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We caught up with Chief Auctioneer of Ray White NSW Alex Pattaro, who has spent the majority of 2020 adapting to the new way of auctioning. He discusses changes in the auction process, stories from auctioning in lockdown, and why he believes that auctions will continue to perform strongly throughout the new year.
Give us a brief rundown on what your usual week looks like as the NSW chief auctioneer:
My usual week is a mix of jobs including:
- Calls to agents for upcoming auctions
- Reviewing office stock boards
- Having conversations around converting stock from private treaty to auction
- Holding auction process training sessions
- Supporting the network in creating competition and understanding the fundamental components of an auction
What are some proactive steps you have had to take as an auctioneer through the events of 2020?
I contacted every principal at the beginning of the pandemic to discuss how they are travelling with their auction campaigns. I worked to ensure that all of our offices were aware of our online auction platform, and provided confidence to the network that we could continue to conduct auctions.
Since Covid started, I have been ensuring that I remain energetic around auctions, to help minimise the amount of auctions that are converted to private treaty.
What changes have you noticed during the auction itself (bidding, attendance, etc) throughout 2020?
We have seen an increase in competition since the start of the pandemic. Crowd attendance is circa 40 attendees, all remaining socially distant. First home buyers started making a comeback to the market. Auctions are opening up with ease with buyers coming out of the blocks fast, early on.
Our auction day clearance rate is currently performing better than the auction campaign clearance rate. Buyer activity has remained aligned with pre pandemic figures. Auctions are up year on year.
Do you have an auction story from the thick of the COVID-19 period that stands out?
53 Registered bidders - Online auction. Ray White Murwillumbah
3222 Kyogle Road, Mount Burnell. Sold $2,000,000.
We obtained 53 registered bidders and saw circa 100 people tuning in for this Northern Rivers Gem. Most of the industry thought that online auctions would be too difficult to manage and couldn’t control the online environment. We saw bidding start from $700,000 and race past reserve selling for a huge $1m over the reserve price and price expectations.
What is your outlook on the auction outlook for NSW over the next couple of months?
Despite recent media announcements, the market remains positive. 6.5/10 properties are selling under the hammer every week indicating the strength in the market. We anticipate even higher auction volume over the coming months as we see this as the only method of sale that gives buyers and sellers confidence in knowing true market value.
Why is it more important than ever for sellers to choose auction as their method of sale?
To understand the true market value. This allows buyers to see competition and feel comfortable paying premium prices, knowing there are underbidders. It allows sellers to understand the climate we are in, whether or not their reserve price is met.
