Auction market defies doom and gloom predictions

THE auction market has today defied the doom and gloom predictions as bidders turned out in force across the country at Ray White Group's 317 scheduled auctions.

The leading auction house, that conducts one in four auctions across Australia and New Zealand, booked a preliminary clearance rate of 67.5 per cent.

Ray White Group Managing Director Dan White said today's activity in the real estate market defied all doom and gloom predictions, underscoring the community’s faith in the housing market.

"Our results are consistent with the momentum of recent months, particularly February where the Ray White Group achieved personal best auction results for its clients," Mr White said.

"Today's activity shows that large numbers of buyers in the market are deeply engaged, in an environment that meets the criteria of safe places, as defined by the health authorities.

"We're proud of the new steps our agents and auctioneers have introduced to provide a safe, yet welcoming environment for our customers.

"Whether it be social distancing, disposable auction paddles, fresh pens, or spacing out the crowds, our members are quickly adapting to show that we’re very much open for business.

"But we do know these are the results of just one week. We still have a lot of work to do to ensure our vendors and buyers are confident to transact in the weeks and months ahead.

"We'll keep challenging ourselves to find new solutions to improve our services, in line with community expectations."

Ray White NSW Chief Auctioneer Alex Pattaro said it had been another impressive week with the auction day clearance rate strong and both registered and active bidders on the rise.

"Buyers who are committed to purchasing are turning up at auctions and continuing to bid with fierce aggression," Mr Pattaro said.

"We're continuing to see large crowd numbers at popular auctions across New South Wales, and beyond, into other states."

And it was a case of a great sale and a large crowd in Bella Vista, as Ray White Baulkham Hills Sales Executives Daniel Sarzano and David Gennusa managed the $1,516,500 sale of 9 Barina Downs Road (pictured above), in front of more than 120 people - and $166,500 over the reserve.

“There was a huge turnout for the auction today with more than 120 people in attendance and 15 registered bidders, with seven of those battling it out for the property,” Mr Sarzano said.

“We had over 120 groups through during the inspections with multiple second and third viewings so we felt like it was going to be a special auction and it turned out to be just that.

“The final $50,000 of bidding was between two parties, and the winning bid was just $500, proving it doesn’t matter how far ahead at auction you are, just so long as you’re ahead at the end.

“The market here is booming right now with people willing to pay over the odds this weekend because they believe a similar property will sell for a lot more in the coming weeks.”

And over in Wahroonga is where the preliminary biggest sale of the day took place as Ray White Upper North Shore Sales Agent Anna Cavill and Director David Walker orchestrated the $3,900,000 sale of 8 Woonona Avenue (pictured above) - $150,000 over reserve.

“This property was sold on behalf of Property NSW and there was a huge amount of interest throughout the campaign with more than 60 groups through the opens,” Ms Cavill said.

“It was a short and sweet auction with only three bids but that included a jump from $3,500,000 up to the sale price of $3,900,000 in the blink of an eye.

“This is a beautiful heritage property that's completely secluded from the road and presiding over a vast 5135sq m on a rare three titles.

“The market itself is still tracking along positively and it’s great to see stock levels are better than last year so for us it’s an upward trajectory.”

Over in Wakeley more than 150 people turned out to see Ray White Wetherill Park Agent Mario Piredda manage the $1,100,000 sale of 50 Box Road (pictured above) - $100,000 over reserve.

“This is one of the best campaigns I’ve had in a long time with more than 160 groups coming through the opens - meaning there’s a lot of people out there looking to buy,” My Piredda said.

“There aren’t many opportunities to buy property in Wakeley at the moment and when you look at the competition between 15 registered bidders - it’s time to put your home on the market.

“This campaign pretty much defied everything. The opens were full of families and investors and it was a local family that bought as they looked to upsize.

“The property itself was a really good spacious home on a really good street and the 886sq m land size really appealed because of the space it provides.”

Over in Surry Hills there was a real claim to fame. For those who didn't know, 3/336 Crown Street was owned by Wheels and Dollbaby fashion designer Melanie Greensmith, who also happened to be the wife of Divinyls band member Mark McEntee.

In addition to its standout location, the two-bedroom property was once the backdrop for one of Debbie Harry’s many fashion shoots (pictured above).

The house had also hosted Little Birdy singer Katy Steele, Jimmy Barnes’ daughter Elly May and Aussie rock goddess herself, Chrissy Amphlett.

Ray White Taylor and Partners Director James Peach and Sales Agent Jeremy Brink orchestrated the $855,000 sale of the historic and rockstar-infused property.

"The market is looking pretty good and we had more than 80 groups through the open homes. The feeling on the ground is good and it was an investor that snapped this one up, Mr Peach said.

Ray White Victoria/Tasmania Chief Auctioneer Matt Condon said despite all eyes being on the real estate market this week, Victoria had seen a big increase in auctions scheduled.

"We've seen an increase in the number of active bidders per auction and crowd sizes are as strong today as they have been in recent weeks," Mr Condon said.

"Our group has been taking extra precautions by including single use pens, hand sanitizers and tissues - but with this in mind - this hasn't translated into things slowing down. Bidders are still bidding with confidence."

