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It was a busy weekend for auctions with buyers out in force during the last weekend before the election.
Australasia’s largest real estate group conducted 299 auctions today, recording a preliminary auction day clearance rate of 70 per cent across the country.
Ray White chief economist Nerida Conisbee said we were now clearly in a new cycle.
“Our best measure of demand is the number of people actively bidding at auction. If you are prepared to put in an offer for a property, it would follow that you are prepared to buy,” Ms Conisbee said.
“Since we started tracking bidding activity in July 2018, we have on average seen 2.7 bidders per auction (based on 47,816 auctions over this time period). The lowest number was seen at the end of 2018 when we saw a significant drawback in investor activity. The highest was in September 2021, the absolute peak of the pandemic driven boom.
“Average active bidders have come down from the peak. In April, the average was 2.9. It was still above the long term average but has clearly come down from the September peak.
“It is also lower than what was experienced in April 2021 but a lot higher than April 2019 and April 2020. As to how this number fares over the next few months will depend on how far interest rates go up; however the winter slowdown is also a consideration.”
Ray White recorded an average of 4.1 registered bidders across the country today and 2.6 of those were active bidders. Adelaide was the standout city for registered bidders, with auctions at 10 Bracken Avenue, Gilles Plains, and 26 West Avenue, Northfield, each recording 13 registered bidders.
SYDNEY
Ray White NSW chief auctioneer Alex Pattaro said Sydney continued to see top tier homes sell under the hammer for great prices.
“It still remains a strong time to transact in the market compared to the same dates from 2019,” Mr Pattaro said.
“Prices are still strong and lending remains at low levels. Despite more homes passing in, we’re seeing homes transact relatively quick post auction.”
Ray White Hurstville - Allen Yan
Sold under the hammer for $3.535 million
10 registered bidders, six active
The seller was a local who was moving out of the area. Bidding started at $2.8 million, with three bidders bidding it out in the end.
The winning bid went to a local family who are upsizing.
“They had lived in the area a long time,” Mr Yan said.
“They were impressed with how we ran our auction today and we are now selling their previous property for them.”
50 North Rocks Rd, North Rocks
Ray White Parramatta - Broderick Wright
Sold under the hammer for $1.307 million
Five registered bidders, four active
Auctioneer: Paul Wright, Ray White
The winning bid went to a young family living nearby and were looking for a plot of land to knock down and rebuild in the future. They’re keeping it as a rental property in the short term. The sellers were a couple of investors who were looking to retire.
“If the properties are priced correctly to the market and buyers see other buyers bidding the property will do well,” Mr Wright said.
“Buyers are looking for value and are looking for a chance to pick up something they might not have been able to get six months ago.”
Ray White Bankstown - Joshua Nassif
Sold under the hammer for $1.130 million - $155,000 over reserve
11 registered bidders, five active bidders
Auctioneer: Tony Roumanous
A 1125sqm land offering, this property was purchased by a young couple who bought the block to build their dream family home.
“Premium properties are still getting premium results, while mediocre offerings are getting mediocre results,” Mr Nassif said.
“We need to work with buyers who missed out over the last 6-12 months. There are more options for buyers now.
“The buyers of this property were people who had missed out over the last 12 months.”
205/176 Glenmore Rd, Paddington
Ray White Centennial Park - Andrew Cary
Sold under the hammer for $660,000 - $60,000 above reserve
Five registered bidders, four active
Auctioneer: James Kerley
While most of the interest for this property came from investors, the winning bid went to an owner occupier.
“This one was quite unique because it had been completely stripped out and had no kitchen or bathroom or anything,” Mr Cary said.
“So to have this much interest from bidders and potential buyers was really good.
“It was in a great location near the Fiveways and was in a good solid building with potential to customise to your own taste.”
MELBOURNE
With many buyers and sellers trying to get in before the election weekend, it’s another busy week for auctions across Victoria.
Ray White Victoria and Tasmania CEO Stephen Dullens said despite these interruptions, the market remains very active.
“We know that during election campaigns auctions slow down a little - so this weekend is a busy one prior to voters going to the polls next Saturday,” Mr Dullens said.
“We’ve got over 200 auctions scheduled across Victoria this week, slightly ahead of the same time last year.”
Despite the interrupted April and distraction of the election campaign, strong results continued to be achieved.
“At the end of last year we saw our strongest period of new listings coming to market on record which flowed into the first quarter of 2022.
“With more properties available for sale and a greater choice for buyers, strong results continue to be achieved showing once again the high demand that still exists across the Victorian property market.”
Ray White Sunbury - John Saurini and Marin Durkovic
Sold under the hammer for $2.565 million - $215,000 over reserve
Five registered bidders, three active bidders
Auctioneer: John Saurini, Ray White
e buyers were a family from a nearby suburb who were wanting to upsize. The sellers were a couple who bought the property 10 years ago and were looking to move north and purchase a property with more land.
“The starting bid was $1.8 million. Once it got started we had really competitive bidding.
“We got down to two buyers battling hard to secure the property.
