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Seven out of 10 auction properties sold under the hammer today across the leading Ray White network.
The Ray White Group had 307 auctions scheduled to go ahead across the nation today, and the group reported an auction day preliminary clearance rate of 72 per cent. The highest since last April.
Over the week the auction focussed specialists had 565 auctions scheduled which represents 42 per cent of the Australian auction market.
The overwhelming feedback from today’s auction agents was that the buyers and crowds are back.
Ray White auctions had an average crowd of 34 people today, on the back of 59 attendees at our January auctions, which is more than double the crowds of all of 2022 which averaged 25-26 people all year. Some crowds in Sydney and Melbourne saw more than 120 people in attendance today.
SYDNEY
Ray White NSW Chief Auctioneer Alex Pattaro said the buyer activity was “electrifying” and should give sellers and buyers confidence that now is a great time to buy.
“It was a great start to the real estate year today,” Mr Pattaro said.
“We sense that buyers feel there is an end in sight to the rising interest rate cycle and most understand that the Sydney real estate market is never down for too long.
“Now is certainly the time to secure or risk missing out on the current prices.”
Ray White Mt Druitt lead agent Daniel Wekty - 0450 434 830
20 registered bidders, 7 active
Sold under the hammer $1.390 million, $90,000 over reserve
Auctioneer: Alex Pattaro, Ray White
Mr Wekty described the auction as “crazy’ and in fact the whole three week campaign saw busy, high energy open homes with large groups of buyers.
“We had 20 registered bidders, a few from Canberra and the rest all locals to the Blacktown area. In the end it was first home buyers who won the keys today, they really wanted it,” he said.
The sellers were looking to move to a new school catchment. “The sellers were worried if now was the right time to sell but now they see we have plenty of buyers.They are going to list their investment property now too.”
“The year 2023 is off to a good start.”
Ray White Surry Hills Lead agent: Ercan Ersan - 0423 941 112
Sold under the hammer $970,000
7 registered bidders, 3 active
Auctioneer: James Keenan, Ray White
In front of a crowd of 50 people, this two bedroom art deco apartment in Marrickville sold for $970,000 to some happy buyers (pictured below) who are renting in the eastern suburbs.
“The inner west has long offered good value and everyone knows that. The sellers are moving only because they wanted a bit more space for their growing young family,” Mr Ersan said.
Ray White Punchbowl Lead agent: John Yatman - 0423 344 868
5 registered bidders, 3 active
Sold under the hammer for $1 million
Auctioneer: Alex Pattaro, Ray White
Mr Pattaro said there were massive crowds everywhere today.
“Buyers know the interest rate rising cycle is coming to an end and they want to buy before the next wave in prices,” he said.
“The buyer was a local up-sizer and the seller is an investor who has owned the property for almost five years. The house needs some work and it has no garage.”
MELBOURNE
Ray White Victoria Chief Auctioneer Jeremy Tyrell said that while it felt more like winter in Melbourne this weekend, the real estate market provided some warmth as buyers continued to show up.
There were 140 auctions scheduled across the Victoria and Tasmania network for the week, with more than seven out of 10 homes being snapped up (preliminary clearance rate of 71.2 per cent).
He said buyer attendance at auctions continued to improve with 4.2 on average, while 2.9 of those attending raised their bidder paddles and actively took part.
“Another promising sign is 84.1 per cent of all auctions conducted had bidding activity, suggesting that the sale in this current market is dictated by the seller,” Mr Tyrell said.
“All eyes are now fixed on the RBA announcement on Tuesday, where it is likely to increase the official cash rate. That said, transacting in the same market is relative and there are great opportunities for both sellers and buyers.”
Ray White Cheltenham Lead agent/auctioneer: Angela Limanis - 0414 664 374
Sold under the hammer for $813,500
3 active bidders
These first home buyers was the winning bidders today of this three bedroom Cheltenham home. Ms Limanis said there had been good open home attendance on the property from the first day with up to 19 groups at each open.
“We had a lot of bidders and the auction moved very fast, it was very spirited, despite the pouring rain outside,” she said. “This was my first auction for the year and I was keen to assess the sentiment with buyers and it felt good. Buyers are out there looking. The winning bidder was first home buyer who is renting in the CBD and looking for more value for money,” she said. The seller has sold to move closer to family in the bayside area.
Ray White Oakleigh sales agent Leigh Kelepouris 0422 283 480
12 registered bidders, 7 active bidders
Sold under the hammer for $870,000
Auctioneer: Robert Cincotta, Ray White
Despite the rain, some 150 (pictured below) people gathered to see the townhouse of a local lady being sold to a family who has just moved over from New Zealand.
“The market is good, we have action on every single auction today. We are creating competition and opportunity for our sellers,” Mr Kelepouris said.
Ray White Berwick Lead agent: Eric Zhang - 0433 322 748
5 registered, 4 active bidders
Sold under the hammer $850,000
Auctioneer: Andrew Martin, Ray White (pictured below)
Auctioneer Andrew Martin (pictured above) took the opening bid of $750,000 in Berwick and the auction reached its reserve of $820,000 a few bids later. The four bedroom low set brick home sold under the hammer for $850,000 to an investor who lives around 20kms away.
“There was a crowd of around 30 people and many buyers were locals upsizing to better school zones. The seller is very happy and it’s a good sign of confidence in the market to get four active bidders,” Mr Zhang said.
