Auction competition heats up

There was plenty of action at Ray White auctions today, as Australasia’s largest real estate group scheduled 438 properties to go under the hammer.

The leading group recorded a preliminary clearance rate of 73.7 per cent, with an average of 4.0 registered bidders and 3.0 active bidders per auction.

On average, properties which sold under the hammer received premiums 12.4 per cent above the highest offer received during the campaign.

The top result of the day went to Ray White The Collective agent Nick Given who sold 31 Bayview Terrace, Clayfield under the hammer for $3.3 million.

The auction with the highest number of bidders went to 28 Ashur Cres, Greenfield

which recorded 27 registered bidders and seven active bidders. It sold under the hammer for $$1.332 million, a great result for Ray White Wetherill Park | Cecil Hills selling principal Marcus Biasetto.

SYDNEY

Ray White NSW state auctioneer Perry Edmondson-Clark (pictured above) said it really felt like spring at Sydney auctions today. “Strong crowds and activity all across the Sydney market today, with 245 auctions scheduled for the group across the state this week the spring selling season is on a roll,” Mr Edmondson-Clark said. “Any seller considering coming to the market this side of Christmas is reminded that belief in the auction method of sale will ensure competition is created and you achieve the market's best price.”

3 Belgrave St, Bronte

• Sold under the hammer for $3 million - $250,000 over reserve

• Lead agent: Nicholas Kennan - 0403 188 649

• Ray White Eastern Beaches

• 12 registered bidders, two active

• Auctioneer: James Hayashi, Ray White

Mr Kennan said the buyers were a young family moving from Paddington who had been looking to move to the beaches.

“It was quite a unique proposition, there aren't many properties in that condition in Bronte,” he said.

“It was in a highly desirable location close to all the beaches and the local shops.”

23 Sardinia Ave, Glenwood

• Sold under the hammer for $2.14 million

• Lead agent: Shiv Nair - 0451 883 102

• Ray White TNG - Glenwood

• 12 registered bidders, six active

The sellers had built the home and lived there for more than two decades before they decided to downsize. The buyers (pictured above) were a young family, two doctors and their two children.

Mr Nair said the suburb was very popular at the moment.

“We set a new suburb record for single-storey property in the area,” he said.

“We beat the last record by $250,000, and the last record was only set a week ago.

“It’s a great suburb, I grew up here myself, and this was one of the more top end streets of the suburb.

“This home was the largest single level floor plan I've ever sold here, with six bedrooms and expansive living spaces.

“It had manicured gardens and great street appeal. It was beautifully presented.”

10 Bradman Rd, Menai

• Sold under the hammer for $1.453 million - $103,000 over reserve

• Lead agent: Stuart Corney - 0419 290 347

• Ray White Sutherland Shire

• Five registered bidders, three active

The winning bid went to a young couple of first home buyers whose parents were bidding for them, while the sellers had owned the home for 30 years and were downsizing.

“The market has been great,” Mr Corney said.

“The stock is lower than it’s normally been in spring. It’s not hard to sell properties a the moment it's just hard ot get them. But there’s plenty of people keen to buy.

“I remember in 2003 when interest rates went up homes were flooding to the market, but it's the reverse with this one, people seem to be holding on to them so it’s a bit hard to predict.”

22 Justine Ave, Baulkham Hills

• Sold under the hammer for $2.015 million

• Lead agent: Brandon Hay - 0434 986 284

• Ray White Baulkham Hills

• 10 registered bidders, five active

• Auctioneer: Tim Snell, Ray White NSW CEO

The winning bid went to a young family who were upsizing, while the seller was looking to downsize.

“Most of our buyers today were young families,” Mr Hay said.

“Land size was really good and it had meticulous gardens.

“The market has been very consistent with lots of competition for good families homes, but smaller homes have been harder.”

28 Ashur Cres, Greenfield

• Sold under the hammer for $1.332 million

• Lead agent: Marcus Biasetto - 0414 246 947

• Ray White Wetherill Park | Cecil Hills

• 27 registered bidders, seven active

• Auctioneer: James Kerley, Ray White

The sellers were a couple who bought the home brand new 37 years ago and were downsizing to live closer to their family. The buyers were a young couple of first home buyers.

“A majority of our buyers were families as it was a five-bedroom, single-level home,” Mr Biasetto said.

“It ticked a lot of boxes for a lot of people. It was a good block in a good spot, it was really flat.

“It was an original home which was a bit bigger than the average home in the area.

