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With 499 auctions scheduled to go under the hammer today, the leading group posted a preliminary clearance rate of 63 per cent, while bidders numbers remained steady. Across the country, there were 3.6 registered bidders on average and of those bidders, 2.4 on average actively participated.
Today’s top auction result came out of the Ray White Collective auction event in Brisbane. No. 48 Teneriffe Dr, Teneriffe sold for $7 million through selling principal Matt Lancashire. The auction event netted more than $36 million in total sales with properties from across Brisbane’s prestige market selling under the hammer.
Meanwhile, the auction with the highest number of bidders was also in Brisbane. Following on from a hugely successful no reserve auction in October at 19 Billabong Dr, Crestmead that attracted 161 registered bidders, Ray White AKG agent Cory Boyd’s 16 Forestglen Cres, Browns Plains listing sold to a crowd of 32 bidders for $540,000.
Sydney
Ray White New South Wales state auctioneer Perry Edmondson-Clark said the rain didn’t wash away the buyers across Sydney today.
“We had 161 scheduled auctions across the state today with strong clearance and bidders across all segments of the market,” Mr Edmondson-Clark said.
“Preliminary data shows a 71 per cent auction day clearance rate and a 89 per cent all sold metric including those sold prior to their scheduled auction, this shows a huge amount of momentum in the market up until the end of the year despite the recent rate rise.
“Seeing this, sellers should be excited about coming to the market, it’s not too late to capitalise on the strong conditions and achieve an unconditional sale prior to Christmas. "
Sold for $2.61 million
Four registered bidders and three active bidders
Agents: Nathan Leuzzi (0412 975 190) and Dion Verzeletti
Ray White Upper North Shore - Pennant Hills
“The buyers have moved down from Brisbane, they rented here for a year and spent the year hunting for a home and they’ve finally found one,” Mr Leuzzi said.
“The sellers have bought locally, they were just looking for something a bit smaller so a downsize, but they wanted to stay in the area.
“The house was beautifully renovated with a lovely aspect and view. The auction kicked off strong with a $2.35 million bid and it just went up from there.”
Sold for $2.2 million - $100,000 above reserve
Five registered bidders and three active bidders
Agents: Nader Hotait (0402 636 320) and Amanda Rekes
Ray White Eastern Beaches
Auctioneer: James Hayashi, Ray White
The proceeds of the sale went directly to Sydney Children's Hospitals Foundation.
“The buyers were a young family looking to upsize and do a full renovation to make it into their family home,” Mr Hotait said.
“It started at $1.8 million and as soon as it hit $2 million it became quite aggressive with bidding back and forth.
“The underbidder was a downsizer looking for something on one level.
“The buyers loved that it was full brick and concrete and only one street away from Jellicoe Park. This is the first time the house had been offered so that was obviously a drawcard as well.”
Sold for $1.665 million - $65,000 above reserve
Nine registered bidders and six active bidders
Agents: Cristian De Nigris (0466 110 253) and Cooper Sergis
Ray White Eastern Beaches
Auctioneer: James Hayashi, Ray White
“The buyers were a couple from Dover Heights buying it for their kids to move into,” Mr De Nigris said.
“A lot of the other buyers were young families looking to move into it but we did have a couple of investors.
“The lady who bought it was actually undecided on whether to come or not, she had her kid’s cricket game but it was rained out in the end so she decided to come along.
“It’s in a good location, in a little block of three, the strata levy is quite low and it has an awesome outdoor space as well with a nice, big courtyard. It’s open on the east, north and west so only the southern part is connected.”
Melbourne
Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said there's no slowing down for the real estate market as auction numbers continue to surge 30 days out from Christmas.
“Ray White Victoria and Tasmania recorded 265 scheduled auctions for the week, an increase from last weeks 'Super Saturday' numbers of 254 auctions and a massive increase in volume of 33 per cent year-on-year,” Mr Tyrrell said.
“With a consistent high volume of auctions above 250 for the Ray White network each week throughout spring, maybe it should be dubbed 'Super Spring!'.
“The good news is that buyer sentiment remains strong and positive, despite a slight softening in the clearance rate over the past couple of weeks. This week, 66 per cent of auction properties have been sold, with more than 87 per cent of auctions having active bidding, a marked improvement from the previous week.”
Sold for $1.540 million - $140,000 above reserve
Two active bidders
Agents: Kevin Chokshi (0430 195 517) and Elise Russell
Ray White Cheltenham
Auctioneer: Kevin Chokshi
“The first bid was $1.45 million so straight off the bat it was $50,000 above the reserve. It knocked a lot of people out from the start leaving two very competitive buyers,” Mr Chokshi said.
“The buyers are a young couple with two kids. They missed out on a different property in Cheltenham this morning so they decided to bid and bid strongly. The underbidders were also a family with one kid.
“The home is very cute, the gardens are beautiful and at this time of the year swimming pools always add a lot of appeal. It’s also on the beach side of the highway so it's a very popular part of Cheltenham.
“The sellers are planning to move to the Mornington Peninsula.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said today, he expected a consistent clearance rate due to a reduction in the volume that might be a similar theme in the final weeks of 2023.
“The volume of registered bidders remains very consistent. So Ray White Brisbane members continue to showcase the market for sellers,” Mr Croft said.
