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Auction action is ramping up across the country in 2022 as Australasia’s largest real estate group recorded a preliminary auction day clearance rate of 81.6 per cent today.
Across Ray White’s networks Sydney produced the top sale of the day, Adelaide produced the top number of registered bidders and was also the standout city by clearance rate at 86.7 per cent.
Of the 366 scheduled auctions for Saturday, 253 proceeded to auction, with 48 selling prior and 29 postponed to a later date.
Average registered bidders sat at 5.9 nationally. Notably, an auction in South Plympton, South Australia, had 33 registered bidders which still demonstrates the intense buyer demand.
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said the auction market had stabilised in 2022.
“Good properties in desirable locations continue to be the standard auctions, achieving prices well above sellers expectations. Buyers remain more cautious with a sense of fear in overpaying,” Mr Pattaro said.
“Sellers need to be reminded that the prices we are seeing now are stable, and considerably higher than many years ago.
“We are yet to property prices rapidly increase week to week as we saw last year, making it a great time buy and sell simultaneously.”
Ray White Caringbah - Wendy Samrani
Sold for $3.58 million
Four registered bidders and three active bidders
The sale of 54 Elouera Road, Cronulla, secured Ray White’s top auction for the day.
The buyers (pictured above) are owner occupiers who plan to rent it out before they move in. They recently moved into the Cronulla area and are currently renting.
The sellers were owner occupiers who had been there for 14 years. They paid $990,000 for the property when they bought it.
“Cronulla is still booming because it's a beach side suburb – 80 per cent of our enquiry is coming from outside of the area,” Ms Samrani said.
“As more people are working from home, more people want to live by the beach.
“Cronulla is beachside, close to the city, and you wouldn't get anything like this in Bondi or the eastern suburbs for this price point.”
Ray White Rockdale - Nicholas Economos
Sold for $1.610 million – $130,000 above reserve
Seven registered bidders and five active bidders
Auctioneer - Alex Pattaro
The winning bid went to a young family of first home buyers (pictured above), while the sellers were also a young family who were upsizing.
“It was a really nice street, and the home had two entertaining spaces with a nice indoor outdoor flow,” Mr Economos said.
“There’s a strong demand for good quality homes in the area.”
Ray White Eastern Beaches - Nicholas Wise
Sold for $2.645M – $45,000 above reserve
Four registered and four active bidders
Auctioneer - James Hayashi
The buyers were a young couple who already lived in the Randwick area.
Mr Wise said all four sets of bidders were young couples or families.
“The location was a big drawcard, across the road from Queens Park, and close to local schools,” he said.
“It was a nice land size and a blank canvas for people to put their own fingerprint on things.”
Mr Wise said the market so far in 2022 had been really strong.
“We’ve had good results early. The market is turning,” he said.
“Last year in November-December was a bit slower, but now we’re seeing that ramp back up and seeing some more commitment from buyers in the market.”
80 Malcolm Street, Erkineville
Ray White Surry Hills | Glebe | Alexandria | Erskineville – Shaun Stoker
Sold for $2.205 million – $5000 above reserve
Seven registered bidders and four active bidders
Auctioneer - James Keenan
The winning bid went to a young man who was a first home buyer. The vendors were selling the home as they had moved to Adelaide.
“It was a corner block on a wide terrace on one of the most superior streets in Erskineville. It was a larger block for that street, and the home had plenty of potential to build up a level,” Mr Stoker said.
Ray White Gladesville - Joseph Mazer
Sold for $3.18 million
15 registered bidders, six active
Auctioneer - Alex Pattaro
The first time the home has been offered in 57 years, it was purchased by a local family who had been looking to buy in the area
Ray White NSW chief auctioneer Alex Pattaro called the auction.
"The market in that area has only gone from strength to strength," Mr Pattaro said.
"It's a blue chip area close to the river and has all the amenities. It's a good little pocket."
Melbourne
Despite much talk of interest rates and the upcoming Federal Election, Ray White Victoria and Tasmania chief executive Stephen Dullens said the state continued to see strong results across the board, with buyers once again out in force.
“Despite the strange start to the year with Covid concerns, buyers remain extremely active and getting on with their property journey,” Mr Dullens said.
“After our strongest ever January across Ray White in Victoria, we’ve seen a sharp increase in new listings hitting the market with buyers having much more choice compared to this time last year.”
Despite the additional listings, purchasers continue to outnumber available listings, with buyers remaining keen to secure a property.
“With almost 200 auctions scheduled across Victoria this week, the real estate year is well and truly in full swing,” Mr Dullens said.
Ray White Glenroy - Vince Carnevale
Sold for $1.1 million - $120,000 above reserve
10 registered bidders and five active bidders
Auctioneer - Andrew Freeman
The buyers were a young family who were upsizing in the same area. The sellers were also a young family who were relocating to New South Wales.
“We’re seeing a very good, strong market,” Mr Carnevale said.
“We had six auctions on Thursday and we’re sitting at about a 90 per cent clearance.
“We’re seeing plenty of buyers out there and if the vendors' expectations are in line with the market, everything is still selling.”
Ray White Cheltenham - Kevin Chokshi
Sold for $1.56 million – $80,000 above reserve
Four registered bidder and three active bidders
Auctioneer - Kevin Chokshi
The buyers (pictured above) were a young family. The sellers were also a young family who were upsizing.
