Residential
Explore
Australasia’s leading auction group had 364 auctions scheduled today, recording a preliminary auction day clearance rate of 76 per cent. Those who took their properties through to auction day received 10 per cent higher than any offers received prior to the auction.
With strong auction activity in full swing across the nation, there was an average of 4.4 registered bidders and 2.8 active bidders attending Ray White auctions.
The top auction sale was in the Sydney suburb of Wahroonga. Ray White Upper North Shore’s David Walker and Mindy Shi sold 16 Braeside Street, Wahroonga under the hammer for a whopping $9,500,000. “With five registered bidders at this price point, it just goes to show that the top end is still firing,” Mr Walker said.
Meanwhile the auction with the most registered bidders was in Victoria. Trevor Bowen of Ray White Cheltenham registered 24 bidders at their 65 Lorna St, Cheltenham auction, which sold for $1,221,500, achieving $271,500 over reserve.
NSW
Ray White New South Wales State Auctioneer Perry Edmondson-Clark said the scorching temperatures across Sydney today certainly didn’t take the buyers out of action, as they were present at our Ray White auctions with just as much heat in the market.
“We saw a lot of enthusiastic bidding, despite seeing our average registered bidders drop slightly, the genuine bidders who are in attendance are clearly there on an endeavour to purchase,” he said..
“With our preliminary auction day clearance rate up by over 20 per cent compared to this time last year, this should instil a high level of confidence into Sydney homeowners who are considering coming to the market.
“We continue to see the auction process pushing buyers above what they may have offered prior to auction day, which as we enter into the busier spring months it’s important that sellers remain committed to the auction process as we continue to see premium prices being achieved on auction day.”
Sold under the hammer for $3,510,000 - $60,000 over reserve
Four registered bidders, two active
Lead agent: Jessica Cao - 0466 877 260
Ray White Upper North Shore
Ms Cao told the sellers of this Chatswood home to trust the auction process and they’ll get the outcome they’re looking for, ending in a sale result well above their initial expectations.
The lucky buyers were a local family who only saw the house for the first time half an hour before the auction. Thinking that the convenient Chatswood location was out of reach they had almost given up on the area, however stumbled across the listing online the night before and saw themselves building their dream home, taking out the devastated underbidders come auction day.
"It was a super close and competitive auction, with bidders stretching their limits in hopes to secure the Chatswood home,” Ms Cao said.
Sold under the hammer for $2,180,000 - $280,000 over reserve
10 registered bidders, 5 active
Lead agent: Mario Carbone - 0415 457 417
Ray White Drummoyne
Auctioneer: Alex Pattaro, Ray White
Hitting the market for the first time since the original build in the 1970s, the family who called this place home sold their rare piece of Drummoyne real estate for $280,000 over reserve.
“The auction kicked off with five bidders battling it out for this property sitting right on the water. There was strong participation from all groups, with strong increments throughout, until the hammer dropped selling to a local woman ready to move in,” Mr Carbone said.
Sold under the hammer for $1,145,000 - $155,000 over reserve
19 registered bidders, six active
Lead agent: Jordan Le Breux - 0414 585 364
Ray White Bankstown
Auctioneer: Tony Roumanous, Ray White
Mr Le Breux said the vendors were left quite shocked after the sale of their home achieved a $1,145,000 sale price under the hammer.
“With an unbelievable campaign so far, and strong competitive bidding, the result just demonstrates exactly how Ray White creates competition, even for entry level homes, they’re performing in this market,” Mr Le Breux said.
The neighbour bought his current home recently for just over $1 million and had now also secured this property next door, with intentions to keep his family close and occupy both homes.
Mr Merriman was appointed by an investor to sell his two properties backed directly onto each other in the Sydney suburb of Normanhurst. The previous owner decided that now was the right time to sell and cash in on the investment.
“The campaign and timing of the market all worked in favour of the client. Despite our expectation, the properties sold independently with one of them reaching a new suburb record, selling $91,000 over the previous standing record, and the other reaching almost $300,000 over the reserve price,” Mr Merriman said.
