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Placing a bet on the horse races seems to have taken priority on Saturday with the number of auctions scheduled down across Australasia last week to 463, compared to 574 the week before, with 46.3 per cent selling under the hammer.
More than 8200 people attended Ray White auctions overall, with 26.2 people the average crowd size and there were 2.5 average registered bidders.
Ray White’s preliminary overall auction clearance was 46.3 per cent. In the state of NSW on Saturday Novembver 4, the clearance was 56.1 per cent, ACT (66.7%), Queensland (46.3%), Victoria (50%), South Australia (36.4%), Western Australia (20%) and New Zealand (40.9%).
The most expensive property sold under the hammer in Australia 75 Sir Bruce Small Blvd, Benowa Waters (pictured here) which Ray White Broadbeach agents Sam Guo and Julia Kuo sold for $2.9M in front of 40 people on-site.
This was followed by 720 Pacific Pde, Currumbin which Ray White Mermaid Beach agent Troy Dowker sold for $2.767M in front of 30 people on-site on Saturday.
The old block of beachfront units will be demolished to make way for a new multimillion-dollar property after selling for more than $2 million at the weekend.
The Currumbin residences on Pacific Pde sold under the hammer for $2.767 million. Gold Coast-based buyers snapped up the 1960s-built property, which has four units and is on one of the Coast’s most tightly held beachfront addresses.
Mr Dowker said they had big plans for the site. “They might just do a little renovation on the flats but their main plan is to redevelop the site,” he said. The property was on the market for about a month before Saturday’s auction and attracted a number of interested buyers.
“There were four registered bidders, three participated,” Mr Dowker said.
It’s a tale of two markets for Australian housing: despite widespread price falls in the largest cities, ultra-prestige homes are still being snapped up.
Vendors of mid-market homes have been turning to creative marketing strategies to make their properties stand out as buyers play coy, even as wealthy purchasers continue to chase trophy homes.
Sydney home values have fallen 7.4 per cent over the past year — the worst drop since 1990 — with Melbourne down 4.7 per cent, according to figures this week from property researcher CoreLogic. Regulatory clamps on bank lending have been making it harder for investors to get loans and reducing the amount of debt owner-occupiers can obtain.
Ray White chairman Brian White said while the market had slowed from last year the group had seen the number of home sales improve last month.
The agency sold $3.6 billion worth of homes in October, up from $3.4bn in September.
“No one would have expected that our result was better than the previous month,” Mr White said.
Sales volumes had fallen about 10 per cent on a year ago, he said. “Yes, the market has come off, but most of the adjustment has been made.”
In Brisbane, more than 50 people gathered to see Ray White Toowong agents Sharon King and Kris Mathews sell sold a lowset brick home at 19 Belsize St, Kenmore for $921,000 to a family with teenagers after 49 bids.
Ray White Woollahra principal Randall Kemp said many buyers in his region were unaffected by tighter lending restrictions because they were borrowing from family and against existing equity.
Mr Kemp said the suburb’s $3.47 million median was being propped up by the $5 million-plus market, which was “unaffected” and “stronger than it’s ever been”.
Meanwhile in Mildura, more than 120 people came out to watch the auction of 78 Olive Ave which sold for $669,500. The property called 'Bella Vista' circa 1891 offered a unique slice of Mildura's history with livability beyond most contemporary homes. Originally a major homestead on a high sandy ridge overlooking Mildura, the double brick home now takes pride of place in arguably the most highly regarded inner city location of Olive Avenue.
Significant quality renovations in the early 1990's brought this period home into the future, now featuring 4 spacious bedrooms, 2 bathrooms, formal dining and lounge rooms with ornamental fireplaces and a very generous family entertaining area.