Ray White Oakleigh selling agent Nick Strilakos
4 registered bidders
Sold under the hammer for $840,000
Auctioneer: Matthew Condon, Ray White
This big beautiful home was sold after 42 years in one family to a young couple (pictured here) who are getting married in March. “This was a beautiful story and a great result for everyone,” Mr Strilakos said.
Ray White Romsey sales agent and lead Joshua Reeves
6 registered bidders, 3 active
Sold under the hammer for $1,050,000 ($40,000 over reserve)
BRISBANE
Ray White Queensland Chief Auctioneer Gavin Croft said stock levels around Brisbane remain low right now.
“We have low auction numbers coming through and low stock levels across Brisbane with only 33 auctions last week for Ray White in the Brisbane metropolitan area,” Mr Croft said.
“Markets are all about supply and demand. So with low supply becomes an increased demand from buyers and we have an average of 6.9 registered bidders per auction right now.
“So with similar stock volumes continuing to flow at the moment, just 45 auctions this week, we anticipate the same themes. So there’s strong registration levels, strong bidding, and it’s good for sellers to have a lack of competition.
“March will be a time where increased stock will come through. I think sellers who have come out of the gates early are really going to be rewarded, no question around it.
“But it's the lack of supply which is making it a little bit difficult for buyers at the moment.
“The pleasing thing is to see the buyers out there in the marketplace and certainly doing everything they can to secure property.
“On the Gold Coast we produced almost 200 auctions over the last week with a 55 per cent clearance rate.”
Ray White Clayfield Lead agent and principal Nicholas Given - 0439 193 920
5 registered bidders, 3 active
Sold under the hammer for $3,425,000
Auctioneer: Haesley Cush, Ray White
The top residential sale across the country went to the timeless beauty at 123 Oxlade Dr, New Farm in the River city which Mr Given said had received huge development interest. The historic property called Doralma sat on a commanding blue chip location with a 55m frontage on a 860sqm block. It was bought today by a family for $3,425,000 who will eventually renovate it and make it their forever home.
“It’s been a very successful campaign. The new buyer will land bank and renovate in time,” Mr Given said.
The property has been in seller Judy Magub’s family since 1910.
”In 1910 my grandparents William Stanley and Rosa Oxlade purchased the land and built the house Doralma at 123 Oxlade Drive (known as River Road at the time of purchase) in New Farm,” Ms Magub OAM said.
The home has been a wonderful family home for 112 years and she was thrilled to see the property pass to a family and not a developer.
Mr Cush announced to the auction crowd of over 50 people that the frangipani tree in the front yard was planted over 100 years ago and will no doubt see future generations of children climb it.
“It was a 10/10 textbook auction campaign. We have had huge numbers at our open across our group. The buyers are back!” Mr Cush said.
Ray White Annerley principal Bevin Powell
9 registered bidders, 5 active
Sold under the hammer for $951,000
Mr Powell said an investor from NSW bought the block of three units. “A phone bidder from NSW won the auction and the underbidder was a local investor. Both the best buyers only turned up today,” Mr Powell said.
Across the business he said traffic at open homes had been busy with buyers out in strong numbers.
ADELAIDE
Ray White South Australia Chief Auctioneer John Morris said 2023 has so far been nothing short of extraordinary in South Australia.
Statewide two thirds of auctions are selling on the day, and while the number of auctions may be lower year on year they are still well up in terms of volume on pre-pandemic levels.
“Around the state 67 per cent of auctions are selling at Ray White, and this number is at 76 per cent so far for 2023 with average registered bidders for 2023 so far at five per auction with 2.6 of these participating and with that 35 per cent auction market share, this means that more than one in three auctions throughout the festival state so far this year have a Ray White agent at the helm. impressive numbers indeed,” Mr Morris said.
“Now let's look at this week. The current preliminary clearance rate is at 87%, average registered bidders 8.3 and 3.5 of those participating.
“This weekend has the highest auction share I have seen ever. Of the 86 auctions scheduled throughout the state just shy of 50 per cent of those have a yellow sideboard out front.
“We call ourselves the competition creators because that's what we do week in week out and if you want social proof of this, get out to one of the many Rei white auctions that are being conducted by Australasia as number one real estate group.”
Ray White Prospect Lead agent: Stefan Siciliano - 0403 171 489
6 registered bidders, 5 active
Sold under the hammer for $817,000
Auctioneer: John Morris, Ray White
Ray White Prospect Lead agent: Stefan Siciliano - 0403 171 489
19 registered bidders, 6 active
Sold under the hammer for $1.311 million
Auctioneer: John Morris, Ray White
Ray White Norwood agent Reece Pilgrim
4 registered bidders, 3 active
Sold under the hammer for $446,500
Auctioneer; Sam Grover, Ray White
Mr Pilgrim (pictured above at 1 Warramunga St Greenacres) said there were first home buyers and investors all over this corner block house as it has a lot of potential.
“The market feels like it’s come back with a bang, and there’s buyers everywhere. The open home foot traffic has been very busy. This property was sold to an investor, who outbid two first home buyers and another investor.”
Ray White Norwood Lead agent: Rajwant Singh - 0433 880 085
16 registered bidders, 6 active
Sold under the hammer for $790,000
Auctioneer: George Kargiotis, Ray White
Mr Singh said the campaign attracted a lot of buyers, some 50 groups came through the first open alone. “The buyers were mostly first home buyers or upsizers, and it was a first home buyer who won the keys today. The seller is very happy and moving to Melbourne.”