And that confidence was clear to see in Doncaster East where Ray White Manningham Senior Sales Executives Harry Lai and Jarrod Tyler successfully managed the sale of 5 Gainsborough Street (pictured above) for $1,301,000 - $191,000 over reserve.

“Incredibly, this auction came down to two bidders at $1,200,000 and they fought it out all the way to the sale price, with the winner securing the property with just a $1,000 bid,” Mr Lai said.

“The market is looking pretty good for us right now with solid numbers through the open homes and enquiries being pretty consistent since Christmas.

“We had more than 85 groups through the open homes as potential buyers saw that the property was both original but also provided great value.

“The main interest was families because of the primary and secondary school catchment it’s in and it was a family who were the winning bidders.”

In Rowville, more than 65 people were in attendance as Ray White Rowville Sales Manager Nick Strilakos and Sales Consultant Tess Maxwell sold 370 Dandelion Drive (above) for $910,000.

“This was a great result and there was a real buzz around this auction today with four registered bidders among the 65-plus in attendance,” Mr Strilakos said.

“Even in the current climate, people are still wanting to buy property. The theme of the day seems to be if people want the home then they’re coming out and bidding for it.

“The property itself was extremely well presented and ticked all the boxes and that’s the main reason we saw more than 75 people through during the opens.

“The Rowville market is looking pretty good right now and the stock levels are pretty strong too so there’s some great quality available on the market.”

Momentum continued in Blackburn as over 100 people turned out for Ray White Forest Hill Sales Consultant Steven Yuen's $1,108,000 sale of 1/24-26 Service Road - $223,000 over the reserve.

“What I’ve noticed is homeowners have become more interested and more intrigued in recent times and that’s evident with our appraisal numbers on the rise,” Mr Yuen said.

“We had a big crowd here today and that gives owners confidence in the market. The fact is people who really want to buy a property will still turn up and bid.

“The floor plan of this particular property worked really well, you couldn’t fault the area it was in and the body corporate fees were low for what you were getting.

“A couple with two children bought the home and they loved the walkable distance to the train station and that it was in the Box Hill school zone.

Ray White QLD Chief Auctioneer Mitch Peereboom said he was proud to see both buyers and sellers out in force today.

"We take our responsibility for the public's health and safety so seriously and we were able to create an environment where buyers and sellers were comfortable and crowds were able to still come along and attend our auctions," Mr Peereboom said.

"We haven't seen any signs of 2020 slowing down as we continue to see consistency and we're thrilled to see that buyers are still seeing great value in the market."

That was a sentiment that was echoed by Ray White New Farm Principal Haesley Cush who said it had been an exciting day with five of six properties selling via an auction campaign.

"We're still seeing strong results and we're seeing huge numbers through our open homes. We launched a New Farm property recently and in the second week we've already had more than 150 groups through to inspect," Mr Cush said.

And it was both a huge and strong day for Ray White Ashgrove Sales Agent Brigette Righton and Sales Associate Amy MacDonald, as they sold 29 Gailey Street (pictured above) for $1,430,000.

“We had more than 90 people through during the opens and that translated into three competing bidders on the day - driving the opening $1,000,000 bid up to its sale price,” Ms Righton said.

“Ashgrove is a lovely area that’s dominated by families, and being so close to the CBD, it was ideal for the New South Wales family that ended up as the lucky winning bidders.”

Ray White SA Chief Auctioneer John Morris said despite the doom and gloom over the past few days, it seemed it was high times, rather than end of times for Adelaide and South Australia.

"I've got reports of auctions coming through with 20, 60 and even 200-plus attendees, with 15 registrations the highest, so it seems there are positive outcomes for everybody," Mr Morris said.

"Just as it was before, it seems auctions are still selling, crowds are still gathering, and agents are really taking it upon themselves to ensure everything is clean and hygienic for all involved."

And it was in Thebarton where the mammoth crowd of 200 tuned out to see Ray White Woodville Sales Agent Jonathon Kiritsis sell 10 Ross Street for $1,100,000 - $200,000 over the reserve.

“We had more than 160 groups through during the open homes so we knew it was going to a pretty special auction - and that’s exactly what it turned out to be,” Mr Kiritsis said.

“The market here is really strong for us right now and having an interest rate cut during the campaign really energized the buyers even more, which was great for the vendor.

“The attention to detail in the property was second-to-none and it’s pretty rare to find a home of this quality in the inner-west - but having said that - it still surpassed my expectations.

“The interest demographic was also positive, with people from Sydney also looking at buying, and the eventual lucky winning bidders were a young family from WA.”

And last but by no means least, Ray White White Norwood Sales Executive Trent Dudley kept up his 100 per cent auction clearance rate, alongside Sales Executive Stefan Siciliano, as they sold 5 Dinham Court (pictured above) for $753,000.

"We had nine registrations and that was a good indication of how serious buyers were about this property - essentially one in five of the people that came through the open home were here to bid," Mr Dudley said.

"All you can see around this property are the foothills and the young couple that bought the home were one of the many upsizers looking to secure their next step in the real estate market."