AROUND THE GROUNDS - AUCTION REPORT OCT 5

As parents and carers around the country wrangle, entertain and chauffeur 3.9m holidaying school children, the auction market continues to crack on, albeit with numbers that reflect this odd time of year.

Despite all that, the RAY WHITE GROUP conducted 229 auctions this weekend, unevenly spread across Australasia with Victoria offering a hefty 125 auctions, and NSW a not so impressive 47.

Ray White Victoria's Chief Auctioneer Matthew Condon saw a day of very active buyer participation.

“On the ground buyer confidence was evident in the way buyers were approaching each auction. Rather than being reactive buyers were very proactive placing high opening bids and bidding with strength to secure a property.”

In Queensland Mitch Peereboom, Ray White Queensland's Chief Auctioneer saw a broadening of the area in which auction action was picking up.

"One thing we certainly noted today was the performance of properties outside the 10klm ring of the Brisbane CBD with great results - one particular one this morning at North Lakes with Darren Suhle in Sandpiper Lane selling for $760,000 under the hammer which was a great result for that market place".

Preliminary auction results sees Sydney with an 80 per cent clearance rate, and Victoria a 71.4 per cent clearance rate, with the national preliminary clearance rate is sitting at 71.4 per cent at the time of writing.

An early start was well received in Marrickville this morning as 35 people came to watch the architecturally dramatic 8a Holmesdale go under the hammer.

Ray White Surry Hills agent Ercan Ersan said he had eight registered bidders from the outset, and four of them were active bidders from the get go.
“The first bid was $1.8m, and it quickly hit $1.925m,” said the agent.

The bidding slowed slightly but remained consistent and after passing the reserve the final bid of $2,010,000 sealed the deal for a local couple who have been cashed up and renting in preparation for securing a great new home.

The vendors, Rebecca and David Edwards knew nothing of Marrickville when they bought the property just a few years ago, but were blown away by the work of Benson McCormack Architects.

It was all smiles at Randwick after a very successful auction at 13 Ethne Ave. (above, agents surround a very happy vendor)

With 100 people filling the street outside, the auction, which had 10 registered bidders, kicked off with a healthy opening bid of $2.2million.

"That was a very strong opening," said Ray White Woollhara agent Clay Brodie.

Then in series of bids that ranged from $50,000 to $5,000 the final number was arrived at;
$ 2,590,000.

The successful buyer was a young family, making the move back to Sydney from Brisbane.

A buyer who had their first inspection half an hour before the auction began, ended up owning the house less than an hour later.

Ray White Upper North Shore agent Alfred Tong has had consistent and strong interest in the four bedroom, two bathroom, two storey family home at 33 Woonona Ave, Wahroonga.

When an unfamiliar face appeared at the door at the pre-auction inspection, Mr Tong encouraged the buyer to go ahead and register.

“I said go on, give it a crack. If nothing happens, you’ve lost nothing,” said Mr Tong. There were already 14 bidders registered, including some Mr Tong felt were very likely to end up with the house.

The bidding opened at $1.3m, with the price guide during the campaign being between $1.45-$1.59m. In bites of not more than $20,000 each, the winning bid, from the newcomers landed the sale at $1,781,000.

The vendors, who are upsizing were ‘absolutely stoked’.

To very busy Victoria. On the romantically named Flagstaff Loop in Craigieburn a crowd of 100 people came to see what a picture perfect Craigieburn cottage would go for under the hammer.

Period details, and a flawless picket fence greeted auction-goers, who arrived, to quote Dan Diamantopoulos of Ray White Craigieburn, “like a bunch of zombies, they just swarmed in.”

He was of course joking and went on to report that it was a battle between generations, with six potential buyers actively bidding. Some were down sizers and some first home buyers – but the more mature bidder was victorious at $498,000.

“She out-muscled the young ones,” added Mr Diamantopoulos with a distinct note of admiration.

“I want more houses!” was the cry from Ray White Glen Waverly agent Crisitine Jones after a fiery auction in Wheelers Hill.

“I mean, what is going on? Three months ago this property would have struggled to reach $1.1 million.”

And yet today, 21 Heysham Drive in front of a huge crowd of 100 people, the four bedroom, two bathroom home sold for $1,247,000.

“The first bid was $1 million, and it shot up in $20,000 increments,” said the happy agent.
Although four bidders had pre registered, in the end six bidders took part, with final bids between just two dropping as low as $500.

The vendors were a mature couple, looking to downsize and simplify their lives. They’d decided to watch the auction via an app on their phones, in the calm atmosphere of the backyard.

However thy couldn’t get the app to work, so they just sat there without a clue about the result.

“I walked around and said ‘how good is that result?’ and they looked at me and said we don’t know what happened. And when I told them they just couldn’t believe it,” said Ms Jones. “They were absolutely dumbfounded.”

Twenty minutes before the auction of 2/22 Milne Street, Mitcham (above) was scheduled to begin, Ray White Blackburn agent Peter Schenck was feeling a bit anxious – the crowds he expected hadn’t turned up.

“But just ten minutes before it was to start, in they came. They’d all done their homework, they came just at the right time,” said the agent.

There had been 125 parties through during the campaign for the single level, beautifully presented home, so Mr Schenck had high hopes for a good sale.

“The first bid was $825,000. There were two buyers agents and two individuals bidding,
It was a battle between empty nesters and first home buyers – the grey heads won!”
It was all over at $935,000 a neat $100,000 above reserve.

To South Australia and the Adelaide market. The team from Ray White Norwood had a good weekend with two successful sales.

Nick Borrelli saw 30 Manuel Ave, Blair Athol (above) being fought over by four bidders. The winning bid of $530,000 securing the charming period home for the buyers adult children, just $10,000 above the reserve.

"It was a long auction." said Mr Borrelli "It took 40 minutes, it was quite gruelling."

Compatriot Stefan Sicilliano was also spot on the money with 28b Botanic Grove, Campbelltown.

"The reserve was $680,000 which is what I thought all the way through the campaign," said Mr Sicilliano. "We had 12 registered bidders, six were active, and the first bid was just $585,000."

The hammer fell at $688,000 for a local family who have been looking for their dream home for two years.

"It was one of those auctions where people really stretched themselves," said Ian Cuneo of Ray White Ascot in Brisbane.

The auction of which he spoke was for 47 Noble Street, Wilston and it attracted a crowd of 60 people for the inside auction.

With 14 registered bidders the sale seemed like a fait au compli, however it was a matter of working out for who and how much. As it turned out the first bidder, who opened with $850,000, ended up being the eventual victor with a final bid of $985,000.

It was a hard fought battle.

"The underbider was upset at the loss. She really wanted the home," said Ian Cuneo.

But as we know - there's always next week.