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Street and suburb records tumbled across the country, as buyers pushed prices above reserves by five per cent on average today, according to Ray White’s data.
Australasia’s leading auction group had 358 auctions booked today, recording a preliminary auction day clearance rate of 69.2 per cent.
With strong buyer demand out at auctions across the nation, there was an average of 4.4 registered bidders and 2.7 active bidders attending Ray White auctions.
Today’s top auction sale was in the Sydney suburb of Rose Bay. Ray White Woollahra | Paddington’s Clay Brodie sold 28A Blake Street, Rose Bay under the hammer for $4.310 million.
Meanwhile, the auction with the most registered bidders was also in Sydney. Julie Latham of Ray White Macarthur Group registered 25 bidders at their 12 Atkinson Place, Airds auction, which sold for $850,000.
NSW
Ray White NSW State Auctioneer Perry Edmondson-Clark said there was certainly no shortage of buyers across all segments of the market today, looking to capitalise and secure a property.
“There were a strong number of auctions today that sold well above the highest offer received prior to auction, which continues to give sellers the confidence to stick with the auction method of sale. This evidently shows that auctions must remain the preferred method of sale to create an unmatched level of competition and achieve the best possible result in the market.”
Sold under the hammer for $860,000 - $160,000 over reserve
13 registered bidders, 9 active
Lead agent: Josh Tesolin - 0422 193 423
Ray White Quakers Hill
Auctioneer: Tim Snell, Ray White
It was a purchase between investors at today’s auction, as the buyer bought his latest investment with the sellers wanting to take advantage of the equity in their investment property to buy their next family home.
“There was a lot of activity out at auctions today, with plenty of back and forth competition from bidders driving up the sale price.
“Six of the registered bidders had simply walked in on auction day, almost doubling the crowd of expected buyers on the day,” Mr Tesolin said.
Sold under the hammer for $1,542,000 - $122,000 over reserve
16 registered bidders, eight active
Lead agent: Nathan Leuzzi - 0412 975 190
Ray White Upper North Shore Group
Mr Leuzzi said this property showed the power of auctions, achieving a result $122,000 over reserve, and $272,000 over a previous sale in the same complex at the end of March, setting a new suburb record for townhouses.
"It just goes to show the difference in the property market since earlier in the year.
“A few of the same bidders from the March auction attended today to try to purchase this property, but the successful buyers were a mother and son duo, upsizing from their current unit," Mr Leuzzi said.
Sold under the hammer for $1,380,000 - $150,000 over reserve
14 registered bidders, five active
Lead agent: Nicholas Economos - 0409 553 555
Ray White Rockdale
Auctioneer: Alex Pattaro, Ray White
"The auction drove the competition between bidders. Despite the slow start, once the property was called on market, the bidders all battled it out for the property,” Mr Economos said.
The previous owners were a couple currently living in the three bedroom home, now planning to retire and move out of Sydney to spend their life in Mudgee.
The buyers were persistent first home buyers, searching for a property with Ray White Rockdale since May and finally secured their new home.
VIC
There was so much attention in Victoria this week focused on the proposed reforms to rental laws, with the state government discussing a range of proposed new measures.
Ray White Victoria and Tasmania CEO Stephen Dullens said an increasing number of auctions conducted across Victoria’s largest real estate group were investors selling.
“Across Melbourne we have never seen demand for rental properties as high as it is right now. At the same time, the proportion of auctions we are conducting of investment properties has risen sharply in recent months, with more and more investors choosing to put their property on the market,” Mr Dullens said.
The combination of increased interest rates, additional taxes across Victoria as well as decreasing sentiment in the residential real estate sector were all contributing factors.
“Property owners across Victoria are becoming increasingly concerned about the viability of holding their investment property, at exactly the same time as more properties are needed to satisfy the demand for renters,” Mr Dullens said.
“Ray White manages in excess of 50,000 rental properties across Victoria.
“In our view, policies that are seen as anti-investment or sentiment that increases risk for the rental provider will only cause more investors to exit the market, making the supply-side of the equation even more challenging,” he said.
“On the auction front, it has been pleasing to see another strong week of results as July comes to a close and we enter the last month of winter, eagerly anticipating the spring selling season.
“With more than 200 Ray White auctions scheduled across Victoria this week and close to 800 during July, we see once again the significant level of activity in the market.
“These auctions have achieved a preliminary clearance rate of 75 per cent for the month, showing once again the strong demand that exists for quality residential property across Melbourne and Victoria.”
Sold under the hammer for $1,566,000 - $216,000 over reserve
Four bidders
Lead agent: Nick Strilakos
Ray White Oakleigh
Auctioneer: Matt Condon, Ray White
Mr Strilakos set a new street record for the second time in just over a month at auction, resulting in a sale $216,000 over the reserve price, after previously breaking the record at $1,275,000.
“The team did a lot of ground work and generated an interested crowd of 150 people by actively door knocking, inviting people for a free coffee and to watch the process on game day. It helps provide an understanding of how their market is performing,
“The previous street record was a bit of an enticement to sell, although the retiring couple wanted to sell next year. We told them to bring it forward due to low stock on the market with a serious buyer demand and a great result followed,” Mr Strilakos said.
