Fierce competition at Ray White auctions

Buyers were out in force at Ray White auctions today, with Australasia’s largest real estate group recording a whopping average of 5.3 registered bidders per auction, compared to an average of four registered bidders on the same weekend last year.

The increase in bidder numbers is reflective of the gap between supply and demand, with Ray White agents reporting the lack of properties on the market isn’t able to keep up with buyer demand.

The Ray White group scheduled 327 properties to go under the hammer today, recording a preliminary auction day clearance rate of 77 per cent.

Auction volumes were up 10 per cent on last week, breaking the trend of the seasonal slow down which usually occurs during the cooler months.

The top sale of the day went to Ray White Unlimited principal Ron Bauer who sold 54 Plowman Street, North Bondi under the hammer for $4.5 million.

The auction with the highest number of registered bidders was 24 Lanercost St, Geebung which recorded 31 registered bidders at its auction. The property sold under the hammer for $$2.025 million, a great result for Ray White Aspley listing agent Angela Duncan.

Ray White New South Wales chief auctioneer Alex Pattaro said there was plenty of activity in the market in the lead up to winter.

“As we close out the autumn selling season there remains plenty of positive signs for sellers,” he said.

“Based on the current number of bidders and clearance rates, we can confidently say it's more of a sellers market.

“The market that we are in is consistently the strongest we have seen since the peak of the market.

“We encourage sellers to come to list their properties and take advantage of the current conditions.

“Auction remains the best way to get the top price. Creating competition ensures sellers have received the market’s best.”

54 Plowman Street, North Bondi

• Sold under the hammer for $4.5 million

• Lead agent: Ron Bauer - 0414 345 444

• Ray White Unlimited

• Five registered bidders, four active

The winning bid went to a young family wanting to renovate the home.

“It’s an original house which needs a bit of work.” Mr Bauer said.

“It had a lot of potential and it was a decent block of land for North Bondi.

“It was in a great location, handy to all amenities.”

Mr Bauer said the market appeared really strong at the moment because there’s a lack of supply, but was uncertain what would happen when more homes started to hit the market.

13/39 Laura St, Newtown

• Sold under the hammer for $847,000 - $117,000 over reserve

• Lead agent: Astrid Joarder - 0410 351 519

• Ray White Surry Hills

• 27 registered bidders, five active bidders

• Auctioneer: James Keenan, Ray White

The property had been a first home for the sellers, who were upsizing. The winning bid went to a first home buyer (pictured above with the sellers) who had been looking for a year.

“The first reason the property attracted so much interest is that there’s not much stock on the market,” Ms Joarder said.

“But it was a red brick, art deco, apartment block with 18 units in a medium density block which had a very tasteful and likeable renovation.

“There’s such a high cost and lead time on renovations at the moment, so first home buyers are looking for something ready to move into, whereas historically it's been homes that needed a bit of work which would attract first home buyers.

“The auction went beyond expectations and both the sellers and the new owner are thrilled.”

10 Cameron St, Banksia

• Sold under the hammer for $1.5 million - $100,000 over reserve

• Lead agent: Nicholas Economos - 0409 553 555

• Ray White Rockdale

• 24 registered bidders, eight active

• Auctioneer: Perry Edmondson-Clark, Ray White

The winning bid went to a local family who were already living in Rockdale and upsizing from an apartment.

“It was a lovely quiet cul-de-sac and it has a beautiful charm with the exterior of the house being a federation home,” Mr Economos said.

“It was the first time the home has been offered to market in more than 40 years.

“It was a decent sized lock close to the city, the beach, and the airport. It has the ability to be renovated to make it their own.”

113 Victoria St, Beaconsfield

• Sold under the hammer for $2.02 million - $170,000 over reserve

• Lead agent: Hayden Richards - 0414 872 784

• Ray White Touma Group

• Registered 13 bidders, five active.

• Auctioneer: Perry Edmondson-Clark, Ray White

The winning bid went to a local owner occupier, while the sellers were a young family upsizing.

“There was nothing else on the market in the suburb,” Mr Richards said.

“There’s been a huge lack of supply which is driving higher bidder numbers at auctions.”

Ray White Victoria chief auctioneer Jeremy Tyrrell said there were encouraging signs in the auction market this week.

“Buyer activity remains strong with reports of fierce, competitive bidding across a number of auctions,” Mr Tyrrell said.

“Whilst there is still a shortage of properties for sale, auction volume increased slightly from the previous week with 156 auctions scheduled across the Ray White Victoria network.

