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Spring is in the air as auction volumes continue to rise, with Australasia’s largest real estate group Ray White scheduling 398 properties to go under the hammer today.
The group recorded a preliminary auction day clearance rate of 74.3 per cent, with an average of 4.5 registered bidders and 2.9 active bidders per auction.
Properties which sold under the hammer today received a sale price an average of 13.4 per cent higher than the highest offer prior to auction.
The top sale of the day went to Ray White Upper North Shore agent Jessica Cao, who sold 2 Jindalee Pl, East Killara, under the hammer for $3.5 million.
The sale with the highest number of registered bidders went to Ray White Ascot agent Caleb Mayberry whose auction at 12 Lanham Avenue, Grange, recorded 20 registrations and sold under the hammer for $1.48 million.
SYDNEY
Ray White NSW state auctioneer Perry Edmondson-Clark said Sydney auction market was consistently improving in the lead up to spring.
“With another weekend of consecutive growth across our number of scheduled auctions compared to the same time last year, paired with consistently strong registrations and clearance rates, it’s clear that the current market is a very comfortable market for both our buyers and sellers to transact in,” he said.
“With stock levels rising, we do expect this to continue into the later months of 2023, but the earlier you come to market, the better chance you have of capitalising on the current conditions we’re seeing.”
Sold under the hammer for $3.5 million
Lead agent: Jessica Cao - 0466 877 260
Ray White Upper North Shore
Five registered bidders, four active
The seller (pictured above) was downsizing while the buyers were a young family of owner occupiers.
“It sold for a street record which is excellent,” Ms Cao said.
“It's a solid double brick home on a flat block. It’s sunny with a good layout.
“We had good interest throughout the campaign, the auction today was more tough as buyers are very cautious. I think they’re being a bit more cautious as more properties come on the market in the lead up to spring.”
Sold under the hammer for $1.945 million
Lead agent: Charles Touma - 0425 305 455
Ray White Touma Group
Five registered bidders, four active
The sellers were investors from Paddington, while the winning bid went to a professional couple of owner occupiers moving from Surry Hills.
“It was a corner house, north facing, with potential for parking,” Mr Touma said.
“It's probably the best street in the area.”
Sold under the hammer for $1.138 million - $238,000 over reserve
Lead agent: George Boghos - 0411 448 788
Ray White Kingsgrove
14 registered bidders, eight active
Auctioneer: Tim Snell, Ray White
“The winning bid went to an owner occupier. We had a range of buyers including first home buyers and downsizers,” Mr Boghos said.
“The owner gave us a realistic reserve which attracted a lot of bidders. It was a small complex of three.
“The market has been good. Good quality properties are doing well. There’s plenty of buyers around, especially in that $1 million range.”
10 Hargrave Ave, Middleton Grange
Sold under the hammer for $1.18 million - $30,000 over reserve
Lead agent: Adrian Bonino - 0414 899 905
Ray White Green Valley
Five registered bidders, four active
Auctioneer: Perry Edmondson-Clark, Ray White
The sellers (pictured above right with buyers, left) were a retired couple who were relocating closer to family.
“The buyers were a young couple of first home buyers who I had been showing homes to for the past 12 months. They were wrapped to finally land a home and said they never wanted to see my face again!” Mr Bonino said.
“We’re still seeing really low stock and a lot of buyers actively looking in this area. This property had 45 groups through in three weeks.
“We haven't seen that change in stock levels yet in the lead up to spring.”
MELBOURNE
Ray White Victoria chief auctioneer Jeremy Tyrrell said the real estate market was in good health, as buyer activity and the number of properties to market steadily increased.
“This week there were 190 properties scheduled to go under the hammer across Victoria, with 78 percent being sold,” Mr Tyrrell said.
“Buyers braved wet conditions across the state’s capital, with reports of strong competition on a number of auctions and three active bidders on average across the network - a marked increase on previous weeks.
“This increase in activity and volume should provide a great deal of confidence to both sellers and buyers.”
Sold under the hammer for $3.2 million - $120,000 over reserve
Lead agent: Helen Yan - 0404 078 588
Ray White Balwyn
Four bidders
The winning bid went to a family who intended to knock down and build their dream home, while the sellers were investors.
“The market has been very tough at the moment, things are definitely taking a lot more work at the moment but we got this one sold and the vendors are very happy with the result,” Ms Yan said.
Sold under the hammer for $800,000
Lead agent/auctioneer: Malek Younan - 0411 504 016
Ray White Gladstone Park
Four registered bidders and one active bidder
“The sellers were a young family who originally lived in the home but then rented it out. They sold the investment to release some pressure and spend more time with the family,” Mr Younan said.
“They were very happy with the result. The winning bid went to a young couple of first home buyers. They were wrapped with the result as well. There were a lot of emotions from both parties.”
Mr Younan said there was plenty of interest in the lead up to the auction.
“We had 65 groups inspect the property throughout the three week campaign,” he said.
