home and with room for all of their grandchildren.

"Using our database, we attracted more groups during inspections and to the auction day than the area's average, as we aren’t seeing a lot of auction action in the Donnybrook market. What we are seeing is a lot of pre-approved buyers attending our auctions, with results exceeding expectation." he said.

13 Hudson St, Coburg

• Sold for $1,902,000 - $102,000 above reserve

• 10 registered bidders, five active bidders

• Lead agent: Raphael Calik-Houston - 0404 890 888

• Ray White Coburg

Mr Calik-Houston said “The buyer loved the outcome and was absolutely wrapped with his purchase. He is walking away with his dream home. This single purchaser from the local area was determined throughout the entire auction to outbid the other four active bidders, knocking them out of the competition.”

The result of $1,902,000, selling $102,000 above the reserve price, gave the family selling their classic heritage home an exceptional result, with their plans to upsize and move their growing family.

“With the shortage of stock currently on the market, good quality homes are driving buyers to go hard throughout the campaign.” Mr Calik-Houston said.

2A Dorset Rd, Pascoe Vale

• Sold for $713,000 - $73,000 above reserve

• Three bidders

• Lead agent: Stefan Stella 0422 093 149

• Ray White Pascoe Vale

Mr Stella said the young girl who outbid the rest and purchased her first property went head to head with another bidder who only just missed out.

With the home built just over 10 years ago, the sellers were happy to sell it for $73,000 over the reserve price, and upsize their young family’s home.

“Pascoe Vale has come out of the cracks and become quite a viable suburb, opening it up to be a dominant area,” he said.

10/6 Elmhurst Road, Bayswater North

• Sold for $675,000 - $100,000 above reserve

• Two bidders

• Lead agent: Hugh Francis

• Ray White Forest Hill

• Auctioneer: Hugh Francis, Ray White

26 Edinburgh Street, Box Hill South

• Sold for $1,266,000 - $146,000 above reserve

• Five bidders

• Lead agent: Aaron McDonald

• Ray White Forest Hill

• Auctioneer: Aaron McDonald, Ray White

7 Ellabella Court, South Morang

• Sold for $910,500 - $85,500 above reserve

• 20 registered : 16 bidders

• Lead agent: Jack Trewin

• Ray White Thomastown

Mr Cannavo said the home was the perfect recipe of a well-maintained property with a convenient location and buyer demand driving an extraordinary 16 active bidders to go head to head on auction day, and achieve a sale price $85,500 above reserve.

The campaign generated interest from everywhere, with a high demand from buyers and no comparable properties on the market.

“It was a close competition between a husband and wife who just sold in the area and were looking to downsize, and a young couple who ended up securing their first family home.” he said.

Ray White Queensland chief auctioneer Gavin Groft said there was strong demand for homes, apartments and townhouses across the south-east given limited stock.

“Personally, today I've had a 75 per cent clearance rate for properties across the western and southern suburbs of Brisbane, with an average of four registered bidders per auction. It's thrilling. It's also noticeable, I am seeing buyers off the back of that last interest rate announcement to want to buy, given rising rents. It's all playing its part plus continued interstate migration and that inequality between supply and demand at the moment. I anticipate this trend to continue over the next couple of months in the auction market here in Brisbane.”

11/1 Macquarie St, Teneriffe

• Sold under the hammer for $6.550 million

• 11 registered bidders, 8 active bidders

• Lead agent and principal Matt Lancashire - 0416 476 480 with Pat Goldsworthy

• Ray White New Farm

• Auctioneer: Haesley Cush, Ray White

Mr Lancashire and Mr Goldsworthy (pictured) ran a textbook auction campaign in Teneriffe which saw interest from Sydney, Melbourne and even the UK for this private luxury ground floor apartment in One Macquarie on the Brisbane River.

“We had interest from everywhere but in the end it was a local who lives in Wilston who won the keys,” Mr Lancashire said.

“To have 11 registered bidders and four of them bidding over $6 million is good sign for the Brisbane prestige market."

In front of a crowd of 130 people, the auction was held in the park over the road from the building and didn't skip a beat.

“It was a buzzing auction. I have another home for sale at 24 Griffith St, New Farm which has had over 120 groups through in only three inspections which is amazing. Same at 44 Crase St, New Farm, we have had so much interest and inquiry. I am expecting us to have very strong results at our next in-room event at The Calile Hotel on April 27 at 5:30pm. Watch this space. We had over 80 per cent clearance at our last two events. I am anticipating April will be very strong and that we’ll have a strong winter too.”

2/55 Morley Street, Toowong

• Sold under the hammer for $ 595,000

• 11 registered bidders, 6 active bidders

• Lead agent Reuben Packer-Hill - 0405 526 396

• Ray White Toowong

• Auctioneer: Haesley Cush, Ray White

It was a huge crowd of first home buyers, downsizers and neighbours looking to invest who were keen on this single level unit in Toowong. The duplex was in the hands of the Public Trustee with proceeds going to RSPCA.

“Brisbane is starting to feel like Sydney where we sometimes go flat for a few weeks, then whoosh! I think we are shaping up for a good winter,” Mr Cush said.

Ray White South Australia chief auctioneer John Morris said the group continued to call more auctions than any other agency in the state.

“Throughout April, we’ve called 40 per cent of all auctions throughout the state. This has been consistent for the past 12 to 18 months,” Mr Morris said.

“There were 121 auctions scheduled to go ahead this week with almost 40 per cent of those flying the yellow flag again, in keeping with that trend for the year so far. Some 87 per cent of properties scheduled so far are going through to auction day and that has resulted in a 75 per cent clearance rate for the whole state throughout 2023.

“Auction is absolutely the way to go if you are considering selling. A lot of agents are jumping off auctions because they’re realising the amount of hard work that goes into running a decent auction campaign but Ray White agents still continue to recommend auction as a method of sale because they know that the hard work that goes into it allows the outcome that is best for the vendor at the end of the day.

“We are the competition creators for a reason, and that is why we continue to dominate not only the auction space but the real estate space throughout South Australia and Australia as a whole.”

4 Cochrane Avenue, Reynella

• Sold for $770,000 - $35,000 above reserve

• Six registered bidders and four active bidders

• Lead agent: Jason Mills - 0431 809 306

• Ray White Unley

Fierce bidding competition between five active bidders resulted in the final sale price being $120,000 over what the vendors were expecting, changing their lives as this is the second home they’ve flipped and sold with Jason Mills.

“It really shows the magic of auctions, catapulting the couple forward in life, wiping out debt and paying off their mortgage.”

The lucky buyer flew in from Sydney and was determined to come out of the auction as the new owner. “Today was quite an auspicious day, as the Nepalese buyer was already celebrating Nepalese New Year, providing him with signs of good fortune,” Mr Mills said.

31 Leopold Avenue, Northgate

• Sold for $670,000 - Reserve $650,000

• Six registered bidders and four active bidders

• Lead agent: Mustafa Razee - 0412 034 533

• Ray White Prospect

• Auctioneer: John Morris, Ray White

“We had a variety of bidders participate in today’s auction, first investors, first time buyers and buyers agents, which are becoming more prevalent in South Australia,” said Ray White Chief Auctioneer John Morris.

Mr Razee said the winning bidders were a young couple looking for their first home, who were very happy when the hammer dropped after the auction picked up a lot of momentum. It was an emotional result.”

The sellers of this home are happy with the result as they are looking at upsizing.