Intense bidding at national auctions

Fierce competition from bidders across Australia resulted in soaring auction prices today.

With a consistent shortage of stock on the market, properties sold under the hammer surpassed reserve benchmarks and well and truly exceeded expectations.

Australia’s largest real estate group reported a preliminary clearance rate of 70 per cent nationally today.

Bidder numbers were evidently strong today, with 5.3 registered bidders per auction, and 3.2 of those actively participating on auction day.

The top sale under the hammer today was in Sydney where Ray White Willoughby director Lower North Shore agent John McManus took 11 Glover Street, Willoughby to auction and sold it for $4,830,000 to a determined local family, with 100 per cent of registered bidders heavily involved in the bidding war.

The action continued in Sydney with marketing agent Michael Mustapha from Ray White Parramatta registering the highest number of bidders for today. Mr Mustapha sold 9 Rifle Range Road, Northmead for $1,778,000 and had 35 ready-to-go buyers register for auction.

Ray White New South Wales Chief Auctioneer Alex Pattaro said Sydney continues to see a high number of average registered bidders across auctions, accompanied with large crowd sizes.

“Due to the currently low stock levels on the market, we are leaning towards a sellers market where prices continue to move in the right direction making it a great time for sellers to be transacting,” Mr Pattaro said.

“As we move into the winter months, we expect a normal winter selling season with more stock coming to market in spring.”

41 Babbage Rd, Roseville Chase (sellers pictured above with agents Jessica Cao and Lyndon Towns)

• 7 registered bidders, 5 active bidders

• Sold under the hammer for $2,310,000

• Lead agent: Jessica Cao (0466 877 260)

• Ray White Upper North Shore

It was a beautiful, sunny morning in Sydney and this auction attracted a strong crowd of 50 people, with a young Hills District family claiming the property with the winning bid.

“There are a lot of young families looking to buy in the North Shore market, as it’s a great environment to raise your kids with the beach, city and great schools close by. The young family today only started looking for a new home a few weeks ago, but knew what they wanted and secured their home with one single bid,” Ms Cao said.

The sellers were local investors who were extremely happy with the sale of their home, pocketing an additional $160,000 over the reserve price.

24 Haig St, Maroubra

• 7 registered bidders, 5 active

• Sold under the hammer $4,680,000 (Reserve $4,500,000)

• Lead agent: Nader Hotait

• Ray White Eastern Beaches

• Auctioneer: James Hayashi, Ray White

Mr Hotait said the auction was a fierce competition between five active bidders, who kicked off the auction in a back and forth bidding war.

“The result is clearly driven from a strong buyer demand, with a shortage of stock currently on the market,” Mr Hotait said.

The $4,680,000 result left the local Maroubra sellers over the moon, and sets them up to purchase their next family home.

53 Beresford Road, Thornleigh (pictured above)

• 12 registered bidders, 5 active bidders

• Sold under the hammer for $1,975,000

• Lead agent: Dion Verzeletti (0413 753 695)

• Ray White Cherrybrook | Thornleigh | West Pennant Hills

With plenty of active bidding to kick off today’s auction, it came down to two young families battling it out, with one renting couple purchasing their family home.

Mr Verzeletti said the home belonged to one family for more than 60 years and had been passed down from generation to generation.

“The owners had previously bought it off their parents and raised their children here, and now it’s being passed onto the next family to raise theirs,” he said.

“It’s a beautiful neighbourhood, surrounded by higher valued suburbs. However, it was an unexpected result today, selling for $200,000 over the highest offer prior to auction which just goes to show the value of the area.”

11 Glover Street, Willoughby (agent John McManus pictured above)

• 4 registered bidders, 4 active bidders

• Sold under the hammer for $4,830,00

• Lead agent: John McManus (0425 231 131)

• Ray White Willoughby

Mr McManus said the young sellers of this Willoughby home couldn’t believe their luck, as they witnessed the competitive bidding war that drove their sale over half a million dollars over the reserve price.

“Auctions drive competition and the bidding just kept climbing from all involved parties. If you have the right property, in the right location, then you’re almost guaranteed a result above expectations,” he said.

The buyers were a determined local family who mentioned to Mr McManus prior to the auction that they ‘would get this one’.

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said buyers braved Melbourne’s wintery weather conditions with reports of strong numbers and buyer activity across the 146 scheduled auctions.

“For sellers, competition remains strong as property listings continue to decline. On average, there were 2.9 active bidders across all auctions, with reports of some properties seeing in excess of eight bidders actively competing in the pursuit of home ownership,” he said.

“Clearance rates also remained strong, with the preliminary clearance rate for all properties sold this week coming in at 69 per cent.

“With Melbourne's population growing rapidly amid increasing migration numbers, market conditions are proving favourable for sellers.”

