AROUND THE AUCTION GROUNDS

AS the market starts to heat up in 2020, the most recent data shows Ray White's national auction market share is sitting at a dominant 24 per cent across Australia.

Breaking down the states, the leading group's market share of auctions is 31.6 per cent in Queensland, 39.7 per cent in South Australia, 31 per cent in WA, 22 per cent in Sydney metro and 30 per cent in Melbourne metro.

Ray White had 346 auctions scheduled this week with 131 of those booked in for today.

Preliminary data on the skinny number of auctions shows the Sydney clearance rate was at 85 per cent clearance today across the network.

Ray White New South Wales chief auctioneer Alex Pattaro said 2020 had officially kicked off with a bang.

“The consistent message from agents across the state was that attendance and enquiry was higher than late 2019. The few auctions we have had have started off with a bang,” Mr Pattaro said.

“It is clear that the competition is stronger than last year, and property prices have shifted in a northerly direction.”

A busy early auction of a deceased estate in Sydney’s North Ryde caused a small traffic jam as almost 30 buyers queued to register their details.

Ray White Gladesville’s Barrie Brown said 28 registered buyers were keen on the 645sq m level block at 7 Ian St, which ended up selling to a young couple for $1.72 million.

“Everyone was looking to knock over the house,” Mr Brown said.

“The land is as level as a billiard table, with a north-facing backyard, a quiet cul-de-sac and transport to the city via the 288. It’s the perfect block and the crowd was down the street.”

Mr Brown said the property was on the market for the first time in 60 years.

“Bidding opened at $1.5 million and it was on the market at $1.59 million,” he said.

“There were about 12 active bidders and it was pretty competitive with a couple of buyer’s agents in there too.”

Meanwhile near Parramatta, a large level 715sq m block of land with a 15m frontage attracted the highest number of registrations today with 32 would-be buyers in the hunt.

Ray White Parramatta’s Ritesh Nayak said he’d been selling property with his brother Amit in the area for eight years and it was the first vacant block of land they’d listed.

“People see vacant land here as a golden opportunity because they can’t get it in Westmead,” Mr Nayak said.

“It’s a rare opportunity so there was quite a bit of interest.”

Mr Nayak said an underbidder of another property they’d sold last month bought 54 Hawkesbury Rd for $1.150 million with plans to build a duplex on the block.

Also today, a crowd of more than 200 people turned up for Ray White GC South Group’s annual summer spectacular auction program where the top sale was the $2.2 million transaction of a heavenly 10.97ha Tweed Shire estate at 429 Carool Rd, Carool.

Ray White Rural Murwillumbah principal Brad Franks was delighted with the sale of the ultimate lifestyle property which he sold to the vendors in 2007.

“I ended up with three registered bidders but only two would bid and neither had submitted an offer prior to the auction,” Mr Franks said.

“It was on the market for 28 days, there were 31 enquiries which resulted in 11 inspections. Bidding started at $1 million and pulled up of its own accord at $1.85 million so we then negotiated with the purchaser and got him to make a final offer at $2.2 million which was the reserve, so we sold under the hammer.”

Mr Franks said he was completely surprised by the outcome, with the buyers being ex-cattle and cotton people from out west looking for a small rural holding in the beautiful Tweed Valley.

“That’s the power of auction,” Mr Franks said.

“Even with low numbers registered, a great outcome can still be achieved. I’m amazed and it’s a really good feeling.”

Mr Franks recorded exceptional numbers on a second Carool Rd listing, a deceased estate he also sold under the hammer at this morning’s event for $861,000.

The renovated farmhouse on a 5.37ha parcel of prime Tweed Valley land at 576 Carool Rd was on the market for 38 days, attracted 140 enquiries, 107 inspections, 75 contracts were issued and 13 offers were made prior, with 13 registered bidders at this morning’s sale.

“It was a cute little cottage on 13 acres and it just appealed to everyone,” Mr Franks said.

“It was the cheapest offering in a suburb on the march. The purchasers were from Sydney and were some of the first people to look at the property. Our Ray White team were on the ball and as soon as the contract was signed, a discussion about renting occurred so within 15 minutes we had signed the rental agreement and it’ll be on the market this Monday.”

