Fierce bidding across the country

Ray White New South Wales state auctioneer Perry Edmondson-Clark said there were 171 auctions across the group for New South Wales and Australian Capital Territory today, representing a continued uplift in availability of stock in the market compared to earlier in the year and spring of 2023.

“Our data shows that the Ray White clearance rate continues to trend above the industry average, which shows that the agents that understand the fundamentals of selling real estate continue to put deals together in this changing market,” Mr Edmondson-Clark said.

“Sellers need to pay even more attention than usual to the agent they pick in this marketplace, as it’s likely to be the difference between a sale or no sale.”

11 Drew Street, Greenacre

• Sold under the hammer for $1.405 million

• Eight registered bidders, four active

• Lead agent: Jordon Le Breux - 0414 585 364

• Ray White Bankstown

• Auctioneer: Tony Roumanous, Ray White

Jordon Le Breux said the winning bidders were a young family who planned to do a little work to the home before moving in.

“This was a deceased estate sale; I knew the owner for a few years. She had passed on my details to her son, so it was very emotional for myself and the family,” Mr Le Breux said.

“While the market is steady, it does feel as though we are wading into uncharted waters.”

“It comes down to how hard the agent works. You cannot rely on internet listings, it is about sophisticated buyer work. There is a lot of stock like this on the market, which means you have to really work your database,” he said.

3 / 5 William Street, Randwick

• Sold under the hammer for $1.8 million (reserve was $1.7 million)

• Seven registered bidders, five active

• Lead agent: Angus Gorrie - 0418 282 853

• Ray White Eastern Beaches

Angus Gorrie, who managed the mortgagee in possession sale of this three-bedroom apartment, said more than 80 groups inspected the property throughout the campaign.

“The eventual winning bidder was a young family. Most bidders were young families or couples, who had factored in the work required to make the apartment more liveable,” he said.

The winning bidders were bidding via phone, as they were away on a cruise holiday.

51 Christine Street, Northmead

• Sold under the hammer for $1.5 million (reserve was $1.4 million)

• Three registered bidders, all active

• Lead agent: Brandon Hay - 0434 986 284

• Ray White Baulkham Hills

• Auctioneer: Perry Edmondson-Clark

Brandon Hay said the home was on the market for the first time in 54 years, resulting in an emotional sale for the family of the elderly owner who had moved into aged care.

“There were a lot of tears but it was an incredibly happy result for the family, who built the original home,” Mr Hay said.

The winning bidders were an older couple, moving to Sydney from Port Macquarie to be closer to their family.

“Both underbidders were families with young kids and first home buyers,” he said.

“The market is operating on a very case-by-case basis. Entry level properties and renovated homes are performing very well; most people are not wanting to fork out to do the extra work.”

9 Wallace Street, Concord

• Sold under the hammer for $2.63 million

• 12 registered bidders, six active

• Lead agent: Andrew Cary - 0409 822 494

• Ray White Centennial Park

• Auctioneer: James Kerley, Ray White

Andrew Cary said the winning bidder was looking for quite some time, and had missed out on a few properties recently. She was now going to list her current home for sale.

“They were long term owners, having a seachange to the Central Coast. This is a great location, with fantastic schools nearby,” Mr Cary said. “There was some media recently about a dip in the market in Concord, which evidently has caused so many buyers to end up chasing properties in the area.”

“The numbers we were getting through this home were incredible; with 30 groups through each weekend. If this is an indication of the market, it is absolutely pumping.

Alternatively, unit sales tend to have three or four bidders at the moment, with very strong results but less buyers,” he said.

Ray White Victoria chief auctioneer Jeremy Tyrrell said it could be mistaken that it's mid-winter in Melbourne as wild weather lashed the capital and wider parts of the state.

“Thankfully the real estate market is reminding us what season we're in, as auctions take centre stage with volume stretching north of 1200 across the state for the broader real estate network,” he said.

For the Ray White Group in Victoria, there were 255 auctions scheduled for the week, with 39 already conducted prior to the weekend.

“The number of active bidders across all auctions remains at constant level above two on average, wth the overall clearance rate coming in at 66 per cent,”

“The percentage of properties selling prior to auction has increased to over 11 per cent for the second consecutive week, with some sellers not willing to risk losing a buyer amidst an increase in listing numbers as we move deeper into spring,” Mr Tyrrell said.

Next week, auction numbers continue to build with 287 scheduled.

2 Madang Avenue, Balwyn

• Sold under the hammer for $2.203 million (reserve was $2.05 million)

• Two bidders

• Lead agent: Helen Yan - 0404 078 588

• Ray White Balwyn

• Auctioneer: Brad Cooper, Ray White

Ms Yan said she was nervous heading into the auction but two bidders bought hard for the quaint home on a large block.

“The sellers were a downsizing couple, and the eventual winning bidders were a young Chinese family,” she said.

“We were lucky to have had two very strong bidders, which is all you need for a great auction. We had about 50 people come through the campaign. Most of the buyers were attracted to the bigger land size.”