29 Normanhurst Rd, Normanhurst
Sold under the hammer for $3,081,000 - $81,000 over reserve
3 registered bidders, 3 active
Lead agent: Thomas Merriman - 0401 840 859
Ray White Upper North Shore
18 Buckingham Ave, Normanhurst
Sold under the hammer for $2,295,000 - $295,000 over reserve
6 registered bidders, 2 active
Lead agent: Thomas Merriman - 0401 840 859
Ray White Upper North Shore
VIC
With the spring selling season now fully underway, it’s been pleasing to see the increase in listings leading to further activity across the residential real estate market. Ray White Victoria and Tasmania CEO Stephen Dullens said that very strong results were being achieved across a greater number of sales.
“We’ve seen a significant increase in listings coming to market right across Melbourne and Victoria, leading to a sharp increase in the number of auctions we’re conducting,” Mr Dullens said. “This week we’ve seen over 180 scheduled auctions, up around 16 per cent compared to the same week last year.”
Interestingly, the last week of August and first week of September saw a surge in auctions, with the Ray White Group scheduling over 450 auctions across this period in Victoria - higher than any two week period since December last year.
“With much commentary around a lack of stock on the market in recent months, many vendors have chosen to enter the market early in Spring. Pleasingly, we are still seeing strong results with a preliminary clearance rate of 79 per cent across Victoria,” Mr Dullens said.
Sold under the hammer for $1,221,500 - $271,500 over reserve
24 registered bidders, 11 active
Lead agent: Trevor Bowen - 0417 501 327
Ray White Cheltenham
Auctioneer: Angela Limanis, Ray White
“This was one of my best auctions I’ve seen in 11 years of real estate and we haven’t hit the top of the market yet. At one point the bidders carried the auction as the competition fired up and went back and forth before Angela could get the words out,” Mr Bowen said.
This beautiful sunny day drew out a crowd of 137 people to watch the intense auction that saw highly competitive bidding between 11 groups, eventually selling under the hammer 101 bids later for $271,500 over reserve.
“The sellers took on every bit of advice and followed everything we proposed to them for this campaign. Despite receiving 10 offers after their first inspection, they agreed to take the property to auction. This is the perfect example of trusting us to do our job.”
The home passed on from one family to another, having sold for the first time since it was built in 1968 to a lovely young couple planning to renovate and make this their family home.
1 Linton Close, Chelsea Heights
Sold under the hammer for $950,000 - $150,000 over reserve
Eight registered bidders, four active
Lead agent: Eddy He - 0449 011 949 and Leigh Kelepouris - 0422 283 480
Ray White Oakleigh
Auctioneer: James Rasool, Ray White
Mr Kelepouris said the auction was thick and fast with bids flying in from all different directions in a fiery competition. “The vendor was extremely happy with her sale under the hammer, as she is now moving to live closer to her children,” he said.
The downsizing buyer had previously sold her house with Ray White and was referred to this property. After closely competing with three other groups, she wiped them out with a knockout bid of $950,000.
“Auctions are clearly the best method of sale. When you follow the process, you’re achieving the maximum result, despite the market.” Mr He said.
A phenomenal auction result for James Rasool as he conducted his first auction of his long career ahead. Having known the area quite well and competing in several novice auctioneer competitions (including REIV), it was as though he had been calling auctions for years.
Sold under the hammer for $1,300,100 - $150,100 over reserve
Four bidders
Lead agent/auctioneer: Kevin Chokshi - 0430 195 517
Ray White Cheltenham
Mr Chokshi said the vendors weren’t the only ones left in shock after the auction sold for $150,100 over reserve, as the sellers picked Mr Chokshi up after the auction in excitement. After owning the family home for many years, and having used it as an investment over the last few of them, they decided now was the right market to sell.
“We’re seeing a lot of homeowners and investors in Victoria deciding to offload their properties and cash in on their investments,” Mr Chokshi said.
The auction really took off towards the end, with the winning bid going to a young couple ready to move in.
QLD
Ray White Queensland Chief Auctioneer Gavin Croft said the Queensland auction market continues to go from strength to strength. We’ve had some really great momentum right over the course of the year and as we continue to see this happen, there’s no reason why we won’t see this consistently throughout the remainder of 2023.
“I personally conducted seven auctions today with a 100 per cent clearance rate, and an average of five registered bidders, which seems to be that magical number at the moment that is being consistently achieved across auctions right across Queensland. This should be extremely encouraging to homeowners as it’s clear there is not enough stock in the current market. It also tells you that our sellers who are coming to market now and not waiting continuing to be rewarded,” Mr Croft said.
