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While there is a clear cooling of property prices across most parts of the country, there were still hundreds of satisfied vendors popping champagne bottles today, achieving sale prices higher than reserve.
Australasia’s largest real estate group Ray White reported a preliminary clearance rate of 58 per cent nationally. The standout city was Adelaide, coming in with an 80 per cent clearance.
Buyers were still braving the chilly weather and raising their hands, in a bid to land their dream home. Today saw four registered bidders at auctions on average nationally, along with huge crowds of onlookers.
The highest auction sale of the day was on the Gold Coast, where Mitch Palmer from Ray White Broadbeach Waters knocked down the hammer on 46 Garden Grove, Carrara for $6,680,000.
“The prestige end of the market is holding firm and seeing stable numbers; there is a particularly strong appetite for completed luxury homes which don't need a dollar spent on them, given the cost and frustrations of building at the moment,” Mr Palmer said.
The resounding feedback from agents and auctioneers across the country was to utilise the most fair and effective form of sale; the auction method.
Ray White Chief Economist Nerida Conisbee said since the start of the year, properties were staying on the market longer.
“Overall, the increase has been minor, increasing from 22 days to 24 days, however some cities are seeing bigger increases. Sydney has seen the biggest increase, from 19 days to 24 days,” Ms Conisbee said.
Given that increasing days on market and discounting go hand in hand, right now it is more important than ever that when you go to market, you want to sell quickly.
“Our latest analysis of Ray White auction results has shown that right now, if you want to sell in a slowing market, auction is the best way to go to market,” she said.
Jin Ling from Ray White Carnegie said the term recently trademarked by Ray White ‘Competition Creators’ was something that he lives and breathes every day in his work.
“It is rare that I don't use the auction method. It pays off for the vendor and creates visible competition, no matter how tempting it is to accept a good offer prior,” he said
“It is up to the agent to hone their buyer work, and make sure their buyers come and bid at auction.”
MELBOURNE
Ray White Victoria and Tasmania chief auctioneer Matt Condon said it was a quieter than normal week of auctions, with just over 130 auctions scheduled across the state.
“The amazing weather saw crowds and bidders out in force creating a great atmosphere at all on-site auctions,” he said.
“Our preliminary data also revealed a slight increase in the average number of bidders per auction resulting in strong competitive bidding. The more bidders and competition a property has, the more confidence buyers have to purchase. This social proof is a key element to achieving a premium price at auction,” Mr Condon said.
Sold under the hammer for $1,810,000 - above reserve by $110,000
10 registered bidders, two active
Ray White Oakleigh - Leigh Kelepouris and Adam Pavlou
Auctioneer - Robert Cincotta, Ray White
The opening bid of $1.7 million for ‘Amelia House’, a gorgeous historic home in Melbourne’s south east, knocked nearly all the bidders straight out of the race.
The same opening bidder won the auction (pictured above), having lived a few doors down many years ago and never being able to forget her fascination with the beautiful home.
“She fell in love with the home many years ago and would drive past it every day to get a glimpse of it; she knew it was a sign when it came onto the market,” Leigh Kelepouris said.
The sellers had bought the home in the 1980s, and were downsizing to Rosebud having recently become empty nesters.
Sold under the hammer for $1,180,000
Three registered bidders, all active
Ray White Bundoora - Rayni Jerram and Andrew Mizzi
Auctioneer: Andrew Mizzi, Ray White
This modern home is almost unrecognisable, after the sellers (pictured above) purchased it in 2020 for $705,000 and it was trashed by trespassers only two weeks before settlement.
“The sellers are absolutely over the moon to have made such an impressive return, after gutting it and lovingly renovating it back to life,” Rayni Jerram said.
The buyers were a couple who they met at another property in Bundoora, but were looking for something large to make space for boats and caravans.
“We suggested they come check out this property, and even though it was 40 minutes away, they fell in love with the area,” Ms Jerram said. The buyers were bidding via phone today while they were overseas in Thailand.
“This result just shows that it truly isn't all doom and gloom; we had so many buyers who were really keen throughout the process but decided to wait for spring due to negative media attention. We think that now is the perfect time to list and buy and I think some people who are waiting to buy in spring might be disappointed.”