“With more than three active bidders on average across all auctions, the preliminary auction day clearance rate is reflective of this surge buyer demand with 82 per cent of properties selling.”

16 Katrina Drive, Gladstone Park

• Sold under the hammer for $888,000 - $108,000

• Lead agent/auctioneer: Phillip Mercieca - 0402 419 827

• Ray White Gladstone Park

• 12 registered bidders, eight active bidders

Mr Mercieca sold the home to the vendors (pictured above) seven years ago, and they are now having a tree change to provide more space for their family.

The winning bid went to a local couple of first home buyers.

“This was the highest price achieved so far this year for the suburb,” Mr Mercieca said.

It was a lovely property and against the grain of what we typically see in the area.

“The vendors had done a full renovation and that's what attracted buyers to the property.

Mr Mercieca said the market had been great.

“This proves there’s still a lot of buyer demand,” he said.

“We’re very low on supply at the moment. It's a great time for sellers because there’s so many buyers out there.”

44 Golf Links Ave, Oakleigh

• Sold under the hammer for $2.04 million

• Lead agent: Jin Ling - 0457 777 712

• Ray White Carnegie

• Auctioneer: Tom Grieve, Ray White

• Five registered, six active

The buyers were a family of four who had recently migrated back from Scotland and had been searching for eight months, missing out at other auctions.

Mr Ling said the buyer’s building inspector said the 1920s-built home was the best condition period home they’d seen.

“The sellers had lived there for 26 years, they bought it from Ray White and were now looking to downsize,” he said.

“They had lived in the backyard in a caravan for nine months while they did the extension and renovated.

“They were meticulous with their attention to detail when doing the extension, sourcing the original floorboards. The posts they used are from the old Adelaide woolshed.

“It's a piece of beauty.”

24A Rae Ave, Edithvale

• Sold under the hammer for $1.04 million - $190,000 above reserve.

• Lead agent: Jin Ling - 0457 777 712

• Ray White Carnegie

• 25 registered bidders, 7 active,

• Auctioneer: Tom Grieve, Ray White

The sellers were a young family who had recently upsized. Mr Ling said it was the second time he’d sold for the family in the last 12 months. He said the buyer pool was mostly first home buyers and a couple of downsizers.

“The buyers were downsizers who loved the area and loved being close to the beach. They’re going to put their home on the market right away.

“They weren’t initially comfortable buying before they sold but thought this opportunity was too good to miss.

“The market has been great. The buyers have never really left but there has been a surprising level of undersupply which has led to really healthy competition for properties.”

Ray White Queensland chief auctioneer Gavin Croft said the Queensland market was starting to see some uplift in the volume of auctions.

“Off the back of low supply we’re just starting to see more auctions come through,” Mr Croft said.

“As a result of that there’s always a bit of anticipation as to what may unfold.

“At my own auctions today I had an average of seven registered bidders per auction, and an 80 per cent clearance.

“Buyers have been a mix of home buyers and investors, and something I’ve really noticed today is a number of investors are bidding and buying at auction.

“Rentability is at its absolute best and they’re seeing value in the future there.

“These are all really encouraging signs for the Brisbane market.”

96 Crosby Road, Ascot

• Sold under the hammer for $2.128 million - sold for $28,000 over reserve

• Lead agent: Nick Roche - 0449 900 984

• Ray White Ascot

• Seven registered bidders, five active

“The winning bid went to an investor from the Northern Territory bidding over the phone who bought it sight unseen,” Mr Roche said.

“The sellers (pictured above) were a local couple. They raised their kids in the house and are now downsizing.

“We’re getting really good demand for anything new and modern that people can move straight into. Those types of homes are seeing really strong results.”

24 Lanercost St, Geebung

• Sold under the hammer for $2.025 million

• Lead agent: Angela Duncan - 0400 630 676

• Ray White Aspley

• 31 registered bidders, seven active

The winning bid went to a young family who were upsizing, while the sellers were a young family who did a slow flip over three years.

“It's a really unique contemporary build,” Ms Duncan said.

“It has six bid rooms and heaps of living room and entertaining space.

“The buyer pool was mostly families with primary and highschool aged kids. A couple of bidders were also big families looking for a home appropriate for multigenerational living.”

