Auction wrap from around the grounds

THE Ray White Group experienced yet another year-on-year growth in the number of auctions scheduled this week with 482 across Australasia, 243 of which were scheduled for today.

The leading auction house today booked a preliminary national auction day clearance rate of 80.6 per cent across its group, according to it's own innovative market-leading in-house data system.

Sydney was the star of the show with initial data showing a 90 per cent clearance rate on the day, leading Ray White NSW CEO Jason Andrew to declare that the market "was well and truly back."

"No matter where you went in Sydney today you could feel the confidence radiating from buyers with vendors knowing they have taken advantage of a market where buyer demand outstrips the number of properties on the market by quite some way," Mr Andrew said.

"The perfect example of this was in Queens Park where a two-bedroom renovation project sold for $1,900,000 (details below) that was hundreds of thousands over its reserve.

"At the peak of the market in 2017, the property next door that was fully renovated, had a pool and three bedrooms sold for $1,925,000, and the property today that was smaller and needed a lot of work, nearly sold for the exact same price.

"If we ever needed an indicator that the market was back in Sydney, this was it."

Ray White NSW Chief Auctioneer Alex Pattaro said short supply of stock had applied pressure on buyers to compete for properties.

"The number of offers prior to auction has rapidly increased as buyers try to avoid the heat of the competition on auction day," Mr Pattaro said.

"Healthy competition is leading to stronger auction prices. There are only 13 Saturdays left until Christmas so this is the opportunity for potential vendors to come to market and take advantage."

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Sydney's super Saturday started in Coogee where Ray White Maroubra I South Coogee Agent Nader Hotait sold Penthouse 9/89 Bream Street (above) over its reserve for $3,600,000.

“There was a huge amount of interest in this property as more than 75 groups came through the opens, culminating in four registered bidders competing on auction day,” Mr Hotait said.

“The market here is buoyant right now with a real shortage of luxury properties on the market at the moment - so when a property like this becomes available - it creates a real buzz.

“We’re seeing buyers trying hard to snap up properties prior to auction and we had a solid offer of $3,300,000 for this one, but having let the auction method play out until the end, we were able to achieve an extra $300,000 for the vendor under the hammer.

“It was a brand-new building finished just three months ago and was a whole-floor apartment with high-end finishes, a direct access lift into the property and is just a short walk to the beach. It was purchased by a young professional family.”

Success was contagious and continued into Forest Lodge where Ray White Surry Hills Associate Director and Sales Executive Matthew Carvalho and Sales Executive Jason Ballo successfully sold 31 Lodge Street (above) for $1,850,000 - $200,000 over its reserve price.

“There was a huge amount of interest in this particular property with more than 150 groups through the open homes and 20 contracts issued prior to the auction,” Mr Carvalho said.

“With stock numbers being tight at the moment it means there's fierce competition when a property like this hits the market and we had nine registered bidders on the day.

“It was one of those houses that just ticked all of the boxes as it was a good size on a nice street and had a really good orientation.

“The property was purchased by a young couple who were delighted.”

Reserve prices were running scared, none more so than in Queens Park, where Ray White Bondi Junction I Randwick Partner Sam Capra orchestrated the $1,900,000 sale of 71 Birrell Street(above) - a massive $400,000 over the reserve price.

“It was an incredible auction with the opening bid landing right on the reserve price so we knew it was going to be a special auction when that happened,” Mr Capra said.

“We had more than 100 people through the open homes and from those we attracted 10 registered bidders, with eight of them actually competing across more than 20 bids.

“With stock levels so tight, even renovation projects are drawing big competition, simply because there is a bigger pool of buyers than there is of sellers.

“It's an original home that had last been updated back in the 80’s so it needed a lot of work doing to it. But this sale is the perfect example of restored buyer confidence and people now comfortable that they’re far more likely to get finance than a few months ago."

Not to be outdone by their NSW counterparts, Victoria seemed to have a love affair with beating reserve prices too, notching up a preliminary 88 per cent clearance rate of their own.

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the week had seen yet another increase in the number of auctions conducted in Victoria.

"The spring selling season is in full swing and is proving to be the ideal time to have your property on the market," Mr Condon said.

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"On the ground, the clear suggestion to buyers is to do everything you possibly can to be in the position to bid on auction day, this will give you the best chance to secure the property."

