Auction volume rises in October

While the group’s auction volume was still down by just under 14 per cent on last year, it’s picked up speed with 2,576 auctions going ahead over October. August and September trailed behind this number by more than 300 auctions.

Average registered and active bidders stayed largely consistent with the later half of this year at 3.9 and 2.5 respectively. The auction clearance rate hit the 60 per cents for the first time in months at 62 per cent. The gap between sellers’ highest prior offer versus under the hammer sale price remained healthy at almost 11 per cent nationally.

Ray White Canberra had the highest volume of scheduled auctions. The powerhouse office booked in 85 auctions over October with a clearance rate of almost 60 per cent. They recorded 3.1 registered bidders per auction and 2.2 active bidders.

The number of interstate auction buyers has decreased over the year and currently rests at 7.58 per cent in October for the group. International buyers made up one per cent of all auction sales while local buyers made up just over 90 per cent. Ray White on the Gold Coast continued to have the highest number of interstate auction buyers of Australia’s larger markets at just over 21 per cent, however this has declined from earlier in the year. Adelaide attracted the most international buyers with 2.3 per cent of all Ray White auctions in October going to someone coming from overseas.

Owner occupiers made up over 75 per cent of all auction buyers last month while 23 per cent identified as investors. This split has stayed largely steady over the past few months. Brisbane had the highest percentage of investors and least number of owner occupiers while Melbourne was the most popular with owner occupiers but was last on the list of major capital cities for investors.

The group’s top auction sale was in rural New South Wales. Ray White Emms Mooney agents Stewart Murphy and Sam D’Arcy sold “Glendower”, 70 Callans Ln, Vittoria for $20.5 million with five active bidders. The property was bought by a rural investor.

Meanwhile, the top capital city sale was from leading Ray White business Upper North Shore. Director David Walker sold 397 Bobbin Head Rd, Turramurra (pictured above) for a suburb auction record of $11.025 million. Four of the eight registered bidders participated, taking the sale price well above the $10.5 million reserve. The property is now home to a young family who moved from North Turramurra.

Ray White Mt Gravatt agent James Austin had the most registered bidders per auction. Mr Austin’s 11 Lay St, Upper Mount Gravatt auction attracted 30 registered bidders with 15 bidders actively bidding at one of the office’s in-room events (pictured above). After some spirited bidding, the property sold for $1.257 million.