“It was a fantastic auction and the method really shone through.”
6 Juther Crt, Springvale South
Ray White Noble Park - Alan Tran
Sold under the hammer for $980,000
Seven registered bidders, five active.
The property was bought by a young first home buyer (pictured above) who moved from Western Australia for work.
The vendors were owner occupiers who had lived there for 36 years and were downsizing.
“Buyer confidence has definitely shifted,” Mr Tran said.
“If the property is marketed and right and presented well we’ll always get a good result.”
BRISBANE
The rain couldn’t stop the success of Ray White auctions today, with crowds sheltering indoors as properties sold under the hammer.
“Whilst the depth and the spirit of the bidding is not what is was a couple of weeks ago, it’s been such a positive day out in the Brisbane market place,” Ray White QLD chief auctioneer Gavin Croft said.
“We had really positive results which Ray White continues to deliver.
“Despite the rain, those genuine buyers were certainly out today, no question around it.”
Ray White Ashgrove - Tamara Lee
Sold under the hammer for $1,555,000
Seven registered bidders, three active
Auctioneer: Adam Downes, Ray White
The buyer (pictured above) was a young woman who had been looking to buy for six months after moving to Brisbane from China a year ago.
The sellers were downsizing to an apartment.
“Houses that are well finished and move straight into and unpack their boxes is where the attraction is at the moment. Because of renovation costs and it's hard to get tradies, houses that are well presented are doing really well. While there’s been a lot of talk about interest rates in the media, today was a great example that the Brisbane property market is still hot,” Ms Lee said.
78 Glen Retreat Rd, Mitchelton
Ray White Alderley - Meghan McVeigh
Sold under the hammer for $1,225,000 - $50,000 over reserve
10 registered bidders, six active bidders
Auctioneer: Gavin Croft
The winning bid went to a young family who had recently moved up from Canberra. They had been living with their parents for six months while looking for a home.
The sellers originally bought the home from Ray White Alderley in 2003 before renovating the home. They are upsizing to a home in Albany Creek which they also bought from the agency at auction.
“The market has been really good,” Ms McVeigh said.
“Although buyers through open homes have declined, we're still seeing the same prices we were at the beginning of the year. It’s still really active, there’s plenty of buyers out there.”
Ray White Brisbane City - Karen Pierce
Sold under the hammer for $3 million
Seven registered bidders, six active bidders
Auctioneer: Dean Yesberg
While many of the buyers were families with young children, the winning bid went to parents who were buying the property for their daughter who already lives in the area.
Ms Pierce had sold the property to the sellers 11 years ago, and they are now downsizing to an apartment.
“It went off, it was a really good auction, and the sellers were really happy,” she said.
“I think the market is good - if you've got a good property there’s people who want to sell, and people who want to buy, and that’s the magic combination.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said the memo that went out about the real estate market falling had fallen on deaf ears for Adelaidians.
“We reported at 88.1 per cent clearance for Ray White auctions last week. There were seven average registered bidders per auction with 3.4 of those participating,” he said.
“While that has dropped slightly this week to 6.1, the active bidding has remained exactly the same at 3.4.
“The 63 auctions we have scheduled this week is 40 per cent of the whole market, which just proves Ray White yet again is dominating the auction space in South Australia.
“The change in weather doesn't seem to stop people from coming out, and neither do the rumours of a changing market.
“Lots of properties are selling, lots of bidders are turning up, and it's still looking like a positive outlook for those of us in South Australia.”
Ray White Norwood - Linda Clemente
Sold under the hammer for $1.095 million - $20,000 over reserve
7 registered bidders, four active
Auctioneer:
The property was part of a deceased estate, but it had been in the seller’s family for more than 50 years.
“The home was an uninhabitable home and you can't divide the block because of heritage overlay,” Ms Clemente said.
“It was only of interest to buyers who wanted to do it up.
“A local couple (pictured above) bought it. They’re going to renovate it to its former glory.”
10 Bracken Avenue, Gilles Plains
Ray White Norwood - Stefan Siciliano
Sold under the hammer for $610,000 - $30,000 over reserve
13 registered bidders, six active
Auctioneer: John Morris
The seller was some who had purchased a home via a Ray White auction just weeks earlier.
Ray White SA chief auctioneer John Morris, who called the auction, said he was very happy with the result.
“The buyers (pictured above) were first home buyers who had been to lots of our auctions so we were very happy to sell to them. They were jumping up and down in excitement,” Mr Morris said.
“It was a perfect starter home and a nice cosy home to start a family in.
5 Walnut Ave, Parafield Gardens
Ray White Norwood - Ryan Stapleton
Sold under the hammer for $558,000
Six registered bidders, four active
An interstate investor out bid the local buyers to snap up the home.
The sellers were local investors who were cashing in on the market.
“I’m excited about what’s to come,” Mr Stapleton said.
“While the market is changing it’s still going to be okay. There’s still people coming through our open homes, and bidding at our auctions, money is still quite cheap and it’s affordable to buy property here in Adelaide.”
