Auction wrap from around the grounds
It was a softer weekend for Ray White auctioneers as our group recorded a preliminary clearance of 49 per cent of its 149 auctions conducted across Australia and New Zealand.
Ray White’s preliminary clearance rate in Melbourne was 60 per cent in Victoria and 46 per cent in NSW. Queensland cleared 36 per cent. Overall we had more than 6500 people attend our auctions, with 2.8 registered bidders on average per auction which was on par with the previous few weeks.
In yesterday’s AFR newspaper Ray White chairman Brian White said, while the Sydney and Melbourne markets had softened, well-planned, quality sales campaigns were delivering some solid results and helping attract a healthy level of bidders.
“Good marketing strategies are absolutely essential right now, and will be leading into a very important spring selling season,” he said.
“How many people come into the market when a property is presented to them as opposed to when they think they are ready to come in? A lot more.
“Potential buyers need to be encouraged.”
In Brisbane the auction clearance rate fell to 37.5 per cent, down from 47.8 per cent, but the city is not a traditional auction market and has volatile results. More than 100 people attended an auction at 27 Sturt St, Kedron, which was sold for $835,000 by Ray White Lutwyche agent David Lazzarini.
In The Australian newspaper yesterday Ray White Group chairman said Perth was showing a lot of promise after a few tough years. ‘We’re opening a number of Ray White offices in Perth and that’s a sign of business owners sensing an uplift in inquiry and enthusiasm. There’s confidence emerging that the worst is over and now is the time to get in as the market is moving,” he said.
On the east coast market, Mr White said there were indications Sydney and Melbourne were levelling out. “There’s every indication the adjustment has now taken place and there seems to be evidence of a plateau post the adjustment. We’re getting results that are quite attractive, with clearance rate of 60 per cent,” he said.
“Markets are constantly changing and there is an adjustment typically every five to seven years. Unless there’s something really wrong with the economy and rates are out of control, which they aren’t, adjustments aren’t necessarily a bad thing. I’m comfortable with where we are now.”
In The Sunday Mail in Brisbane, Ray White Ascot agent Leigh Kortlang said the owners of 50 Christian St in Clayfield, aged in their 80s, had lived at the home for 28 years. They bought the home for $405,000 in 1990. Bidding started $750,000, with a three-way bidding war eventually seeing the home sold for $1.234 million. It sold to a Townsville family who are relocating to Brisbane for business.
At 15 Renwick St at Albion, a cottage bought by builder brothers for $768,000 in 2017 and then renovated flipped was sold for $1.475 million in front of an eager crowd of 90.