“That affordable end of the market remains particularly strong, so we’re seeing a really nice balance between affordability and the top end, showcasing a good range of depth right across both the north and south regions. It doesn’t matter where you are across south-east Queensland, if it’s priced right there seems good energy in majority of markets across the auction space,” he concluded.
Sold under the hammer for $680,000
Five registered bidders, four active
Lead agent: Ian Keenan - 0412 011 252
Ray White MetroWest
For the first time in almost 40 years, this 1960s home sold for $680,000 in Brisbane’s leafy western suburbs, after four bidders went head to head to secure the fixer-upper.
“With a good crowd watching on as today’s auction unfolded, the competition between four interested buyers eventually had a local Brisbane company secure the winning bid, with big plans for their investment,” Mr Keenan said.
Sold under the hammer for $1,870,000 - $120,000 over reserve
19 registered bidders, six active
Lead agent: Alistair Macmillan - 0410 636 221
Ray White Wilston
Auctioneer: Phil Parker, Ray White
Mr Macmillan said it was a ripping auction campaign, with over 150 inspections throughout and a strong opening bid of $1,500,000. Due to the competitive bidding that followed, the property sold under the hammer for an additional $370,000.
“The property was extremely well received in the marketplace as quite a niche opportunity presented itself in this entry level property for a blue chip location, with a substantial amount of interest from downsizers and young families,” Mr Macmillan said.
The winning bid went to a young family who had already missed out on a few of Mr Macmillan’s other auctions they participated in. After actively searching for three months, they finally secured their new family home in the Wilston suburb they hope for, bringing along their one week old newborn to auction day.
SA
Ray White South Australia Chief Auctioneer John Morris said over 40 per cent of all actions throughout South Australia this financial year so far have been held by Ray White agents. We truly do dominate the auction space in and around Adelaide and it is apparent when you drive around on a Saturday, cruising through the sea of yellow flags and boards absolutely everywhere.
“While tracking the clearance rates within Ray White against the clearance rates of our competitors, it seems that homeowners have a higher chance of selling their property on auction day choosing a Ray White agent, as opposed to using another agency,” Mr Morris stated.
“We’re seeing some unbelievable numbers with an average of seven registered bidders per auction, and selling well in excess of 80 per cent of all properties that go through to auction. The momentum in the auction space right now just seems to continue. Bidders are turning up in droves, injecting confidence in sellers that the auction method does work, especially in this market,” he concluded.
3 Tyler St, Henley Beach South
Sold under the hammer for $1,480,000 - $80,000 over reserve
Eigh registered bidders, five active
Lead agent: Adam Keane - 0421 225 630
Ray White Glenelg | Brighton
Auctioneer: Rod Smitheram, Ray White
Mr Keane said the auction couldn’t have gone better, as five bidders participated at auction, with two groups in particular going toe to toe to finish it off with a result of almost $1.5 million.
“There were a few nerves on auction day, as a property just around the corner recently passed in at auction, however we committed to the Ray White way and in trusting the auction process generated a great result for our clients,” Mr Keane said.
The previous homeowners of over 50 years were ecstatic with the result and happy to sell their property to the next family, planning to establish their forever home.
2/15 Seaforth Avenue, Hazelwood Park
Sold under the hammer for $815,000 - $15,000 over reserve
6 registered bidders, 5 active
Lead agent: Brandon Pilgrim - 0438 807 061
Ray White Norwood
Auctioneer: George Kargiotis, Ray White
Mr Pilgrim said the auction brought out the battle between five bidders today, going back and forth in small increments until the property sold under the hammer to a woman who was living locally with her son, now making her first property purchase in Australia.
“There was a significant amount of interest flooding in from downsizers and first home buyers in particular, which we’re seeing a lot of when listing entry level stock,” Mr Pilgrim said.
“The previous homeowners thought tis market was the perfect time to sell, after having owned the property for quite some time,” he continued.
Sold under the hammer for $925,000 - $55,000 over reserve
10 registered bidders, 6 active
Lead agent/auctioneer: Rod Smitheram - 0417 626 037
Ray White Glenelg
Mr Smitheram said the buyer had a proxy bidder at the auction on his behalf, however decided to also attend the auction and flew in from Brisbane to watch it all unfold.
“Plympton Park is flying at the moment. It’s a great little area that’s starting to make it’s mark on the map, and picking up it’s performance in the real estate market, with expected upgrades to the racecourse nearby,” Mr Smitheram said.