21 Quarry Rd, Ryde

• Sold under the hammer for $2.645 million

• Lead agent: Jason Kiprovski - 0422 700 100

• Ray White Ryde

• Six registered bidders, four active

The sellers were a family who were relocating interstate, while the buyers were also a family. “The buyers were attracted to the good land size. It was a battle-axe which turned some buyers off, but it was a three bedroom house and a one bedroom granny flat which was a great basis to work off,” he said.

“The market has been fickle. The premium properties are attracting great prices but properties of a lower grade are struggling a bit.

“But it all comes down to who is there on the day, if you have emotional buyers who are attached they will pay what they can to secure the home.”

MELBOURNE

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said buyer appetite was strong across Melbourne.

“With the Spring Racing Carnival in full swing and the running of the Caulfield Cup in Melbourne this weekend, it looks like property is still the safest bet as buyer demand continues to grow,” Mr Tyrrell said.

“The racing carnival hasn't deterred sellers as auction numbers held firm this week with 203 auctions scheduled across the state for Ray White Victoria.

“A preliminary clearance rate of 76 per cent should provide sellers with an extra layer of confidence that there is plenty of demand from buyers.”

5 Cox St, Cheltenham

• Sold under the hammer for $1.25 million

• Lead agent/auctioneer: Angela Limanis - 0414 664 374

• Ray White Cheltenham

• Two active bidders

Ms Limanis said the auction was “short, sharp, and sweet.”

“It started with a bang and finished strong,” she said.

“The opening bid was $1.2 million which was already above the sellers’ reserve.

“One of the active bidders was a home buyer and one was a developer.

“The winning bid went to the developer who was just finishing another development in the area, so he knows the area and knows the value.

“He bought his last development from me during lockdown and was ready to secure his next project.

“It was a one-owner family home and it was a very emotional sale but the sellers achieved a great price and were very pleased with that.”

194 The Parade, Ascot Vale

• Sold under the hammer for $1.355 million

• Lead agent: Adam Hicks - 0438 066 259

• Ray White Ascot Vale

• Two bidders

The seller was Homes Victoria who had owned the property since 1999. Mr Hicks said the home was ready for a update and so Homes Victoria probably decided to sell to give someone the chance to renovate the home.

“The winning bid went to a young couple (pictured above) who had missed out on four auctions previously. They were first home buyers who intended to renovate,” he said.

“We don't have an oversupply of properties yet, there’s not as many on the market as we’d expect in spring.

“We’re averaging about two bidders per auction and the people coming through open homes are genuine buyers.”

34 Mascot Avenue, Bonbeach

• Sold under the hammer for $1.89 million - $180,000 over reserve

• Lead agent: Genevieve Hill - 0423 094 639

• Ray White Patterson Lakes

• Three bidders

The winning bid went to a local family who were upgrading, they plan to eventually knock down and rebuild. The home had been in the seller’s family for 35 years.

“It’s an older home and good sized block which achieved an amazing price,” Ms Hill said.

“I did not expect such a great result based on the feedback. The sellers were blown away by the result and the family were all there celebrating.

“Bonbeach is in high demand and lifestyle properties move well if they’re priced correctly.

“We only had 24 groups through the five week campaign which is not huge numbers, but it's not about the quantity but the quality of the buyers coming through.”

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said auction numbers in Brisbane were up 150 per cent on last week.

“We’ve seen a big change from 29 auctions last week to 72 this week. This is the first volume litmus test as we move back towards 100 at Ray White Queensland,” Mr Croft said.

“Personally I've averaged four registered bidders per auction which is slightly down on the 6-7 we’ve seen in the last few weeks, but we’ve still had some great outcomes.

“I think volume increase has played a role in the decrease in bidder numbers, there’s more choice for buyers.

“But in saying that, we’ve had these dizzying heights of seven registered bidders per auction, which wasn’t sustainable, and an average of four is still really high.”

Ray White Collective had 13 properties go under the hammer at their in-room auction event today at the Calile today, recording a 61.5 per cent auction day clearance rate.

The top result of the day went to Ray White Collective agent Nicholas Given who sold 31 Bayview Terrace, Clayfield under the hammer for $3.3 million.

Principal and auctioneer Haesley Cush (pictured above) said the auction room was “rocking and rolling” at the Calile today.

“The auction room was packed full to the brim,” Mr Cush said.

“There were suburb and square metre records broken all throughout the day, and we had interstate and international buyers both in the room and on the phone.