108 Centre Dandenong Road, Cheltenham (buyers pictured above)

• 4 bidders

• Sold under the hammer for $1,100,000

• Lead agent: Trevor Bowen (0417 501 327)

• Ray White Cheltenham

• Auctioneer: Dylan Jansma, Ray White​

“Nervous sellers were put at ease today, after their property sold for $1,100,000. They had already purchased their new home out of the area, with the intention of building their dream home,” Mr Bowen said.

He said the result was the greatest the area had seen for a standard home in a long time, also drawing a crowd of 53 people to watch it all unfold.

The winning bid came in right towards the end of the auction from a young man who brought along his parents, to celebrate his success.

9 Maddingley Rd, Attwood (pictured above)

• 5 bidders

• Sold under the hammer for $1,355,000 (Reserve $1,250,000)

• Lead agent/auctioneer: Malek Younan (0411 504 016)

• Ray White Gladstone Park

Mr Younan said it was an emotional auction, with the lucky buyer being a mum who bid her way into claiming her new home in the Attwood area.

The auction drew a crowd of 70 people with five bidders going head to head - eventually resulting in an additional $105,000 over the reserve price which the sellers will use to renovate their new home.

“We’ve been working with this local family for 17 years, and what we love the most is the trust they gave our team when it came to selling their well-maintained, family built home,” he said of the sellers.

100 Eglinton Street, Kew (buyers pictured above)

• 3 bidders

• Sold under the hammer for $1,905,000 (Reserve $1,850,000)

• Lead agent/auctioneer: Brad Cooper (0418 344 733)

• Ray White Balwyn

Mr Cooper said that the winning bidder today was a lucky woman who previously missed out on three properties over 12 months, and has now finally purchased the downsized home she’d been looking for.

“The sellers were happy we were able to get the right result for them, selling $55,000 over reserve,” Mr Cooper said.

“With no need for renovations, this home is perfect for low maintenance living in a popular, higher value location.”

18 William St, Bulleen (agent Jarrod Tyler and auctioneer Jeremy Tyrrell pictured above)

• 2 bidders

• Sold under the hammer for $1,405,000 (Reserve $1,350,000)

• Lead agent: Jarrod Tyler

• Ray White Manningham

• Auctioneer: Jeremy Tyrrell, Ray White​

Two buyers went head to head and fired up the bidding when it came to the end of the auction, resulting in a $1,405,000 sale price.

“The winning bid went to a man who grew up in the area and is returning back to his hometown. With his family still around the corner, it’s a very nostalgic purchase,” Mr Tyler said.

“The young sellers are ecstatic with the end result, leaving their home of 12 years as the family they raised there prepares to downsize.”

Ray White Queensland chief auctioneer Gavin Croft said it's been such a positive time in the auction space but it's being driven by low supply.

“What we're starting to see is that momentum is creeping in with auction volumes starting to rise,” he said.

“And those numbers look like they're on the increase which is a positive sign for buyers because supply has been limited.

“Today will be a very good litmus test for the auction market in Brisbane as we can see that volume is starting to increase.”

41 Bowley St, Hendra (buyer pictured above with agent Kevin Mahon)

• Eight registered bidders and three active bidders

• Sold under the hammer for $1.91 million

• Agents: Chrese Morley (0412 586 994) and Keith Mahon

• Ray White Ascot

• Auctioneer: Phil Parker, Ray White

Against a backdrop styled by renowned decorator Anna Spiro, the Hendra auction attracted a crowd of around 70 viewers with eight registered bidders.

“The buyer moved up from Sydney, she’d been renting for six months and waiting to find the perfect home so she’s thrilled,” Ms Morley said.

“The owner passed away but her sons were all there so it was a bittersweet moment for them. She actually had Anna Spiro come in and do the interior decorating.

“The house is a rare, low-set home for Hendra.”

6/22 Macgregor St, Wilston (pictured above)

• 14 registered bidders and six active bidders

• Sold under the hammer for $1.001 million

• Agent: Ian Cuneo (0416 139 656)

• Ray White Ascot

• Auctioneer: Phil Parker, Ray White

Bought by an interstate buyer, this three bedroom home was hotly contested with 14 bidders registering.

“Most of the interested buyers were owner occupier couples with a couple of investors, they loved the courtyard which is unusually large and the double car accommodation which was a bit of a drawcard,” Mr Cuneo said.

“The property next door sold three months ago for $848,000. It had a similar interior but a smaller courtyard. It was sold by private treaty at the first open so by us creating that competition at auction, the seller was able to achieve more for their property.”

15/52 Russell St, Everton Park (pictured above)

• 15 registered bidders and four active bidders

• Sold under the hammer for $780,000

• Agent: Lachlan Macdonald-Camden (0458 106 808)

• Ray White Ashgrove

• Auctioneer: Adam Downes, Ray White

Mr Macdonald-Camden said the buyer was someone who rents in the complex, “so he is as local as it gets.” The buyer is planning to live in the property.