The buyers were an upsizing family known to Mr Strilakos for the last five years, and purchased their third family home, with the agency.
Sold under the hammer for $850,000 - $30,000 over reserve
Two bidders
Lead agent: Jon Taylor - 0413 966 420
Ray White Phillip Island
Mr Taylor said the sellers of the property were over the moon with their result selling their holiday home that they've owned for many years, as they had simply outgrown it.
“The keen buyers were sure to come out of auction day with the purchase of this property, securing what is now their holiday home,” Mr Taylor said.
The interest in the property generated a good result for the surrounding area, as well as the home being beautifully presented, which helped the sale.
Sold under the hammer for $1,853,000 - $253,000 over reserve
Six bidders
Lead agent: Darryl Wickham - 0410 554 779
Ray White Glen Waverley
Mr Wickham said that the interest from over 120 groups during the campaign all showed up on auction day, drawing a crowd of over 150 people.
Out of the large crowd, only one secured the property being an interstate buyer from South Australia who bought it over the phone, looking to invest initially with later plans to move to Victoria and live in the home.
"As one of those typical family homes that’s well looked after and well maintained, it’s a great piece of stock for this market that buyers are eager to purchase,” Mr Wickham said. Those that missed out headed around the corner to another one of Mr Wickham’s auctions, still hopeful to purchase within the area.
QLD
Ray White Queensland’s Chief Auctioneer Gavin Croft said auction volumes were on the rise across the sunshine state, with just under 100 auctions scheduled again this week.
“August promises to be quite a significant auction month, especially as we lead into spring, which should be encouraging for buyers who are seeking more choice in the marketplace,” Mr Croft said.
“This is more than evident over the last quarter, where we’ve seen anywhere between 5-7 average registered bidders per auction right across Brisbane. Stemming from the affordable end of the market, with an affordable townhouse in Tanah Merah near Logan with 10 registered bidders fighting it out, selling for $295,000 right out to Eight Mile Plains with a lovely highset brick home with 10 registered bidders selling under the hammer for $1,335,000.
“Home sellers will continue to be rewarded with great outcomes while the depth in the buyer pool remains. Brisbane has been really a wonderful marketplace over the last three months with auction volumes increasing and more stock to deliver to the market.”
Sold under the hammer for $3,500,000
Six registered bidders
Lead agent: Matt Lancashire - 0416 476 480
Ray White Collective
Auctioneer: Haesley Cush, Ray White
A perfect day at auctions for the Ray White Collective team, as all three properties sold under the hammer.
Mr Cush said it was a whole family affair at this beautiful family home, which was sold to a local couple with their six-month-old baby in their arms, and their grandparents by their side.
The sellers were empty nesters who lived in the street for 20 years, although only 10 years ago had moved into the house they just sold. With sweeping views that only get better the higher up the street you go, the sellers moved for a better location while maintaining their love of the community.
"As a buyer, you can’t exactly tell what the neighbourhood is like but a great testament is when the previous owner buys in the same street. There’s no better insight, especially when it was bought off the original owner, who lived there for 80 years,” Mr Cush said.
The son in law of the original owner not only attended the auction but also gifted a sketch of the house from the original owners to the family who bought the property today.
Top agent Vivien Yap from Ray White Dalkeith | Claremont in Perth made a guest appearance at the auction today, and witnessed the Cush family at work, with Haesley’s daughter Vivienne contributing to the success of today’s auction process.
SA
Ray White South Australia Chief Auctioneer John Morris said the last weekend of July was set to be an absolute cracker in the festival state.
“The sun has come out and so have the bidders. We’re seeing six registered bidders on average per auction this week and which has been consistent throughout the month, resulting in a clearance rate of over 80 per cent every single week through the month so far and a preliminary clearance rate for this week as well is at 86 per cent,” Mr Morris said
“We’ve seen some strong bidding throughout the festival state and Ray White yet again at the forefront with 41 per cent of auctions conducted throughout South Australia flying under the flag of Ray White. We saw plenty of sold stickers going up, plenty of bidder paddles raised and plenty of auctions for people to get to today. All we need now is just a little bit more stock.”
Sold under the hammer for $1,330,000 - $130,000 over reserve
Five registered bidders, three active
Lead agent: Derek Lee - 0488 465 360
Ray White Norwood
Mr Lee said the lucky buyers of today’s bidding war were a lovely young family who just purchased their first home, after following the property closely when it came to market.
“The competitive bidding was purely due to the momentum of the auction. Buyer interest never wavered, with quick bids placed one after the other,” he said.
The sellers were previous purchasers with Mr Lee, who had already purchased a smaller home to begin their downsizing journey.
Sold under the hammer for $855,000 - $5,000 over reserve
13 registered bidders, six active
Lead agent: Nick Borrelli - 0432 270 893
Ray White Campbelltown
Mr Borrelli said the local investor who sold his home believed he got a great result from his property that was built to sell.
“The majority of interested bidders were first home buyers and a few eager downsizers as this property was a great stock item for the area,” he said.
“With three bidders battling it out towards the end, the winning bid went to a young family purchasing their first home in Australia, after moving from the UK around five years ago,” he said.
