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After an October that saw a lift in auction volume and bidder numbers, the first weekend of November appeared to be following this trend. The leading auction group recorded a 71 per cent clearance rate.
Meanwhile, there were 4.5 average registered bidders nationally and three active bidders. Sellers who chose to go all the way to auction day also netted on average nearly 11 per cent more than those who took a prior offer.
The top sale of the day was 76 Edward St in Bondi which sold for $3.75 million to a local couple through Ray White Touma Group director Roger Wardy. The auction attracted two registered bidders with both participating and pushing the sale price $150,000 above the reserve.
Today’s auction sale with the highest number of bidders was also in Sydney. Ray White Bankstown agent Craig Stephenson had an crowd of 21 registered bidders at his afternoon 43 Gascoigne Rd, Birrong auction. The three bedroom home sold for $1,342,500.
Ray White New South Wales state auctioneer Perry Edmondson-Clark (pictured below) said as we enter the first Saturday of the penultimate month of the year, a level of uncertainty was expected in the market given the upcoming RBA decision due on Tuesday.
“There were 167 scheduled auctions across the state today with an uplift across all of our data,” Mr Edmondson-Clark said.
“Preliminary data shows six registrations on average across today with 3.5 active bidders as well. If you are looking to transact in the next six to 12 months, this data simply confirms that now must be the time to come to the market.”
Sold for $3.73 million
Two registered and active bidders
Agents: Matthew Carvalho and George Pavlidis
Ray White Surry Hills | Alexandria | Glebe | Erskineville
Auctioneer: Tim Snell, Ray White
“We had two bidders and it went to a local couple who were upsizing (pictured above). We had about 80 groups through the house during the campaign - a lot of locals and we had a few downsizers coming from the upper north shore and northern beaches as well,” Mr Carvalho said.
“The renovation is spectacular and the house is wider than usual for this type of property so it feels really spacious and has a studio above the garage.
“It was competitive between the two bidders. The bidding started at $3.295 million and went up in odd amounts to $3.71 million when it was called on the market, which then stimulated a couple more bids until it sold.”
Shortly afterwards, Mr Carvalho also sold 8/20 Pyrmont Bridge Rd, Camperdown (pictured above with Mr Snell conducting the auction) for $1.035 million with eight registered bidders in attendance.
Sold for $3.686 million
10 registered and five active bidders
Agents: Nathan Leuzzi and Dion Verzeletti
Ray White Upper North Shore - Pennant Hills
“It sold for a suburb record, the previous record was $3.1 million,” Mr Leuzzi said.
“We had people coming from all parts of Sydney. They wanted to get a decent sized house with a yard and a pool but were mostly coming to the area for the good schools.
“The buyers (pictured above with the sellers) were a young family with two kids under five and a lot of the other bidders were similar.”
51 Weemala Rd, Chester Hill (pictured at top)
Sold for $1.390 million - $140,000 above reserve
20 registered and 10 active bidders
Agent: Jordon Le Breux
Ray White Bankstown
Auctioneer: Tony Roumanous, Ray White
“To give some perspective, a similar but slightly older house across the road sold for $950,000 about a year ago,” Mr Le Breux said.
“Over the course of the campaign, we had about 70 inspections and today we had more than 50 people in the crowd. The owners were shocked and thrilled by the result.
“This is the buyers’ first home, they are planning on renting it out for a bit then moving into it. They inspected two of my other Chester Hill homes going to auction along with this one so I had been in contact with them throughout.
“Even though this was developer stock, there was no interest from developers. I had a handful of investors looking at it but most were first home buyers.”
“It’s close to the shops, the station and in a good high school zone. It’s also a very clean, well maintained brick home.”
11/76 Birriga Rd, Bellevue Hill
Sold for $1,302,500 - $102,500 above reserve
Eight bidders
Agent: Angus Gorrie and Samuel O’Reilly
Ray White Eastern Beaches
Auctioneer: James Hayashi, Ray White
“We had a handful of young couples fight it out. It was a slow start and we struggled but then the auction just kicked off,” Mr Gorrie said.
“The buyers were a young couple (pictured above) renting in Rose Bay, this is their first home purchase.
“The apartment had a bit of charm and just a nice feel about it. I think people are nervous about not buying before the end of the year so it all lined up and was just perfect timing.”
Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said while the next few days on the Spring Racing calendar stops the nation, it hasn’t stopped real estate as the market continues to heat up.
“Although auction volume wasn’t as high as last weeks ‘Super Saturday’ numbers, there was plenty of action with 165 auctions scheduled for Ray White Victoria,” Mr Tyrrell said.
“Competition amongst buyers remained strong, with many wanting to secure their dream home before the Reserve Bank meets on Melbourne Cup day.
“Either way, property is always a safer bet as the market continues to gain momentum with a clearance rate this week sitting at nearly 75 per cent.”
Sold for $3.015 million
Four bidders
Agents: Helen Yan and Dennis Zhong
Ray White Balwyn
Auctioneer: Jeremy Tyrrell, Ray White
“All the bidders were families with school aged children. The successful bidders were coming from western Melbourne for the good school zone, which was the main drawcard for many buyers,” Ms Yan said.
Ray White Cheltenham principal Kevin Chokshi had a mammoth day, selling four out of five properties under the hammer.
Early in the day, 203 Lower Dandenong Rd, Mentone (pictured above) sold for $965,000 with three registered and active bidders while units three and four of 7 Barker St sold in back-to-back auctions for $600,000 and $700,000 respectively with two bidders each. The owners of the units were watching online from Paris.