27 Demigre Street, Eight Mile Plains

• Sold under the hammer for $1.52 million

• Lead agent: Aaron Yao - 0449 890 317

• Ray White Rochedale

• 13 registered bidders, seven active

• Auctioneer: Phill Broom

Winning bid went to a local family looking to upsize while the vendors were a couple downsizing.

“It was in a great location in the best pocket of Eight Mile Plains,” Mr Yao said.

“It was a big family home, 430 sqm in size.”

67A Lynelle Street, Marsden

• Sold under the hammer for $570,000

• Lead agent: Rebecca Cuderman - 0435 172 383

• Ray White Marsden

• Four registered and four active

• Auctioneer: Gavin Croft, Ray White

The sellers were a couple who were selling to downsize. The buyers were a local couple of owner occupiers who came in late and ended up winning the auction.

“Market has been quite buoyant,” Ms Cuderman said.

“We’ve had a lot more attendees at open homes and offers have started to pick back up.

“Marsden has held really firm.”

Ray White South Australia chief auctioneer John Morris said South Australia continued to offer an extremely resilient market for sellers throughout 2023.

“Lack of stock and an influx of buyers has created a perfect storm for those vendors who have been fortunate enough to be in a position to sell in the current market in and around Adelaide,” he said.

“Sellers seem to be choosing Ray White as their preferred auction marketers, with more than 40 per cent of all auctions throughout the state this year having a yellow flag flying outside of it.

“This week and last we hit a huge milestone for South Australia with just shy of one out of every two auctions listed by a Ray White agent.

“With an average of seven registered bidders per auction, and sales prices soaring past reserves, if anyone is thinking of selling - now is the time.”

41 Charles Street, Forestville

• Sold under the hammer for $976,000 - $126,000 over reserved

• Lead agent: Andrew Downing - 0404 882 311

• Ray White Adelaide City

• Nine registered bidders, five active

• Auctioneer: John Morris

The winning bid went to a couple of first home buyers (pictured above).

The sellers were clients Mr Downing had sold for before.

“They bought it for their daughter 15 years ago as her first home, but it has been a rental for the last few years,” Mr Downing said.

“It’s a very beautiful home. It’s right next to the showgrounds and 2km to the CBD. It’s such a great area.

“Forestville is so tightly held you’d be lucky to have 10 properties hit the market a year. Four registered bidders were from interstate.”

6 Carinya Cres, Rostrevor

• Sold under the hammer for $866,000

• Lead agent: Linda Clemente - 0409 099 046

• Ray White Norwood

• 10 registered bidders, six active

• Auctioneer: John Morris, Ray White

The seller was heading into retirement living and had lived in the home for 55 years.

The property was bought by a young couple about to get married (pictured above with the seller).

“Most of the buyer pool were first home buyers,” Ms Clemente said.

“It’s a gorgeous quiet cul-de-sac close to walking trails and great school zones.

“The market has been very strong, but we’re speaking to more buyers than sellers at the moment. There’s definitely a gap between supply and demand.”

36A Fifth Ave, Cheltenham

• Sold under the hammer for $1.19 million - 190,000 over reserve.

• Lead agent: Nick Psarros - 0400 506 555

• Ray White Port Adelaide

• 13 registered bidders, five active

Buyers were a family who had been looking to buy in the area.

“It was a lovely quality built home on a generous 600sqm allotment,” Mr Psarros said.

“It had nice big family areas which brought all the buyers in.”

25 Kardan Circuit, Karawarra

• Sold under the hammer for $1.0625 million

• Lead agent: Matt Kalos - 0467 885 527

• Ray White South Perth

• Nine registered bidders, five active

• Auctioneer: Mark Whiteman, Ray White

Winning bid went to investors (pictured above) who hoped to rent the property out (pictured above). The sellers built the home in 2000 but have decided to downsize while also having a treechange.

“The buyer pool was made up of a mix of owner occupiers and investors but predominantly owner occupiers,” Mr Kalos said.

“It was in a great location and is a big five bedroom two bathroom home. There’s also low stock on the market which is driving competition.

43 Reserve Street, Claremont

• Sold under the hammer for $2.44 million

• Lead agent: Vivien Yap - 0433 258 818

• Ray White Dalkeith Claremont

• Four registered bidders,

• Auctioneer: Mark Whiteman, Ray White

A crowd of around 50 people gathered to watch the auction. The winning bid went to a young family.

"The property is in the heart of Claremont near all the good private schools. its a beautiful contemporary home," Mr Whiteman said.

​"The buyer pool was most families looking to get into the area for those schools, shopping and proximity to the city. "