Auction wrap from around the grounds

DESPITE the Queen's Birthday long weekend across most states, bidders were still out in force as Ray White had 137 auctions scheduled across Australasia, with some agents using the public holiday as a tactic when it came to booking their auction.

The post-election bounce and the Reserve Bank of Australia's rate cut to 1.25 per cent this week, saw the leading auction group enjoy increased attendance and inspection numbers today.

Ray White QLD Chief Auctioneer Mitch Peereboom said the cloudy weather didn't deter buyers from being out in force in Brisbane.

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"We had some terrific results today and that really was in-keeping with the week as a whole. I called 38 auctions personally across the state capital with a 52 per cent clearance rate," Mr Peereboom said.

"We're seeing the resurgence this week of auctions that are taking a little bit longer because of an increased number of bids on the floor.

"It gives us a lot of confidence that buyers are willing to compete and certainly willing to put their best foot forward. We look forward to this continuing over the coming weeks."

That sentiment was certainly reflected in Camp Hill where Ray White Coorparoo Sales and Marketing Executive Mel Christie sold 81 Lloyd Street under the hammer for $1,000,000.

"We had more than 40 groups through during the campaign and that culminated in five active bidders on the day, with four of them competing against each other," Ms Christie said.

"More than 25 people were in attendance as it took 10 bids for the hammer to drop bang on the $1,000,000 mark.

"The buyer, a young family from the south of Brisbane, had literally only seen the property for the very first time today.

"They had been waiting four years to find their dream home and when they arrived today, they registered, and were able to achieve that dream via auction.

"The gem for this property is the stunning views of the Brisbane CBD, from Story Bridge out to Mt Coot-Tha, from the traditional Queenslander wrap-around balcony."

Ray White The Gap Principal James Monaghan said he had never seen anything like it when it came to the interest for 50 Bromar Street in The Gap, with the hammer falling well over reserve for $875,000.

"The 260 inspections throughout the campaign was the most I've ever had for any property - I had 93 groups through the door for the first inspection alone," Mr Monaghan said.

"We had a massive 17 registered bidders on the day with more than 35 bids moving the opening bid of $600,000 up to its sale price of $875,000.

"The house itself was an original built in 1963 and has been brilliantly maintained and never updated. The couple that bought it have been looking for a mid-century architectural home for some time and fell in love with this one. The couple from Paddington plan on renovating.

"There were so many people at the auction that we had to move it outside and close off part of the cul-de-sac to accommodate everyone."

Brisbane buoyancy continued in Balmoral as Ray White Bulimba Sales and Marketing Kym Cross and Principal Roger Carr sold 19 Kuranda Street for $1,050,000.

"We had 18 groups through the open homes during the four-week campaign and the interest was mainly local," Ms Cross said.

"We had two registered bidders competing against each other and that pushed the price up from the starting bid of $800,000 to $1,050,000.

"People living in Balmoral, Hawthorne and Bulimba tend to want to stay in the area so it was no surprise to have such strong local interest.

"The buyers were a young family from nearby Carina Heights and the Bulimba State School catchment really appealed to them."

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the long weekend had seen lower auction numbers in Victoria, but not a decrease in interest.

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"On average we've seen exceptional attendance numbers at both open homes and at auctionstoday," Mr Condon said.

"We also continue to see strong confidence in the market from buyers. This is evident from the amount of active bidders at each auction."

That confidence was highlighted at 2/41 Orchard Crescent in Mont Albert North where Ray White Box Hill Associate Director and Auctioneer Jeremy Tyrrell and Sales Consultant Steven Yuen sold the property under the hammer for $793,000.

"We had more than 25 bids between four active bidders and when the final bid of $793,000 was made, that was $43,000 over the reserve," Mr Tyrrell said.

"Since the Federal Election, there is noticeably more confidence in the market, and now the fear of negative gearing reforms have gone, we're seeing investors return to the market.

"We deliberately chose the Queen's Birthday long weekend for the auction to create more competition for our vendor, and that certainly paid off.

"The location was everything for this property as it offered a nice, quiet suburban blue chip area that is just 12km from Melbourne CBD.

"The property was bought buy a professional couple and they plan on renting it out before downsizing into it themselves in around 10 years time - so we were able to capture the investor and the downsizer in one."

Mr Tyrrell, who called the auction himself, wasn't done there for the day either. He went on to successfully call 12/11 Bishop Street in Box Hill, with the apartment selling for $332,600.

Ray White NSW Chief Auctioneer Alex Pattaro said despite lower than average auction numbers due to the long weekend, enquiry and activity remained high.

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"It appears the apartment market is slightly lagging behind the housing market. We believe this is a consequence of investors and first-time buyers obtaining finance," Mr Pattaro said.

"We believe this will change over the coming months once the finance begins to flow."

And it was an investor who snapped up 3/29 Jauncey Place in Hillsdale with Ray White Elizabeth Bay Sales Associate Nick Chalipilias and Principal Ian Campbell selling the property for $587,500.

"The 96sq m internal space was really appealing to buyers as it's pretty big for the area and the north-east aspect and the nearby South Point shopping centre will also be drawcards for future renters."

Across in Greenwich, a massive 15 registered bidders, six of whom were active, took part in the $661,000 sale of 4/252 Pacific Highway.

The opening bid of $580,000 rose beyond the reserve of $630,000 before hitting its sale price in front of a big crowd.

Ray White Lane Cove Sales Executives Pearl Todd and Angie Touvron marketed and sold the three-bedroom, two-bathroom apartment.

"We had a massive 80 people in attendance for this property and more than 80 groups through the door during the four-week campaign," Mr Kiritsis said.

"A married couple from the local area purchased the four-bedroom house that's been a one-owner family home and enjoys the tranquility of a cul-de-sac.

"We've seen an increase in numbers across the board since the Federal Election and that was highlighted by the three competing bidders today."

The preliminary biggest auction sale of the week came earlier in the week where Ray White Culburra Beach Sales Consultant Julie Gauci sold 186 Penguins Head Road under the hammer for $2,500,000.

"This was a record sale price for the street and very nearly broke suburb record as more than 50 people turned out to see over 20 bids before the hammer fell," Ms Gauci said.

“In my career, I can honestly say I’ve never had so many enquiries about a property. At the time, it was the last Culburra Beach property on the market.

“The area is extremely tightly-held and this property is just one of a handful that has a complete beachfront looking north.

“We’re still getting the same prices we were two years ago because the demand outstrips the supply around here.

“This property appealed to Sydneysiders looking for a holiday home that they can eventually retire in to.

“The home was bought by a retired couple from Sydney who have kids and a lot of grandchildren and will use this property as a getaway for the family.”