Ray White Forest Hill Sales Consultant/Auctioneer Aaron McDonald led the charge as he sold Blackburn's 29 Amery Avenue (above) for $2,162,000 - $297,000 over reserve price.

“This really was a one-in-a-million auction, with a ginormous 145 bids and taking nearly an hour to complete, with four bidders just refusing to let the property go,” Mr McDonald said.

“There was strong competition from the get-go, with bidding starting at $1,600,000 and going up all the way to the final sale price of $2,162,000, a huge $297,000 over the reserve.

“I’ve been in the industry for 18 years and I’ve never seen such competition between buyers because of the lack of stock on the market. It’s a fantastic time to be selling your home.

“This particular property was a really good family home, and in keeping with the open homes, it was a local family who ended up as the lucky winning bidders.”

The reserve price could only be seen in the rear view mirror as Ray White Macleod Senior Sales Executive Brett Schembri and Managing Director Asheiegh Lawson managed the $1,005,000 sale of 24 Moorwatha Street (above) - $145,000 over reserve.

“Macleod is one of those suburbs that families really look for because of the good schools, parklands, transport and shops and it was a young Melbourne family that purchased,” Mr Schembri said.

“Stock constraints, particularly in Macleod, means there’s an awful lot of competition when a property like this hits the market and that’s highlighted in selling $145,000 over the reserve.

“The house itself had that weatherboard charm that was well presented and had great natural light and it appealed so much that seven bidders competed on auction day.

“Anyone thinking of selling their home should be getting their property on the market now to take advantage of the amount of buyers that are out there right now.”

Ray White QLD Chief Auctioneer Mitch Peereboom said both the attendance numbers and the vibe coming from auctions were stand-outs today.

"We saw a number of properties go under the hammer and we saw some stand-outs between the $600,000 and $800,000 price bracket," Mr Peereboom said.

"We're seeing buyers putting their hands up and willing to compete at auction. We had a number of sellers who had some great outcomes today."

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There was no other place to start than Kalinga where Ray White New Farm Sales and Marketing Consultant Damon Lewis managed the $2,050,000 sale of 9 Emma Street (above).

“The market is pretty tight for listings right now with many more buyers than sellers out there at the moment. It’s without doubt an ideal time to be selling your property,” Mr Lewis said.

“We had more than 120 groups through the opens with particular interest coming from families and, in fact, it was a local family looking to move into the Eagle Junction State School catchment who bought it.

“It’s in a highly sought-after pocket and had been recently renovated to a high standard and being a traditional Queenslander it was always going to attract a lot of interest.

“It’s also on a large block and is within a stone’s throw of beautiful Kalinga Park.”

Ray White Ascot Sales and Marketing Consultant Alexander Shean and Principal Dwight Ferguson continued the success trend, selling 183 Lancaster Road (above) for $1,125,000.

“The market here is looking good at the moment with plenty of buyers out there as we move into the heart of spring. The mood is positive for buyers and sellers,” Mr Shean said.

“We’re incredibly busy at the moment with low stock levels driving the competition and that was evident with the four registered bidders we had for this property.

“The bidding started at $900,000 and climbed all the way up to the final sale price of $1,125,000 so both buyer and seller were very happy. The lady who bought it is heavily pregnant so she was pleased to have the new home in place for her baby.

“The property itself was fully renovated where you could move straight in and do nothing. It’s also in a great area across from the park and a short walk to the Racecourse Road shops.”

Ray White SA Chief Auctioneer John Morris said South Australia had again seen strong auction numbers with a 40 per cent listing share.

"The campaign clearance and the auction day clearance rate is up on last year and active bidders have also increased this week," Mr Morris said.

"The rain thankfully stayed away today meaning there were large crowds attending the auctions and you can get a real sense that bidder confidence is increasing."

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And it was confident bidding in Glenelg North that led to the $1,020,000 sale of 16 Rothesay Avenue (above), orchestrated by Ray White Woodville Sales Agent Mark Bowden.

“This particular property was very popular with the older generation and downsizers because of the bedroom on the lower floor, essentially making the home split-living,” Mr Bowden said.

“The lack of stock is certainly driving competition among buyers and it’s clear that a good house that is well-priced will absolutely sell for a good price.

“Bidding opened at $950,000 and an older couple were lucky enough to secure the property for a final sale price of $1,020,000.”