Mr Chokshi said the market in the area was starting to bounce back after a slower end to 2021.
“Auctions are really strong, getting 3-4 bidders on average There’s a big demand for family homes. Homes that are well presented are getting way more interest than ones that aren’t – ones that have had a nice paint job and professional styling,” he said.
11 Sparkford Road, Craigieburn
Ray White Craigieburn - Stephanie Shepherdson
Sold for $667,000 - $47,000 above reserve
Seven registered bidders and seven active bidders
Auctioneer - Daniel Diamantopoulos
The winning bid went to local investors (pictured above) as their first investment property.
Ms Shepherdson said the property’s land size was the biggest drawcard for buyers.
“The average land size is 350-400sqm and this property is one of the original homes on 680sqm. Everyone who was bidding was bidding for the land,” she said.
“The market has been really good for this price range on and around the suburb average, however, the top end of the market has cooled off a bit.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said he had noticed the aggressive nature of sold-priors across Brisbane this week.
“The first five properties I was due to auction today all sold prior. Each one was a case of astute buyers coming in with really strong offers and doing everything they can to stop that auction,” Mr Croft said.
“It's something we haven't seen a lot of here in Brisbane in the last six months, but it will be interesting to see if this is a trend that continues over the coming weeks.”
Ray White New Farm - Scott Darwon
Sold for $3.4 million
Four registered bidders, three active bidders
Auctioneer - Haesley Cush
The top sale at Ray White New Farm’s auction event today (pictured above), 12 Beeston Street was purchased by a local couple who were downsizing.
The sellers bought the property 12 months ago, and are now relocating back to Melbourne.
“It was a well designed home in an elevated position in Teneriffe with city views,” Mr Darwon said.
“It was a well thought out design which was popular with the downsizers.”
39/8 Dunmore Terrace, Auchenflower
Ray White New Farm - Matt Lancashire
Sold for $3.3 million
Four registered bidders, three active bidders
Auctioneer - Haesley Cush
The property was purchased by a local buyer who plans to do some renovations and live at the property. The sellers are a local family.
“The market in the area has been super strong. We’ve got a huge amount of interstate and overseas interest from expats,” Mr Lancashire said.
“The continuation from expats coming home from Singapore and Hong Kong has been really strong, as well as our Sydney and Melbourne buyers migrating north.
“The trend is continuing if not even stronger than last year, there’s no sign of slowing down at all.
Ray White Metro North - Jon Finney
Sold for $1.257 million
19 registered bidders and six active bidders.
Auctioneer - Jason Andrew
The buyers were a couple who had relocated from Canberra. The sellers were a young family who were upsizing.
Mr Finney said more than 100 groups inspected the property prior to auction, with a lot of interest from first home buyers.
“I’ve had a very busy month. Properties like this are keenly sought after and the market is under supplied,” he said.
“It’s a price point that the first home buyer market is now in, they’ve upgraded their expectations of what they’ve got to pay into the market now.”
Ray White New Farm - Josh Brown
Sold for $3.1 million – $200,000 over reserve
Six registered bidders and five active bidders
Auctioneer - Haesley Cush
The winning bid went to a local family who were living in the neighbouring suburb.
The sellers were a young family who built a home not too far from Carroll Street as they like the area. They sold the house for $1 million more than they paid when they bought it four years ago.
Buyer interest came from Thailand, Sydney, Melbourne and locally.
“We’re getting used to overseas, and interstate unseen bidders, especially for nice properties like this,” Mr Brown said.
“We’re seeing a lot of interest in high quality architectural homes. Anything that comes to market that's a finished product is a guaranteed sale.”
Adelaide
Ray White South Australia chief auctioneer John Morris said the auction market was extremely strong across the state.
“A third of the auctions occurring across South Australia this weekend are flying the flag of Ray White. It’s going to be a sea of yellow boards out there as we continue to dominate the auction market in South Australia,” he said.
“We enter the weekend with an incredible 86 per cent of auctions selling under the hammer and, with the influx of midweek auctions, that’s not a small number to have sold this week.
“The market is still looking extremely strong in South Australia with plenty of bidders out there and plenty of buyers.
“If you’re not considering selling now you could be missing out on tens of thousands of dollars, and especially if you’re not considering selling via the auction method.”
Ray White Henley Beach - Anthony Fahey
Sold for $1.18 million
33 registered bidders, 10 active bidders
The property was sold to a local man who was upgrading his home. The sellers were a young couple who were upsizing.
“The market is flying. There’s lots of buyers around,” Mr Fahey said.
“We’re having inspections and getting lots of people coming through, it's extremely busy. It’s red hot down here in Adelaide.”
Goodwood
Ray White Unley - Josh Gillespie
Sold for $1.261, well over reserve
10 registered bidders, six active bidders
The buyers (pictured above) were a couple relocating back to Adelaide from interstate. The sellers were an older couple who had the property as a long term investment.
“It was a quintessential Adelaide character home,” Mr Gillespie said.
“The suburb has gone absolutely crazy in the past 18 months due to the proximity to the CBD and close to the cafe precinct, as well as the public transport – you can get on a tram and go to the city or the bay.”
