Auction wrap from around the grounds

WITH the AFL and NRL seasons now complete and the 'six again' controversy firmly in the rear view mirror, bidders were out in force across the country, with strong bidding across Ray White Group's 294 scheduled auctions today.

The nation's largest auction house booked a preliminary auction day clearance rate of 75 per cent, with an average of four registered bidders per auction.

It was Melbourne that stole the limelight with the leading group's preliminary data showing an auction day clearance rate of 80 per cent with an average of 3.6 registered bidders per auction.

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Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the past week had been one of Ray White Victoria's biggest weeks for 2019 in terms of auctions scheduled.

"It's really great to see that the auction volume is up in comparison to the same time last year," Mr Condon said.

"On the ground buyers were bidding with confidence and competing to secure a property even after a property was announced as on the market and selling."

The day kicked off with an incredible result in Melbourne where Ray White Glen Waverley Agent Belinda Van Suylen and Sales Associate Anthony Nardo led the $1,290,000 sale of 55 Diosma Drive (pictured above) - a massive $370,000 over the reserve price.

“The vendors are absolutely delighted with the result as six competing bidders drove the opening bid of $850,000 up to its sale price with a huge 51 bids between them,” Ms Van Suylen said.

“Lack of stock combined with interest rate cuts, the loosening of finance restrictions and just the fear of missing out means this is very much a seller’s market right now.

“The location of this particular property was great with a good public school and primary school just around the corner.

“It’s an older home but has been very well maintained and has an excellent feel to it.”

There was another reserve-breaking result over in Melbourne's Wheelers Hill, where Ray White Rowville Sales Manager Nick Strilakos and Sales Consultant Tess Maxwell sold 3 Rostella Court (pictured above) for $1,233,000, a huge $333,000 over the vendor's reserve.

“We had more than 130 inspections throughout the campaign and that translated into seven active bidders competing on the day, with an opening bid of $800,000 being pushed up all the way to the sale price of $1,233,000,” Mr Strilakos said.

“What's most unique about this particular sale is not only the fact it's been in the same family for the past 44 years, but it’s in completely original condition throughout. It's basically a time capsule of how homes were built back in the mid-1970's.

“The home saw generations of children grow up only to leave home, get married and then bring the grandchildren back to the grandparent’s house.

“Needless to say the vendors were ecstatic at the end result and could not have wished for a better fairy tale ending to this chapter in their lives.”

Ray White New South Wales Chief Auctioneer Alex Pattaro said attendances for open homes continued to go from strength to strength.

"Ray White agents have reported their average attendance being 20 groups per property which is real sign that there are plenty of bidders and buyers out there," Mr Pattaro said.

"Despite the suggestion that stock is at record lows, our agents are suggesting there's more stock on its way. We have record auction booking numbers in October and November."

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The preliminary biggest under the hammer sale of the day occurred in Drummoyne where Ray White Drummoyne Director Chris Wilkins and Sales Consultant Jessica Carbone orchestrated the $2,355,000 sale of 25 Moore Street (pictured above) - well over reserve.

“There was a huge amount of interest in this property with more than 300 online enquiries and over 120 groups through the opens,” Mr Wilkins said.

“We also issued 11 contracts prior to the auction so that was an excellent barometre of how popular the property was going to be on the day.

“We’re getting to the point now where if you buy you can be in and settled before Christmas so bidders are pushing hard to secure their properties.

“The property itself was on a big block size for the area, was in really good condition and offered the potential for value-add in the future.”

The success continued in Turramurra where Ray White Upper North Shore Director Matt Bolin managed the $1,580,000 sale of 19 Somerset Avenue (pictured above) - $150,000 over reserve.

“We had a huge amount of interest in this property and we actually brought the auction forward a week because of the strong demand,” Mr Bolin said.

“We had 10 registered bidders battling it out on the day and the lucky buyers were a young couple who were buying their first home.

“The house itself was nicely presented, well-styled and had recently had a cosmetic renovation. Bidders also loved the walking distance to North Turramurra Village.

“It’s fair to say the market here is thriving in this price range right now.”

Ray White Queensland Chief Auctioneer Mitch Peereboom said Brisbane's preliminary clearance rate of over 60 per cent was a clear indication that spring selling season was well under way.

"The one thing that stood out for me was the crowds. We saw a number of people coming to the auctions and checking out what's happening in their market place," Mr Peereboom said.

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"I spoke to a lot of people today who are looking at coming onto the market between now and Christmas and are doing their research to get an idea of prices."

There was an excellent result in Bulimba where Ray White New Farm Sales Manager Nicholas Given sold 32 Princess Street (pictured above) for $2,085,000.

“There were lots of people desperate to buy this home but didn’t have their finances in place so I can’t stress enough how important it is to talk to a broker and be in a position to bid on auction day,” Mr Given said.

“Houses are really strong in the area at the moment and apartments are performing better than they were this time last year.

“We’re seeing a lot of interest from buyers when properties hit the market between $800,000 and $1,100,000.

“A local lady was the lucky winning bidder and she loved the layout of the home and the flow it provided from kitchen to pool - she also appreciated the architectural design.”

The success continued in Grange where Ray White Wilston Principal Alistair Macmillan and Sales Associate Sam Hagen orchestrated the $1,540,000 sale of 9 Meecham Street (pictured above).

“We had more than 100 groups through during the open homes and that culminated in six registered bidders on the day, with four of them competing,” Mr Macmillan said.

“Bidding started at $1,000,000 and climbed all the way up to the final sale price of $1,540,000 with a family relocating back from Sydney the lucky buyers.

“The property itself is a great renovation project but it’s very liveable in its current state so it’s the perfect balance of living and the opportunity to value-add.

“There's heaps of demand from buyers right now and the shortage of stock and competition from buyers are key reasons why our office currently has an 86 per cent clearance rate.”

Ray White South Australia Chief Auctioneer John Morris said the Adelaide market was looking strong this weekend.

"The crowds are out in force. The bidders are bidding and the buyers are buying," Mr Morris said.

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The preliminary biggest sale of the day in South Australia was in Adelaide's Allenby Gardens where Ray White Woodville Principal Peter Kiritsis and Sales Associate Alex Ghinis managed the over reserve $911,000 sale of of 23 East Avenue (pictured above).

“We had more than 100 groups through the opens and that resulted in four registered bidders battling it out on the day and more than 30 bids being placed during the auction,” Mr Kiritsis said.

“It’s a spacious home perfect for families with the extension allowing you to grow into it over the years and the shed also really appealed to the young family who bought the property.

“We’re seeing strong buyer demand in our market and a lot of interstate investment because they are seeing really good value in our property prices.”