“As we move into the back part of the year there’s some limited stock coming through before we hit the new year which presents an opportunity for sellers to capitalise before the end of the year.”
Ray White Collective auction event
“Today’s auction event attracted roughly 25 registered bidders and we transacted over $36 million worth of Brisbane property,” Ray White Collective principal and auctioneer Haesley Cush said.
“The day exploded with a sale of $7 million for 48 Teneriffe Dr, Teneriffe through Matt Lancashire. It’s a very versatile property, you can live in it as is or refurbish it.
“Some other standout sales were 23 Hazlewood St, New Farm which sold for $4.5 million with some really strong bidding while 1 Royston St, Brookfield sold under the hammer for $4.2 million.
“This year has seen the prestige market at one end of the market and apartments at the other end of the market perform better than any other sector.
“Today showed the continuing strength and belief that Brisbane still represents extraordinary value compared to southern capital cities with one buyer paying $7 million for a property that you can happily live in but the buyer will likely rebuild.
“We had buyers locally, from interstate and overseas bidding. And we expect these sales to continue right through to the new year.
“At the other end of the market, the interest has been so extreme that we have booked two more auction events between now and Christmas with one on December 14 specifically for apartments.”
16 Forestglen Cres, Browns Plains
Sold for $540,000
32 registered bidders and 10 active bidders
Agents: Cory Boyd (0466 275 233) and Keron Petzer
Ray White AKG
“The buyer was actually one of the underbidders who missed out on the massive 19 Billabong Dr, Crestmead auction we had a few weeks ago. He bought it as an investment and is considering flipping it,” Mr Boyd said.
“I think 50 per cent of the buyers today were people who missed out on Billabong Drive. The majority of them were investors but there were also some people who wanted to develop the block, some wanting to purchase it as their first home and some who wanted to flip it.
“We had around 40 bids in total and probably about 60 groups through during the campaign.
“I think the price is a big draw because it’s affordable for most people. It appeals to a lot of mum and dad renovators and so many other types of buyers. With the block size you can knock it down or renovate it and it’s good for first home buyers that have been priced out of the market with interest rates.”
Adelaide
Ray White South Australia chief auctioneer John Morris said it’s not just the VAILO Adelaide 500 motor racing event creating competition in the city.
“While its supercars and superstars shutting off the city, there are 67 smaller events happening on the front lawns of South Australia,” Mr Morris said.
“If the preliminary clearance rate is anything to go by, the streets are being shut off as we sell in excess of 70 per cent of those properties that are going to auction in and around Adelaide.
“This is slightly down from last week's numbers of 79 per cent. Registered bidders last week were around about the six mark, again slightly down on that this week which is sitting at about five. But we still have 50 per cent of registered bidders participating in the auction.
“So there's still a lot of people out and about on the streets looking to buy at auction and we continue to dominate the market. With nearly 40 per cent of all auctions throughout the state flying a yellow flag, proving once again that we are indeed the competition creators.”
Sold for $1.341 million - $141,000 above reserve
14 registered bidders and nine active bidders
Agents: Chris Xu (0433 770 616) and Don Xing
Ray White Adelaide City
“The buyer was upgrading to a bigger home. He loved the house and went through the open homes three times,” Mr Xu said.
“The price was a record for an individual home in Windsor Gardens.
“Overall, we had 60 people in attendance with 14 registered bidders and nearly 70 bids so it was very competitive. We had a lot of families looking at buying it.”
Sold for $835,000
Eight registered bidders and three active bidders
Agents: Rick Schultz (0468 616 740) and Rocco Monteleone
Ray White Port Adelaide | Largs Bay
“The buyer (pictured above left) was a guy who literally walked in 10 minutes before at the inspection and bought it as an investment,” Mr Schultz said.
“Investors have dropped off a lot because of interest rates, they are more looking down south and up north so it was a surprise to see an investor there, but again it wasn’t because of the type of property it was.
“But during the campaign all the interest was coming from buyers who wanted to move in.
“The seller was an owner occupier who had just bought a family home from me. She is thrilled as her initial selling price was $775,000.”
Sold for $691,500 - $41,500 over reserve
Six registered bidders and three active bidders
Agents: Linda Clemente (0409 099 046) and Oliver Bishop
Ray White Norwood
Auctioneer: John Morris, Ray White
“The auction was very competitive between the three active bidders right to the end. The last 15 bids were in $500 increments,” Ms Clemente said.
“The buyers were first home buyers who had been looking seriously for a couple of months. They bought for the location which is close to good schools and amenities.
“The underbidder was a woman moving to Adelaide after the whole family moved over from Melbourne. Her brother was bidding on her behalf.”
Perth
Sold for $3.825 million
Three active bidders
Agents: Vivien Yap (0433 258 818) and Claire O’Meara
Ray White Dalkeith | Claremont
Auctioneer: Mark Whiteman, Ray White
“The buyers were already in Mosman Park but were looking for a larger family home. The current sellers have four children who grew up in the house so it’s the next family coming in who also have four kids,” Ms Yap said.
“The campaign was very busy and overall it was a very emotional sale all throughout the process but everyone is very happy. The buyers even stayed to chat with the sellers long after the auction.
“The house has a gorgeous view of the river and it’s close to a lovely reserve.”
