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STRONG buyer demand propelled the national clearance rate to the highest it has been in 18 months. Australia’s largest auction group, Ray White, booked a preliminary clearance rate of 78 per cent nationally today, a level not seen since November 2021.
The property giant had 297 auctions scheduled today for the first day of the new financial year across Australia.
Bidder numbers were incredibly high today, with 5.1 average registered bidders per auction, and 3.0 of those actively participating on auction day.
The top sale under the hammer today was in Sydney where Ray White Centennial Park agent Dean Jarman took the stunning Victorian terrace 11 Olive St, Paddington to auction and sold it for $3,750,000 to a young expecting family, after the property received more than 300 enquiries.
The action continued in the harbour city with sales agent Alex Iannuzzelli from Ray White Upper North Shore registering the highest number of bidders for today. Mr Iannuzzelli sold 10 Waddell Crescent, Hornsby Heights for $1,506,000 and had 30 ready-to-go buyers register for auction.
Ray White New South Wales State Auctioneer Perry Edmondson-Clark said the Sydney market was gaining a huge amount of traction leading into the typical busier months of selling season.
“Across all markets, including the sub-$800,000 price point with the new NSW stamp duty concession coming into effect today were busy. Multi-million dollar sales were also busy, we’re seeing high registration and active bidding numbers.
“The auction method continues to provide unmatched levels of competition for vendors and transparency on true market value for buyers,” he said.
Sold under the hammer for $3,750,000
Eight registered bidders, four active
Lead agent: Dean Jarman - 0414 544 764
Ray White Centennial Park
Auctioneer: James Kerley, Ray White
Mr Jarman said it was a buoyant campaign which sparked a lot of interest from more than 300 potential buyers. Some 120 groups inspected the stately Victorian terrace during its campaign.
“It was a nice send off for the property owned for almost 30 years, who were very good clients of mine,” he said.
“The buyers were a beautiful young family about to welcome their second child. It was an emotional purchase for them as underbidders on a few auctions of mine, so it was good to see them get over the line.”
10 Waddell Crescent, Hornsby Heights
Sold under the hammer for $1,506,000 ($406,000 over reserve)
30 registered bidders, 10 active
Lead agent: Alex Iannuzzelli - 0416 722 709
Ray White Upper North Shore
Mr Iannuzzelli said the result of this auction was all the sellers could have hoped for, achieving their dream price of $406,000 over the reserve price. The current owner occupier plans on moving out of Sydney, after he caravans around for the next few months adding that he “can add a few more destinations to the list now”.
“With over 50 bids in today’s auction, you can see this home provoked a lot of interest as an original build with lots of potential for a knockdown rebuild or renovation,” Mr Iannuzzelli said.
“The lucky buyer had already sold their current property and was looking to move somewhere with lots of space for the kids, with plans to fully renovate,” he said. This was the highest number of registered bidders in the country today.
Sold under the hammer for $880,000
Three registered bidders, two active
Lead agent: Catherina Khouzami - 0423 355 449
Ray White Liverpool
Auctioneer: James Kerley, Ray White
Ms Khouzami said this original building was in the hands of the same family since the beginning. The retired couple had their best friend of 30 years help them through the sale, now looking to rent and enjoy their lives spending the extra money.
“The 60-year old first home buyers were over the moon with their newly bought home after a fiery auction,” Ms Khouzami said.
“They had told me last week that they were going to purchase one of my listed homes, after I had just a few conversations with them,” she said.
Sold under the hammer for $1,905,000
Five registered bidders, five active
Lead agent: Amy Vella - 0420 573 996
Ray White Maroubra
Auctioneer: Perry Edmondson-Clark, Ray White
An emotional sale with mixed feelings, as the sellers celebrated the $1,905,000 auction result reaching $205,000 over reserve, with the parting of their family home.
Ms Vella said a young local couple, who live in the street already, had been looking to buy for nearly a year. They were hopeful in securing this property and luckily came through with the successful purchase at the end of a bidding war with four other interested parties.
“A house in the same street sold just over a week ago for $1,400,000, so it was a greatly unexpected result, selling $205,000 over the reserve price,” Ms Vella said.
Ray White Victoria Chief Auctioneer Jeremy Tyrell said the first day of the new financial year didn’t disappoint as buyer activity remained strong.
“Market confidence also returned as the clearance rate jumped back over 80 per cent. Low stock levels are definitely favouring sellers on the market, with three active bidders on average across all our auctions today.
“It will be interesting to see how the market responds following this coming Tuesday's Reserve Bank meeting. Either way, the lowest level of property on the market since COVID-19 is definitely fueling great results in the current climate,” he said.
Sold under the hammer for $1,430,000
Seven bidders
Lead agent/auctioneer: Hugh Francis - 0401 265 338
Ray White Forest Hill
Mr Francis said that there were not a lot of quality homes on the market which was driving the strong prices and large crowds with close to 100 people attending today’s auction.
“The buyer was a local couple watching the auction online from overseas, and looking to upsize. They had their brother there bidding on his behalf,” he said.
“The owner was ready to sell after a 30-year investment and added that it should be enough for him to now retire,” he said.
