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Australasia’s leading auction group, Ray White, booked a whopping 393 auctions today, recording a preliminary auction day clearance rate of 74 per cent. Sydney cleared 82 per cent of its auction stock under the hammer today.
The strong start to selling season comes on the back of Neoval data which shows that all capital cities are now recording year-on-year growth.
Adelaide and Perth are leading the way, recording well over six per cent growth over the past 12 months. Melbourne and Hobart are the slowest growth capital cities.
“Over the past month, we have seen a lift in the number of properties for sale. There are a number of drivers for this. On one hand, rising interest rates and continued negativity towards landlords has led to an increase in the number of investors selling. More positively, increasing prices are encouraging more people to sell,” said Ray White Chief Economist Nerida Conisbee’s note
“In July, we saw prices decline slightly. This was likely due in part to the surprise interest rate rise in June. More stock on the market was also likely a factor. This appears to have now turned around completely. The markets that saw the biggest price falls last year saw the biggest increases last month. Sydney tops the list for August with a 0.9 per cent increase for the month.”
There was strong buyer activity out at auctions across the nation today, there was an average of 4.1 registered bidders and 2.8 active bidders attending Ray White auctions.
Today’s top auction sale was in the Sydney suburb of South Coogee where Ray White Park Coast East director Sam Capra sold 15A Cairo St, South Coogee under the hammer for $10.5 million.
Meanwhile the auction with the most registered bidders was in South Australia.
Lead agent Brijesh Mishra of Ray White Para Hills signed up whopping 41 bidders to buy 12 Doncaster Avenue, Valley View which sold for $766,000, some $141,000 over its reserve.
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Ray White NSW state auctioneer Perry Edmondson-Clark said the market had well and truly sprung into spring.
“The first weekend of spring has been filled with phenomenal results across the board with 4.5 registered bidders and 2.6 active bidders across NSW at auction today, with competition pushing prices up and creating a transparent environment for the transaction to occur,” he said.
“Sellers are encouraged to take advantage of these conditions. If you are sitting there considering coming to the market and you wish to be settled before Christmas, then now is the time to come to the market and capitalise on the trading conditions we're currently experiencing and expecting to continue throughout spring.”
Sold under the hammer for $10.5 million
3 registered and active bidders
Lead agent Sam Capra - 0419 500 055
Ray White Park Coast East
It’s been a big 24 hours for Sam Capra who sold this stunning four bedroom South Coogee home at 15 Cairo St with panoramic views to a family from Randwick for $10.5 million.
The night before he sold this duplex at 10 Palmer St, South Coogee prior to today's auction for $4.85 million.
“The prestige market is firm, we have buyers, and we are getting properties away for great prices. The house at 15A Cairo St was only four years old with views of South Coogee and to Wedding Cake Island. It was a four week campaign with all local families interested," he said.
“The sellers are downsizing into an apartment as their children have all left home and the buyers are upsizing into a bigger house.
“It was a competitive auction, all three bidders had a go and it started at $9.7 million. I believe it’s the fourth highest sale in the suburb. Spring selling season is officially underway!”
Sold under the hammer for $1,155 million ($130,000 over reserve)
12 registered bidders
Lead agent: Angus Gorrie - 0418 282 853
Ray White Eastern Beaches
Auctioneer: James Hayashi, Ray White
Mr Gorrie said it had been a very busy campaign with more than 120 groups through the unit in three weeks.
“There’s no shortage of buyers. It was a busy campaign and so we brought the auction forward by a week. We had 12 registered bidders here today, all first home buyers every single one of them. The young couple who bought it had been looking for a year.”
Mr Gorrie’s sellers were thrilled with the result. They have moved into a bigger property in nearby Maroubra.
Ray White TNG-Glenwood director Shiv Nair, and Ray White NSW chief auctioneer Alex pattaro, had a very successful day with 4/4 selling under the hammer.
“We have sold across all price points today and the market is holding firm, we are selling everything at strong prices even with an increase in stock levels,” Mr Nair said.
“There’s been strong competition across all price points today. Our real time auction pricing shows today that there’s plenty of demand.”
The property at 24 Tweed St, The Ponds sold under the hammer for $1.755 million with 12 registered bidders. “This was bought by downsizers who had sold in the Hills District and bought in The Ponds as it’s open and level. For the sellers, they were offloading their investment property, in fact I am selling a lot more investment properties than normal, it’s a definite trend,” he said. The property at 45 Rocks St, Kellyville sold under the hammer $2.120 million, with 9 registered bidders all competing for the keys. “This was a big crowd and the winning buyers first saw the house when it was off market. They stayed with it, they are a young family of three moving from an apartment. It was a very competitive auction.”
At 92 Forman Ave, Glenwood the house sold for $1,123,500 with a massive 15 registered bidders. “The seller was a single mum who had bought in the Blue Mountains, and the guide was $950,000. This one was a fight between investors and first home buyers and the investor won the keys today.” Meanwhile, three bidders battled it out for 8 Strawberry Way, Glenwood which sold for $1.580 million.
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Ray White Victoria Chief Auctioneer Jeremy Tyrell said the first Saturday of spring selling season has delivered the highest volume of auctions for far this year with 241 auctions booked, a 50 per cent increase on the same time last year.
“Buyers embraced the sunny spring conditions in Melbourne this weekend as we saw big crowds across many auctions with just under three active bidders on average. With clearance rates, buyer activity and the general economy in a much stronger position, sellers are hitting the market with confidence as demand keeps up with the pace of increased listings.”