The last auction of the day, 36 Churchill Ave, Cheltenham then sold for $1.48 million, which was above the $1.44 million reserve, to a young couple.
“There was a little hesitation today but overall it’s still been very active and the crowds were still there. Most of the auctions today had good crowds and the long weekend didn’t stop people,” Mr Chokshi said.
“The talk about interest rates was there but not enough to stop people transacting. We also had a lot of young couples attend the auctions, every single auction buyer was a young couple or first home buyer.”
Sold for $1,986,500 million
Three registered and active bidders
Agents: Darryl Wickham and Alan Zhang
Ray White Glen Waverley
Auctioneer: Matthew Condon, Ray White
“It was a monster auction, it went for nearly 50 minutes with well over 100 bids. It kicked off at $1.65 million and was called on the market at $1.88 million,” Mr Wickham said.
“The buyer bought it for the location, they are going to knock it down and build a luxury home on the block to sell.
“Owned by the original owner for over 70 years. She had gone into a nursing home so the family was selling it on her behalf.
“The location is great, it’s within the sought after Glen Waverley secondary school zone. It’s a great block of land, nearly 740 sqm and just a really nice land property.”
Ray White Queensland chief auctioneer Gavin Croft said the network has recorded a massive auction volume for the year with well over 5,000 auctions.
“It looks like we will be in excess of 6,000 auctions by the end of the year, giving us a wonderful insight into the year that's been here, particularly for Brisbane,” Mr Croft said.
“Last week we had a little bit of a softening in the marketplace where vendor’s expectations rose that little bit more and while bidder registrations remained high, vendor’s expectations probably extended out.
“So for the first time in a little while we saw clearance rates below just 60 per cent but still very admirable and very positive.”
Sold for $1.38 million - called on the market at $1.3 million
20 registered and five active bidders
Agent: Brooke Copping
Ray White Wilston
Auctioneer: Phil Parker, Ray White
“The buyers were a couple who had been looking for three years. The husband was actually on a fishing trip so the wife (pictured above) was there bidding and while she had been following the property online, she only saw it in person for the first time this morning,” Ms Copping said.
“She was calling her husband throughout the auction and he wasn’t picking up but she kept bidding, she finally got onto him before the end of the auction. They are going to rent it out for a little bit then do a renovation to turn it into their family home.
“We had a lot of young couples and young families who loved it. It’s within walking distance to the private schools in Kedron so that was a big draw. And the land size, people want a big block of land.
“They also love the Queenslander charm and character along with the potential - you can live in it as is or raise it and build underneath.”
26 Welby St, Broadbeach Waters
Sold for $2.325 million
Six registered bidders and three active bidders
Agents: Mitch Palmer (auctioneer) and Bailey Collie
Ray White Broadbeach Waters
“It was a competitive auction in a good location, in the heart of the Gold Coast. In the end it was a battle between an investor and a young family, the investor won out and the property sold above reserve,” Mr Palmer said.
“We had a split between families, investors and renovators. The home has lots of potential so it was those three buyer demographics battling it out.”
Ray White South Australia chief auctioneer John Morris said the network is running the busiest auction week of 2023.
“Of all of the auctions that are being conducted this week, Ray White is proudly displaying a yellow board out the front of 45 per cent,” he said.
“Incredible market share and the preliminary notes are saying that the yellow hammer is dropping on about 90 per cent of those properties.
“From a personal point of view, I've had 11 auctions so far this week, and all 11 of them have sold and the average price is well in excess of $1 million on all of the properties and the average registered bidders has been seven.
“So it’s still an extremely resilient and strong market in and around South Australia and it's not looking like any signs of slowing down prior to Christmas.”
3 First Ave, St Peters (pictured above)
Sold for $1.242 million
Six registered and four active bidders
Agents: Andrew Downing and Chris Xu
Ray White Adelaide City
Auctioneer: John Morris, Ray White
“I believe the buyers, who are locals of the area, were purchasing on behalf of their family. They’re going to put their elderly parents in it so they are close by,” Mr Downing said.
“There aren’t many properties in St Peters at this price point so a lot of young professional couples were looking to buy this as a foot into the suburb.
“But we mainly had people looking at it with the view of renovating it, there were a couple of investors who were thinking of buying it, doing it up and then selling it.”
Earlier in the day, fellow Ray White Adelaide City agent Sumit Khatri conducted his first auction with the group. He successfully sold 24A Cash St, Rostrevor for $871,000 with three of the seven registered bidders in attendance actively participating in the bidding, which was overseen by Mr Morris.
Sold for $1.2 million
Two bidders
Agents: Peter Kiritsis and Jordan Ekers
Ray White Woodville
The three bedroom West Beach home was sold to a family from regional South Australia who purchased it because the home is close to the school that the five children attend.
Shortly afterwards, Mr Kiritsis and sales associate Alex Ghinis sold 2 Olveston Ave, Beverley for $940,000 - $40,000 above reserve to a young Sydney family moving back to Adelaide. Mr Kiritsis said it was interesting that it was all young families interested in the home due to its position between the city and the sea.
“We’re still seeing buyer demand being extremely strong,” he said.
“We’re seeing on average four to five bidders on most properties but for those in the sub $800,000 range where you've got a lot of first home buyer interest, the amount of registrations jumps to about eight per property.
“There’s a lot of strength in the first home buyer range, which is extraordinary considering what rates have done.”