157 Nicholson Street, Coburg

• Sold under the hammer for $1.36 million (reserve was $1.25 million)

• Four bidders

• Lead agent and auctioneer: Raphael Houston - 0404 890 888

• Ray White Coburg

Raphael Houston said the winning bidders were a couple who were away in Noosa, with their parents in attendance bidding on their behalf.

“The winning bidders were first home buyers and are absolutely over the moon; most buyers were young couples or first home buyers,” he said.

“The seller was an elderly lady who had gone into a retirement home, with her children managing the sale. She had owned it for 15 years.”

“They took our advice and did a lot of renovations, they went the extra mile and spent around $50,000 to ensure it was presented beautifully and it paid off.”

Mr Houston said that while it delayed the sale for 2.5 months, the staging, painting and good quality marketing is key for a great result.

“We are big believers in putting your best foot forward, and the money and effort will really pay off on auction day,” he said.

7/30-32 Lyonsville Avenue, Preston

• Sold under the hammer for $705,000 (reserve was $680,000)

• Five bidders

• Lead agent: Ian Dempsey - 0447 556 210

• Ray White Preston

• Auctioneer: Mathew Marotta, Ray White

Ian Dempsey said the owners used to live in the property but had more recently held it as an investment, and were selling in order to renovate their home.

“The winning bidders were a young first home buyer couple, who were absolutely thrilled to secure the keys,” he said.

Mr Dempsey said a fair bit of stock has come onto the market for spring but good quality properties were still standing out.

“We have sold everything today, with lots of buyers around. Many buyers are presuming that this is the bottom of the market now before interest rates come back.”

254 Lake Lonsdale Road, Lake Lonsdale

• Sold under the hammer for $952,000

• Four bidders

• Lead agent: Adam Walker - 0417 105 012

• Ray White Ararat

• Auctioneer: Valentina Parra, Ray White

Mr Walker said the winning bidders were from the Portland area originally and had been living in Queensland, but having always loved the Grampians region, they decided to move back as empty nesters.

“The sellers are going to retire and travel, and find a new base, potentially in South Australia,” he said.

“In 20 years I haven’t seen a property with such direct lake frontage. The location was stunning, and we knew that this one would be a great contender for an auction.”

“After chatting the sellers through the auction method, we all agreed that this property was really special enough to take through. We are focused on bringing the power of auctions to the region,” he said.

Ray White Queensland chief auctioneer Gavin Croft said buyers were out in force today, with some extremely good outcomes right across Brisbane.

“We had a prolific 19 registered bidders for a home at Hendra today, which just shows the current appetite in the market,” he said. “The top end, between $2-3 million, is seeing extremely high bidder registration numbers.”

“The marketplace is responding; sellers can get a clear understanding of what their property is worth in this current market.”

“The only thing that will stop a sale is if the vendor expectations are too high. Sellers need to listen to the market feedback in order to make the next step,” Mr Croft said.

38 Harding Street, Hendra

• Sold under the hammer for $2.305 million

• 19 registered bidders

• Lead agent: Chrese Morley - 0412 586 994

• Ray White Ascot

• Auctioneer: Gavin Croft, Ray White Queensland chief auctioneer

Chrese Morley said that It was a deceased estate sale, and that it was a builder who eventually won the auction.

“They will rent out the house while they decide on their plans for the block and gain relevant approvals,” she said.

“We had people trying to register and bid at the last minute; we actually ran out of bidder registration forms and had to get some more from Gavin Croft.”

“There were a lot of local Hendra buyers, with neighbours seeing the value in getting a land acquisition in the future. Hendra is fast becoming the new Clayfield and Ascot, with land becoming very scarce.

We are getting plenty of offers, huge open home numbers. The auction process helps buyers and sellers understand the true market value very quickly.

22 Craigan Crescent, Aspley

• Sold under the hammer for $2.26 million

• 10 registered bidders, five active

• Lead agent: Avi Khan - 0400 666 809

• Ray White AKG

Avi Khan said that the auction for the 2,041sqm property lasted for over 30 minutes, with several parties negotiating with the auction and agents.

“Blocks of this calibre don’t hit the market often. The owners held the property for over 51 years,” Mr Khan said.

15 Avondale Crescent, Parkinson

• Sold under the hammer for $1.315 million

• Two registered bidders, both active

• Lead agent: Kaylea Sayer - 0400 727 333

• Ray White AKG

Kaylea Sayer said the fierce bidding between the two bidders, resulted in a win for a buyer who had only just inspected the property for the first time today.

“In an interesting twist, they were competing with a neighbour to purchase the property,” she said.

“The sellers are absolutely ecstatic with this result. They are moving to New South Wales and needed the home sold,” she said.

82 Admiralty Drive, Surfers Paradise

• Sold under the hammer for $4.3 million

• Five bidders, all active

• Lead agent: Robbie Graham - 0403 737 788

• Ray White Prestige Gold Coast

• Auctioneer: Andrew Bell, Ray White

Mr Graham described the home as a four-bedroom 'brick and tile' house on the water, with ‘rockstar’ homes for neighbours.