Ray White Coolangatta/Tweed Heads agent Brent Hodge sold two properties at the same Twin Towns Services Club event as Mr Franks, 9 Bilambil Rd, Bilambil Heights and 18 Aberdeen Ct, Banora Point, and said there was an exciting energy in the room.

“We had multiple properties sell over reserve by really great amounts, multiple properties with strong bidding and even those that didn’t reach reserve were competitive,” Mr Hodge said.

In Adelaide, a crowd of around 250 people braved the rain to watch former South Australian premier Jay Weatherill’s 1910 villa go to auction this afternoon.

Ray White Port Adelaide principal Nick Psarros said the beautifully renovated three-bedroom home at 81 Queen St, Alberton sold under the hammer for $681,000.

Of the 15 registered bidders, the property was purchased by a Sydney investor.

“It was a very competitive auction which started at around $425,000 and went up in increments of $25,000,” Mr Psarros said.

“It got up to $650,000 quickly and was over within three to four minutes.”

Mr Psarros said the market was “unbelievable” with their average numbers at open homes jumping from 120-150 a week, up to more than 200.

Competition was fierce at the midday auction of a charming Brisbane Woolstore apartment in the heart of the trendy riverside suburb of Teneriffe, which sold under the hammer for $987,000.

Ray White New Farm’s Tom Lyne said the three-bedroom property at 209/50 Macquarie St attracted more than 55 groups through its doors during the four week campaign which was incredibly encouraging for the Brisbane apartment market.

“We had people calling us all the way up until Christmas eve on the buying front, and again we’ve had early interest straight off the bat,” he said.

“The first open home we had was on the 13^th of January this year and we were overwhelmed with the buyers coming through which is very unusual for this time of year. Most agents don’t get back until after the Australia Day weekend. We’ve already had three auctions this year and sold two out of three including one for a record in the building and then this one for very good capital growth within the year.”

Auctioneer Haesley Cush (pictured above) said they’d been really surprised by the amount of interest across Brisbane pre-Australia Day.

“We’ve had three registered here, all engaged with bidding which was great,” he said.

“There’s going to be some big sales recorded in the next little while. To do an on-site auction for a Woolstore on the first day of February, all three bidding and selling for a pinch under a million bucks is really good.”

Ray White Queensland chief auctioneer Mitch Peereboom said today’s action wraps up a massive week of more than 150 auctions conducted on the Gold Coast.

“We saw some really strong clearance rates, massive crowds indicating potential sellers that are researching the market wanting to know how it’s faring heading into 2020,” he said.

“Today the clearance rate (QLD) sits at just over 72 per cent under the hammer and we certainly have seen a number of buyers looking to compete, actively ready to bid under the auction terms and conditions. We’re seeing that $500,000 to $800,000 bracket performing the best with plenty of buyers active in that market.”

Ray White Broadbeach agent Troy Fitzgerald this afternoon sold an original Burleigh Heads beach shack under the hammer for $1.015 million.

The 536sq m block at 20 Deodar Drive (pictured above) was on the market for the first time in more than 45 years as part of a deceased estate.

“There were 13 registered bidders and the crowd was huge, about 100 people were there including heaps of locals,” Mr Fitzgerald said.

“The buyer is from SA and flew up this morning, signed a contract and was on a flight back home this afternoon. He’s building a house on the block, presumably to live there. The street was packed with people out on the road and it was a fun auction with plenty of laughs.”

Mr Fitzgerald said bidding opened at $700,000 and started rising at $50,000 increments before slowing.

In Victoria, Ray White Ferntree Gully’s Lar Potimoy said the current market was the strongest she’d seen in her six years as an agent.

Ms Potimoy sold 61 Linda Cres, Ferntree Gully for $758,500 in steamy conditions at her 9am auction today.

“The market’s been fantastic in 2020 so far,” Ms Potimoy said.

“I think with the interest rate drop, it’s helped a lot of first home buyers and investors. This was a very good auction. We started early, it was hot and muggy, but people still turned up which shows buyer demand.”

There were four registered bidders in a crowd of around 40 people, with the buyer a local who purchased the three-bedroom, two-bathroom brick home as an investment.

“The property was listed with another agent but there’d been no result,” Ms Potimoy said.

“The vendor searched agent profiles, found me, contacted me and was really happy with my service. She said to me today that she would give me a 10 out of 10.”