“The auction came up well, it opened at $600,000 and by the end we had two bidders fighting it out to the sale price,” he said.

“It’s a really nice complex, it has a pool, a dog park and a gym. The property which is a hybrid between a townhouse and a house has high ceilings and the bedrooms are larger than a standard townhouse.

“Two of the three bedroom townhouses in the complex were sold in December for $695,000.”

Ray White South Australia chief auctioneer John Morris said the wet weather did nothing to deter buyers today.

“A cold, wet and windy front has hit Adelaide but has done nothing to dampen the spirits of buyers and everything to warm the hearts of those sellers lucky enough to choose an agent who knows auction is still the way to sell in this market,” he said.

“Metrics are down year-on-year but it is down from the huge numbers that we saw in 2022 and there is still extreme positivity in the market.”

7 Almond Grove, Glandore (sellers pictured above)

• Seven registered bidders and six active bidders

• Sold under the hammer for $1.07 million

• Agents: Adam Keane (0421 225 630) and Chris Daley

• Ray White Glenelg | Brighton

• Auctioneer: Rod Smitheram, Ray White

Almond Grove’s successful buyers were in luck after only seeing the property for the first time on Wednesday night.

“We had a lot of young professionals trying to buy this as their forever home. It’s a unique opportunity because a major renovation had been done but not quite finished so there were still a few cosmetic upgrades needed on the property,” Mr Keane said.

“It has a beautiful polished concrete extension out the back, an open plan kitchen, living and dining area but still has that sandstone character facade, surrounded by quality homes on a great street so that was really driving most people to the property.

“The buyers were a young family, this is their second time purchasing from me. They bought something previously that was just a bit too small and wanted to upgrade.”

8A Tarranna Ave, Park Holme (pictured above)

• Nine registered bidders and six active bidders

• Sold under the hammer for $802,000

• Agents: Adam Keane (0421 225 630) and Wayne Tuong

• Ray White Glenelg | Brighton

• Auctioneer: Rod Smitheram, Ray White

International buyers flocked to this Park Holme property with the winning bidders a family who had just arrived in Australia and looking to buy their first home.

“The sellers are thrilled with the result, when we broke the $800,000 mark they were ecstatic. This was an unexpected result.

“The two underbidders had missed out on about six or seven of our auctions in the last month.

“Many of the buyers loved the layout with an open plan living, kitchen and dining area, an alfresco area out the back with a bit of yard which is unusual for these types of courtyard properties.”

29 Winzor St, Salisbury (pictured above)

• Sold under the hammer for $600,000 - $70,000 above reserve

• 18 registered bidders and five active bidders

• Agents: Justin Irving (0412 289 674) and James Aubert

• Ray White Salisbury

• Auctioneer: John Morris, Ray White

Salisbury was the place to be for buyers today with nearly 20 bidders registering for the auction and a crowd of between 50 to 60 people.

“Location is always key, it’s in a popular part of Salisbury. It’s on a good size block of land and frontage which appealed to investors and developers,” Mr Irving said.

“We had one online bidder coming in from Sydney and a few families that missed out but the rest seemed to be investors. The buyers were local and I believe they plan to use it as an investment or development.”

• Six registered bidders and four active

• Sold under the hammer for $2.3 million

• Agent: Emma Milner (0421 213 000)

• Ray White Dalkeith | Claremont

• Auctioneer: Mark Whiteman, Ray White (pictured at top)

After registering halfway through the auction, the buyers were thrilled to finally purchase in their dream suburb.

“The sellers are City Beach locals and the buyers are quite local as well, they have been looking in City Beach for quite some time and are so happy. They have young kids and they were clapping and celebrating after the auction,” she said.

“They hadn’t registered but they came along anyway and just loved the property so they registered halfway through.

“All the bidders loved the views which are some of the best in City Beach.”

6/39 Megalong St, Nedlands

• Four registered bidders and two active bidders

• Sold under the hammer for $460,000

• Agent: Thomas Jefferson Wedge (0416 657 300)

• Ray White Dalkeith | Claremont

• Auctioneer: Patrick Derrig, Ray White (pictured above)

It was a local buyer (pictured above) who claimed the keys of this Nedlands property after only seeing it for the first time today.

“The buyer hadn’t even seen the property online yet. Her friend had organised for her to see four properties today, this was the first one and she fell in love with the location and presentation,” Mr Wedge said.

“The owner moved into the home in the early 1990s as a tenant and when it was sold he bought it so he didn’t have to move, later on he used it as an investment. The long term tenant had just moved to Queensland so he thought it was the right time to sell.

“The price point and location were the major draws. Nedlands is a blue chip suburb in Perth so to be able to purchase at this level and within walking distance to Matilda Bay, the hospital zones and UWA is great.

“Buyers were mainly those looking for investments for students or medicos looking for something near the hospital.”