“We had a great cross section of properties go under the hammer - Lot 1 was an entry level home at 11 Kolora Crescent, Ferny Hills, which sold for $732,500, right through to Bayview Terrace selling for $3.3 million.

“We had a spread from Manly, Ferny Hills, to the CBD, which is a huge cross section of properties to all be at the one event with people bidding. I am really proud of our guys today for selling all over the city.”

37 Bowley St, Hendra

• Sold under the hammer for $2.5 million

• Lead agent: Chrese Morley - 0412 586 994

• Ray White Ascot

• Three registered bidders, two active

• Auctioneer: Phil Parker, Ray White

“The winning bid went to a family who had moved back from the UK earlier this year,” Ms Morley said.

“They had been looking in the Hendra and Clayfield area and have found the perfect home for themselves, so they were very pleased.

“The sellers were a family who had moved to the city for their kids’ schooling, and were now relocating back to their farm.”

12 Corowa Street, Wavell Heights

• Sold under the hammer for $1.4 million

• Lead agent: Sonya Treloar - 0424 514 404

• Ray White Bridgeman Downs

• 13 registered bidders, 13 active

Ms Treloar said it was a very active auction with 50-60 bids in total.

“It was 837sqm block, high on the ridge - it was a beautiful block,” she said.

“It had been in the family for 70 years and it was an emotional sale today, but they were very happy with the result.

“It was a family who bought the home, with the daughter arranging the renovation.

“The market is quite buoyant. We’re doing the best we can to get deals together.

“Active bidding has been really good at all our auctions.

“We haven't seen the volume of people coming through open homes, but when they do they’re genuine buyers looking to transact.”

16 Sauterne St, Carseldine

• Sold under the hammer for $1,005,500

• Lead agent: Jessie Hall - 0422 169 981

• Ray White Wilston

• Seven registered bidders, four active

The winning bid went to a young family moving from the south side of Brisbane who were looking for a larger family home.

“The sellers were also a family who were moving interstate after purchasing the home a year ago for $1 million,” Ms Hall said.

“Providing confidence to buyers is key - they’re out there and they want to transact, but providing confidence to both buyers and sellers to transact in this market is key.

“This property had a large land size for the area, there was a good aspect and it was very livable. It also had great potential to add value later.”

ADELAIDE

Ray White South Australia chief auctioneer John Morris said auction volumes were strong across South Australia this weekend.

“While there is still a lot of strength in the market here in South Australia, the bidder numbers have dropped slightly, but it was the third busiest week of auctions for the year with 117 auctions going ahead in South Australia today alone,” Mr Morris said.

“Fifty-two of those auctions were flying the Ray White flag, which are impressive numbers and consistent numbers.

“When I look back pre-pandemic, we were lucky to get 50 auctions per month for Ray White South Australia, and we now do 50 per week.

“Personally, 80 per cent of auctions I’ve called in October have sold under the hammer, with around nine registered bidders per auction.”

271 Angas St, Adelaide

• Sold under the hammer for $1.115 million

• Lead agent: Damien Fong - 0403 257 665

• Ray White Norwood

• 15 registered bidders, five active

• George Kargiotis, Ray White

The buyer was a downsizer moving into the city from the coast, while the seller was an investor who was selling to help his children buy their dream home.

“It was a two-bedroom, two-bathroom townhouse which is 25 years old but super high spec for when it was built,” Mr Fong said.

“It has a nice open courtyard and a double garage as well as ensuites in both bathrooms.”

27a Hyman Avenue, Edwardstown

• Sold under the hammer for $840,000

• Lead agent: Samuel Paton - 0401 757 819

• Ray White Glenelg | Brighton

• 10 registered bidders, five active

• Auctioneer: Sam Grover, Ray White

The winning bid went to a young first home buyer who was buying it as her family home.

“The main demographic of our bidders were young owner occupiers,” Mr Paton said.

“The seller was an investor who has owned the home for 25 years. He lived in it originally then rented.

“The main attractions for people were the location, the land size, and the character and charm.

“Those character bungalows always draw a fair bit of attention.”

22 Barham Street, Allenby Gardens

• Sold under the hammer for $1.205 million - $105,000

• Lead agent: Reece Pilgrim - 0437 776 409

• Ray White Norwood

• 10 registered bidders, two active

• Auctioneer: Sam Grover

The winning bid went to a local family who were upsizing. The seller was an occupier downsizing.

“Bidders were a mix of occupiers and investors as the property has a separate, full-contained granny flat which meant there were two potential income streams for investors, and the property has potential to subdivide in the future as well,” Mr Pilgrim said.

PERTH