“People still have that FOMO and there’s still not much stock on the market.”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said there were plenty of opportunities in the Brisbane market at the moment.
“We had 62 auctions scheduled for Ray White Queensland in Brisbane this week. We continue to see strong energy at auction and wonderful volumes of registered bidders,” Mr Croft said.
“What has been noticeable is the air of certainty from buyers at the moment, knowing that interest rates appear to be on hold at the moment, and if next year looks like they’ll be coming back.
“This is a wonderful market for sellers to take opportunities in with not enough stock to meet current levels of demand, however it will not last forever. So while the opportunities remain, sellers should be taking advantage of them.”
Sold under the hammer for $1.48 million
Lead agent: Caleb Mayberry - 0414 715 101
Ray White Ascot
20 registered bidders, 10 active
Auctioneer: Phil Parker, Ray White
The buyers were a young couple relocating from central Queensland. The home had been in the seller's family for 91 years, they built it in 1932.
“The majority of bidders were young families,” Mr Mayberry said. “What attracted buyers to the property was largely the neighbourhood - it’s a great school district and a great place to raise a family.
“It’s a beautiful character home on a good sized block and a great way to enter the neighbourhood.”
Ray White Collective had 16 properties go under the hammer at its in-room auction event today, with more than $10 million in property sold.
The top result went to Matt Lancashire’s auction at 16 Ellis Street, Teneriffe which sold under the hammer for $3.105 million.
Another property at 20 Shakespeare Street Bulimba sold under the hammer for $2.985 million with four registered bidders, a great result for listing agents Scott Darwon and Robyn Hoare.
Ray White Collective principal and auctioneer Haesley Cush said the day had yielded some fantastic results, although the market was noticeably changing in the lead up to spring.
“There was such a tightening of stock in June/July which pushed supply and demand together and competition heated up,” Mr Cush said.
“But as we head towards spring and more properties come to the market it softens things a bit. Buyers’ decision making tends to slow as their options open up.
“I think we’ll also start seeing a flattening in that upswing of prices and things will start to settle at the prices we’re seeing now.
“I think a pause in the interest rates gives buyers some comfort as well and they have the confidence to purchase a home and know what they’re going to be spending.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said auction metrics continued to improve throughout South Australia.
“We’re averaging 50 auctions per week in South Australia at the moment, which is incredible considering pre-pandemic we would be lucky to get 50 auctions in a month. It just proves how South Australians have embraced the auction market,” Mr Morris said.
“Every single metric seems to be up week-on-week. This week the preliminary clearance rate is 86 per cent, with an average of 77 per cent throughout 2023.
“We had an average of 6.3 registered bidders which is also up on last week, with an average of 3.6 bidders participating
“It’s still looking like a very strong market, which is probably down to the fact there’s still quite a lack of stock on the market and quite a lot of buyers in the market.
“With the coming spring months I am sure there will be more properties coming on the market which will mean more competition for those who are selling.”
5 Hambledon Road, Campbelltown
Sold under the hammer for $1.03 million
Lead agent: Linda Clemente - 0409 099 046
Ray White Norwood
Eight registered bidders, four active
Auctioneer: John Morris, Ray White (pictured above)
The sellers were a family who had owned the property for 50 years, while the winning bid went to a developer.
“All eight registered buyers were developers,” Ms Clemente said.
“It’s a big 940sqm corner allotment right behind a shopping centre and close to all amenities.
“The market has been good. Quality property is still really desirable and if the price is right sellers will exceed expectations.”
41 Hughes Street North, Woodville
Sold under the hammer for $980,000
Lead agent: Peter Kiritsis - 0411 501 520
Ray White Woodville
Three registered bidders
The winning bid went to a young family (pictured above) who intend to renovate and extend the home.
“This particular property is in the prime location in Woodville with lots of lovely character homes around, with some properties that are stored and extended going to $1.5-$2.5 million,” Mr Kiritsis said.
“This home was an entry level opportunity to renovate, extend and value add.
“We’ve been averaging five auctions a weekend and we’ve had a 100% success rate for the last three months. “
PERTH
Sold under the hammer for $1.11 million
Lead agent Pauline Fermanis
Ray White Dalkeith | Claremont
Four registered, four active bidders
Auctioneer: Mark Whiteman, Ray White
The winning bid went to a young family relocating from Victoria. The seller built the home in 2016, relocating to another suburb.
“The buyers really wanted to live in Scarborough as they love the beach and they just loved the home,” Ms Fermanis said.
“Scarborough is really hot at the moment, it has a really young demographic with really good schools and trendy cafes and restaurants.”
Sold under the hammer for $1.67 million
Lead agent: Greg Cahill
Ray White Applecross
Four registered bidders, two active bidders
Auctioneer: Patrick Derrig, Ray White
The buyers were a local family who were upgrading. The seller had faith in the auction method to get the best result.
“The market has been good depending on the product, family houses like this one are doing really well,” Mr Cahill said.