165a Oakleigh Road, Carnegie (pictured above)
Sold under the hammer for $1,161,000
Six registered bidders, all active
Ray White Carnegie - Jin Ling and Karan Vaghela
Auctioneer - Tom Grieve, Ray White
This renovated home with a white picket fence was declared on the market at $1,080,000.
There were a crowd of people watching the auction, with bidding starting at a low $850,000 and rising rapidly.
“The winning bidder was a first home buyer family of three, currently renting a similar property two streets away,” Mr Ling said.
“The buyer later said that he could have bought a bigger property but choosing something that is finished and renovated was a no-brainer at the moment, saving money and headaches on building costs.”
2 Christensen Street, Cheltenham
Sold under the hammer for $1,511,000
Two registered bidders, both active
Ray White Cheltenham - Kevin Chokshi and Elise Russell
Auctioneer - Kevin Chokshi, Ray White
“The appeal of this home was the land size, and the garden and backyard was stunning; perfect for the young local family who bought it (pictured above)” Mr Chokshi said.
“The sellers had moved to Queensland and had been holding it as an investment for a few years but decided it was a good time to put down their roots in Noosa and offload. There were a lot of buyers out at our auctions today, with strong active bidder numbers; the buyers and sellers are getting used to this being the normal market,” he said.
Sold under the hammer for $2,410,000 (above reserve by $60,000)
Three registered bidders, all active
Ray White Balwyn - Helen Yan and Dennis Zhong
Auctioneer - Jeremy Tyrrell, Ray White
To finish off a huge day of auctions in Melbourne, the Ray White Balwyn team achieved a brilliant result for this humble but charming brick home.
“The buyers were a local family, and they were thrilled to have secured a home in our neighbourhood,” Ms Yan said.
Ms Yan said that the market was tough, however attractive properties in good areas are still doing well and getting a lot of interest.
“Our vendors understood the current market, and were realistic with their expectations.”
SYDNEY
Ray White New South Wales Chief Auctioneer Alex Pattaro said there was plenty of positivity within the Sydney market.
“We are starting to see a higher number of registered bidders and confidence appears to be making its way into the market,” Mr Pattaro said.
“Sellers have a great opportunity to capitalise on the buyer activity, but we urge sellers to listen to feedback and offers, to align closer to what the market is willing to pay or be prepared to sit for a long time.
“Buyers may be cautious but they are still active and ready to transact if the price is right,” he finished.
Sold under the hammer for $2,125,000 (above vendors expectations by $275,000)
12 registered bidders, four active
Ray White Macarthur Group - Ibrahim Merjan and Zane Saddik
This opulent, beautiful and contemporary five-bedroom home created quite the scene at auction today, drawing in a huge crowd and beating the street record.
“The auction was an absolute showstopper, with a crowd of over 200 people cheering on this brilliant street record,” Mr Merjan said.
After 23 fiery and competitive bids, the vendors (pictured above) were absolutely thrilled with the result.
50 Eldon Street, Riverwood (pictured above)
Sold under the hammer for $1,380,000
Five registered bidders, three active
Ray White Riverwood - Adison Cao and Phillip Ho
Auctioneer - Tim Snell, Ray White
Mr Cao said that the auction of this well-maintained brick family home was an exciting one.
“In the end, the winning bidders were from the north of Sydney, and like most bidders, they were interested in the location and the land size,” he said.
“We are certainly finding that buyers are more cautious, but if the vendors are reasonable then everything can sell at a reasonable price.”
BRISBANE / SOUTH EAST QUEENSLAND
Ray White Queensland chief auctioneer Gavin Croft said there were mixed results for the South East Queensland market this week.
“Ray White Burleigh Group auctioned 21 properties on Thursday, none of which met reserve but 60 per cent were sold under the hammer, and there was bidding on 80 per cent of properties,” Mr Croft said.
“This just shows that we have the buyers and we are able to showcase the market and help sellers make accurate decisions in relation to the market,”
“Some properties are still really bucking the trend, and are being hotly contested. A beautiful presented family home in a good position will garner plenty of interest,” he said.