The bidding opened at $3.6 million, with the ultimate winning bidder a young family wanting to upgrade to the waterfront.

“It is the second time we have sold the home, with sellers now looking to buy closer to the schools,” he said.

“Admiralty Drive is one of the most prestigious streets on the Gold Coast, and there are only a handful of single level waterfront homes in Surfers Paradise,”

“All five of the bidders were all already from Paradise Waters themselves. Over 90 per cent of our $3m+ buyers are Gold Coast based buyers, which is a huge shift from when I started 24 years ago when it was predominantly Sydney and Melbourne buyers,” Mr Graham said.

17 O’Connell Place, Red Hill

• Sold under the hammer for $2.225 million

• Three bidders, two active

• Lead agent: Max Hadgelias - 0411 276 372

• Ray White Paddington

Max Hadgelias said the two active bidders had both made offers prior to the auction. The winning bidders are upsizing from a few streets away, and the sellers are downsizing to a few streets away.

“Clearly both our buyers and sellers absolutely love this area,” Mr Hadgelias said.

“It is a beautiful character cottage, and the buyers loved the big pool and the elevated location.”

“The market is solid at the moment; not as many bidders are attending auctions, however the ones that are attending, are bidding very actively and with their best foot forward.

“Buyers are in tune with where the market is at; and they are prepared to pay for what they want,” Mr Hadgelias said.

Ray White South Australia chief auctioneer John Morris said the state continues to dominate when it comes to bidder registrations and clearance rates.

“Ray White continues to dominate with a 40 per cent market share when it comes to auctions. Non-Ray White auctions are selling at 63 per cent, while Ray White auctions have been selling at 78 per cent,” Mr Morris said.

“The numbers looked like they were dropping with bidder registrations, dropping to 5 a few weeks ago, but last week they returned to 6.2 bidders per auction.”

“We are continuing to be the dominant market force when it comes to auctions, but we are also creating competition and selling more homes under the hammer,” Mr Morris said.

1 Fortrose Avenue, Seaton

• Sold under the hammer for $1.11 million (reserve was $950,000)

• 13 registered bidders, three active

• Lead agent: Daniel Search - 0423 598 564

• Ray White Black Forest

• Auctioneer: Sam Grover, Ray White

Daniel Search said that the winning bidder was a local family from the inner northern suburbs, who work locally and were looking to upsize.

“The seller bought the home in a very hot market, and decided it was more financially viable to downsize. It was too large for her,” he said.

“The market has slowed down in Adelaide. This result wouldn’t indicate that, but with lower buyer numbers, properties are taking longer to sell.”

“We are still seeing turnkey properties that are presented well, getting a premium price. Buyers are happy to pay a convenience tax” Mr Search said.

11 Stone Street, Blair Athol

• Sold under the hammer for $1.348 million (reserve was $1.098 million)

• 13 registered bidders, seven active

• Lead agent: Stefan Siciliano - 0403 171 489

• Ray White Prospect

• Auctioneer: John Morris, Ray White SA chief auctioneer

Stefan Siciliano said that it was a cracking, marathon auction with 115 bids placed in total.

“There were so many people wanting to get into this area, it is a “drive-to” rather than a “drive-through” suburb,” he said.

“The winning bidder was a local family, wanting to upsize into the area. He owns the Pizza shop that backs onto the house, which will be a quick trick to work for him,” he said.

The two next underbidders also own shops locally, so were all highly motivated.

22 Cawarra Crescent, Paralowie

• Sold under the hammer for $605,500 (reserve was $493,000)

• 23 registered bidders, five active

• Lead agent: Justin Irving - 0412 289 674

• Ray White Salisbury

• Auctioneer: John Morris, Ray White SA chief auctioneer

Mr Irving said that the winning bidder was a local investor, who will likely demolish and potentially subdivide.

“The seller has gone to respite care; she owned the home, and her son has lived there and it has become a bit of a hoarder house,” Mr Irving said. “We sell these homes ‘as is’ due to the condition.”

“It was only a 10-day campaign with four open homes. We had about 70 people through the home, and of those, a huge 23 registered to bid.”

16/42 Victoria Avenue, Claremont

• Sold under the hammer for $1.284 million

• Four registered bidders, three active

• Lead agent: Deborah Brady - 0405 570 903

• Ray White Cottelsoe | Mosman Park

• Auctioneer: Mark Whiteman, Ray White

Deborah Brady said that the winning bidder was phoning in from an offshore oil rig in Africa.

“The buyer had never seen the property in person due to being away for work, but we showed his family and friends through the apartment and he was determined to tune into the auction at 3am local time,” she said.

The under bidder was dialling in from a boardroom meeting in Sydney, and the third bidder was local in Perth.

“The seller was offloading her investment property; she had it rented out and decided now was the time to sell as the tenants were moving out. We did some painting, installed new carpet and staged it beautifully for sale.”