Sold under the hammer for $989,000
6 registered bidders, 4 active bidders
Lead agent/auctioneer: Angela Limanis - 0414 664 374 (pictured below)
Ray White Cheltenham
Sold under the hammer for $991,000
6 registered and 6 active bidders
Lead agent/auctioneer: Stefan Stella - 0422 093 149
Ray White Pascoe Vale
Mr Stella said two home owners fought it out with four developers and it was a local family who won the keys today. Mr Stella ran a textbook auction campaign for his sellers, six siblings, for whom it was a bittersweet sale as it had been their family home of 35 years.
“They are happy with the sale, but of course, it’s an emotional day.”
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94-96 Khartoum St, Gordon Park
Sold under the hammer for $1.970 million
16 registered bidders, 5 active bidders
Lead agent: Holly Bowden - 0431 922 110
Ray White Wilston
Auctioneer: Phil Parker, Ray White
Ms Bowden said the house has been in the same family for 100 since the land was subdivided in 1923.
“The family still have the original title. It was an emotional day for the sellers but it was an incredible result too. A young family with one child has bought the property. The opening bidder had a strategy to knock everyone out and he opened at $1.7 million which was above the reserve. The price is a new record for the area. So many people want a slice of history and they love these big character homes,” Ms Bowden said/
The house at 96 Khartoum is a classic quintessential Queenslander in immaculate condition with a commanding, expansive street presence in this tightly held, tree lined popular street.
Sold under the hammer for $2.01 million
13 registered bidders,
Lead agent: Max Hadgelias - 0411 276 372
Ray White Paddington
Auctioneer: Phil Parker, Ray White
In front of a crowd of 100, Mr Hadgelias said a buyer’s agent kicked off the auction very high and “it was all over in three bids!”
“It was a short and sharp auction. The new buyers are locals and they plan to rent it out and use it as investment property. The owners are downsizing, they completed the renovation nine years ago. It’s a wonderful house, deceivingly big and in a very good location,” he said.
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Ray White South Australia Chief Auctioneer John Morris said the weather in Adelaide was absolutely stunning for the first weekend of spring, and the results were equally impressive.
“Of the 49 auctions scheduled for this week, we have a preliminary clearance rate of 81.5 per cent slightly down on last week's numbers. The bidder registration numbers last week are eight registered per auction with 3.9 of them participating this week," he said.
"So far our data is saying that we have 4.4 registered bidders but for the auctions I've called I have an average of 12 registered bidders. The clearance rate is strong and there certainly does seem to be a spring in the step of both the buyers and the sellers in Adelaide at the moment.”
12 Doncaster Avenue, Valley View
Sold under the hammer for $766,000 ($141,000 over reserve)
41 registered bidders, 7 active
Lead agent: Brijesh Mishra - 0430 140 905
Ray White Para Hills
Auctioneer: John Morris, Ray White
In front of a huge crowd which included a whopping 41 registered bidders, Mr Mishra sold the Valley View property for $766,000.
“We had a huge mix of buyers with downsizers, investors, builders and first home buyers. Valley View is a great area,” he said.
“My sellers did a beautiful job in presenting the house, they listened to every single piece of advice I gave them from regrouting the bathroom tiles to keeping the garden in immaculate condition.
“My sellers were so happy they were crying, they couldn't speak for a few minutes.
“The new buyers are a young Indian young family who have been looking for a while. They outbid everyone and had the whole street looking on!”
Sold under the hammer for $675,000
5 registered bidders, 3 active
Ray White Norwood lead agent Damien Fong - 0403 257 665
Auctioneer: George Kargiotis
Mr Fong had taken 50 groups through the property, and he was delighted to see a local first home buyer couple win the keys today. “It was their first ever auction and they won it, how good is that?! My sellers have a growing family and they are upsizing not too far away.”
Sold under the hammer for $990,000
4 registered bidders, 2 active
Ray White Norwood lead agent Linda Clemente - 0409 099 046
Auctioneer: John Morris, Ray White
Ms Clemente said the sellers live in Singapore. “This was their holiday home. They stayed for the whole campaign which wasn’t that busy but it shows you the power of the auction method. Two of the bidders were active and it sold to a downsizing couple.
In this pocket of Glynde the last courtyard home sold for $900,000.” Pictured above are the buyers and the sellers with auctioneer John Morris and agent Linda Clemente.
Sold under the hammer for $1.7 million
7 registered bidders
Lead agent: Peter Kiritsis - 0411 501 520
Ray White Woodville
Mr Kiritsis (pictured above with the buyers in Woodville) had a busy weekend with 3/3 selling under the hammer. The three bedroom home at 29 Torrens Ave, West Hindmarsh sold for $1.125 million with eight bidders. Elsewhere 67 Ledger Rd Beverley sold for $825,000 and with six registered bidders. “We have been consistently strong all year. There’s plenty of demand from buyers. Every weekend we’ve had between three or five auctions all year and have only not sold one. Adelaide remains very strong.”
3 Berry Smith Drive, Strathalbyn
Sold under the hammer for $600,000
3 registered and active bidders
Lead agent Joshua Bagley - 0487 823 645
Ray White Strathalbyn
The property sold under the hammer after a 16 day campaign for $600,000. “We had 29 groups through the property, and three active bidders on the day,” Mr Bagley said.The four bedroom home, on 1617 sqm, has been for sale privately for five and a half years by the owners with no offers. Josh Bagley had it sold in 16 days! Well done.