46 Garden Grove, Carrara (pictured above)
Sold under the hammer for $6,680,000
Four registered bidders, all four active
Ray White Broadbeach Waters - Mitch Palmer and Matt Hughes
Auctioneer - Mitch Palmer, Ray White
Mr Palmer said the strength of the prestige market encouraged him to market this property with an auction campaign.
“I was confident that there would be enough depth in the market for a special home like this to take to auction. That was the case today, with well over 100 groups inspecting the property throughout the campaign,” he said.
“A local buyer won it in the end and we had a huge amount of interest from Sydney and Melbourne buyers as well.”
Mr Palmer said he was still seeing strong migration into Queensland, particularly to the coastal areas.
“Stock levels are still low here on the Coast, so the prices are being pushed up. Being the auctioneer and the agent is something I love doing; it gives me that extra knowledge and insight of the buyer,” he said.
23 Gresham Street, East Brisbane
Sold under the hammer for $1,240,000
Eight registered bidders, six active
Ray White Brisbane City - Karen Pierce
Auctioneer - Dean Yesberg, Ray White
Ms Pierce said the appeal of this home was it being a beautiful little unrenovated two-bedroom Queenslander but had good bones.
“It was built in the 1920s and has a beautiful L-shaped verandah and high ceilings. The winning bidder was a lady who looked at multiple properties with me, and successfully purchased this one,” Ms Pierce said. The sellers were holding it as an investment property, and the buyer was going to renovate it herself to live in.
15 Fiennes Road, Logan Reserve
Sold under the hammer for $665,000
Eight registered bidders, with all eight active
Ray White Marsden - Jett Jones and Sarah Hunt
Ms Jones said she was expecting four registered bidders but eight turned up to the airy and modern home.
“An owner occupier ended up buying it; he and his family have just moved down from Darwin. Auctions are absolutely the way to go; you get a completely transparent process with it. I choose the auction method regardless of how the market is going,” Ms Jones said.
ADELAIDE
Ray White South Australia chief auctioneer John Morris said that while scheduled auction numbers were down, the leading group continued to dominate, calling 40 per cent of auctions across the state.
“Bidder numbers remain strong and steady, with an average of 5.6 registered bidders and three of those are partaking in the action,”
“Agents who are recommending the auction process to clients are rewarding them with fewer days on market and the certainty that the unconditional auction contract brings,”
“Auction should definitely be a strong consideration when taking your property to market, and no other company understands the auction process quite like Ray White,” he said.
7 Kendal Avenue, Windsor Gardens
Sold under the hammer for $712,000 (above reserve by $62,000)
17 registered bidders, six active
Ray White Norwood - Steve McLuckie
Auctioneer - George Kargiotis, Ray White
Mr McLuckie said it was an amazing auction to witness, with about 60 people attending and a huge 17 bidders.
“We were expecting between 3-8 registered bidders, so you can imagine the vendor's joy!”
“I put today’s success down to the systems we have in place; strong marketing, strong processes and working our database well. The vendors also spent some time and money making the home look fantastic, which plays such a big role in getting a good result,” Mr McLuckie said.
“The sellers have had the home for a number of years, and decided it was the best time to sell and make the most of the market which is still strong here in Adelaide,” he said.
The sellers are a young first home buyer couple who have been looking for many years.
“They said that instead of spending their weekends at open homes, they will be heading to IKEA!”
Sold under the hammer for $580,000 (above reserve by $30,000)
10 registered bidders, five active
Ray White Walkerville - Liam McDevitt and Jessica Buckmaster
Auctioneer - Liam McDevitt, Ray White
“The lovely owners purchased a home through us recently, and they loved how our team ran things, so decided to list their home with us,” Mr McDevitt said.
40 people showed up to the auction today to watch the low-maintenance single level home go under the hammer.
The sellers said that they were very glad they decided to run right through to auction day.
“Obviously it was very nerve-wracking to not accept a competitive offer prior to auction, but we trusted the Ray White Walkerville team with their advice, and it certainly paid off!” said sellers, Benjamin and Miyuki.
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Media Contact
Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com