75 Segarta Cct, Ferntree Gully
Sold under the hammer for $960,000
Five bidders
Lead agent/auctioneer: Jack Rickard - 0425 350 047
Ray White Ferntree Gully
Mr Rickard said that there were mixed emotions from the owners today, who only expected to sell for $900,000. “It was a great result for an unrenovated home, but they were selling their family home as their parents were no longer around,” he said.
“There isn’t a huge turnover of properties in that pocket, so they are highly sought after,” he said. The buyers were moving out of the rental market now they had bought their home.
Sold under the hammer for $965,000
Three bidders
Lead agent/auctioneer: Josh Hommelhoff - 0405 383 294
Ray White Carnegie
Auctioneer: Matt Hurlston, Ray White
Mr Hommelhoff said despite the rain the auction fired up in a battle of the bidders until the end.
“The local buyer was at work and had her mum bid on her behalf. She was purchasing her second property and this one just ticked all the boxes, wanting to stay in Carnegie,” he said.
“The family who sold can now start their next property journey, looking to upsize and fully renovate with their three young children.”
Ray White Sunnybank Hills | Robertson | Calamvale sold almost $19 million worth of property at their latest in room auction event today with 19 properties for sale, and an 84 per cent clearance rate. The highest price achieved today was $2.125 million for 43 Faringdon St Robertson sold by John Heng of Ray White Sunnybank Hills, while principal Eric Li sold 138 White Cedar Cct, Stretton sold for $1.68 million. Ray White Queensland Chief Auctioneer Gavin Croft was the auctioneer.
Sold under the hammer for $1,410,000
15 registered bidders, five active
Lead agent/auctioneer: Alistair Macmillan - 0410 636 221
Ray White Wilston
Auctioneer: Jason Andrew, Ray White
Mr Macmillan said there was a strong demand for properties with no work required. “People aren’t interested in renovating or home improvement in this current market,” he said.
The owners had already purchased a property in Grange from Mr Macmillan, so were happy to sell and move into their new home.
“It was a battle between two couples towards the end of the bidding, with a lucky young family now relocating from Graceville into their new home,” he said.
409 Musgrave Rd, Coopers Plains
Sold under the hammer for $875,000
12 registered bidders, five active
Lead agent: Bevin Powell - 0405 650 609
Ray White Annerley
Mr Powell said the owners of the property were glad they held onto the property as they had tried to sell it last year, however the best offer was $75,000 below what they sold for today.
“The market is tight everywhere with no quality stock, so we’re seeing great results for most properties going to market,” he said.
The local family who bought were the underbidders at a previous auction and had missed out just the week before.
Sold under the hammer for $1,511,000
Nine registered bidders, five active
Lead agent: Holly Bowden - 0431 922 110
Ray White Wilston
“People are looking to avoid a renovation in the current market and are happy to move straight into quality homes,“ Ms Bowden said.
The winning bidders were ticking off milestones as the newlyweds just bought their first home to move in together. “They took my bidding advice and leaned on me for support through the process, securing them the purchase,” she said.
Also looking to move on to the next chapter were the previous owners who built the house 15 years ago, and were now downsizing.
Ray White South Australia chief auctioneer said it’s looking like the beginning of the financial year frenzy in South Australia with many sales across the state today.
The preliminary clearance rate is sitting around 80 per cent, with eight average registered bidders and averaging four participating bidders per auction.
In the previous financial year the group had a consistent clearance rate around 70 per cent and average registered bidders consistently above six, with half of those actively participating.
“It’s looking likely that South Australia is going to continue to grow from strength to strength.
“The buyers seem extremely confident out there. We’re getting a lot of bidders turning up on auction day, and strongly participating while they're there paying good prices for good properties,” he said.
Sold under the hammer for $620,000
13 registered bidders, nine active
Lead agent: Brijesh Mijra
Ray White Para Hills
Auctioneer: John Morris, Ray White
Mr Mijra said the sellers were nearly left breathless with the result, selling $70,000 over reserve, having bought the property from Mr Mijra only four years ago.
“We held a short campaign, with the property only on the market for nine days, and received four offers prior to auction day,” he said.
The lucky first home buyers were local to the Modbury area.
3 Oceanview Crescent, Mount Osmond
Sold under the hammer for $1,248,000
Five registered bidders, three active
Lead agent: Damien Fong - 0403 257 665
Ray White Norwood
Auctioneer: George Kargiotis, Ray White
Mr Fong said competitive bidding throughout this auction resulted in a sale of $1,248,000 for the previous owners who were renting down the street.
The new owners were local, looking to move into the family home and call something their own.
“There is a low amount of stock which is keeping the sale prices buoyant, and we haven’t seen a shift in the market yet so it remains strong,” Mr Fong said.
Sold under the hammer for $1,150,500
12 registered bidders, two active
Lead agent: Linda Clemente
Ray White Norwood
Auctioneer: John Morris, Ray White
Ms Clemente said this was the first time this well-maintained family home was offered on the market.
“The property was sold to a family looking to get into the Rostrevor area, and they loved everything about the home and don’t want to change a thing,” she said.
“The first bid almost knocked everyone out but the two bidders kept battling until the end, producing a great result for our original owners.”
