Residential
Explore
Saturday auctions sent a flurry of positivity around the country today, particularly to those cautiously waiting and watching the market.
Ray White, Australasia’s largest real estate group, recorded a 65 per cent preliminary clearance rate nationally today, sharply higher its clearance rate of 54 per cent last Saturday.
Registered bidders jumped up too, with an average of four per auction today.
Both anecdotally and through the group’s real time data, Sydney's auctions performed extremely well today. Sydney's preliminary clearance rate jumped right back up to a high 70 per cent, more than 20 per cent higher than last week.
The top sale of the day shows the prestige property market is still very buoyant, evidenced by eight competing bidders seeking to buy 27 Braeside Street, Wahroonga which sold for $13m+ under the hammer on Sydney’s upper north shore today.
Ray White Upper North Shore agent Adam McKay said there wasn’t a doubt in his mind that the auction method was the best way to achieve a premium result.
The rise in auction popularity as a sales method likely comes down to the fact that those who sold under the hammer this year on average achieved an extra 11 per cent on their sale price than if they had sold prior.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said that today was a very strong way to end the month of July, and that buyers were out in force.
“The market remains very price sensitive; buyers want to see value before they commit, and once they see other buyers starting to participate, they are likely to engage,”
“The strength in our auction results this week could be the marker of some stabilisation in Sydney,
“Buyers and sellers are already factoring further interest rate rises into their pricing decisions, which means we may start to see more properties selling under the hammer,” Mr Pattaro finished.
Sold under the hammer - $13,030,000
Eight registered bidders, three active
Ray White Upper North Shore - Adam McKay, in conjunction with Tim Fraser of Di Jones (both pictured above)
The sellers of this magnificent family estate were absolutely thrilled when the hammer dropped to a local family looking to upgrade to their dream home.
“Getting eight registered bidders to property of this price point and calibre is something I am particularly proud of, and reinforced our decision to take this property all the way through to auction rather than accepting offers prior or running a private treaty,” Adam McKay said.
“This area is a heritage conservation zone, and there are lots of big estate style homes, however this one is rare because it was built only 18 months ago.”
400A Abercrombie Street, Darlington (pictured above)
Sold under the hammer - $2,452,000 (above reserve by $352,000)
Four registered bidders, all active
Ray White Erksineville - Bianca Field and Matthew Carvalho
Auctioneer - Tim Snell, Ray White
The quintessential terrace home close to the University of Sydney was snapped up by a young first home buyer couple, represented by a buyer’s agent.
“It was a deceased estate sale, and I am very proud that we achieved such a great price above reserve for the executors,” Ms Field said.
“It had been in the same family for generations, so it was particularly special for them to pass the home onto a new couple to raise their family here.”
8 Elston Avenue, Narwee (pictured above)
Sold under the hammer - $1,490,000
16 registered bidders, five active
Ray White Hurstville - Michael Curtis and Alyssa Liao
Auctioneer - James Kerley, Ray White
Agent Michael Curtis said the property provided a brilliant opportunity to both developers, or owner occupiers.
“It is a neat and tidy five bedroom home but it also provided a potential duplex opportunity to developers, which is why we had nearly 100 people show up to the auction today,” Mr Curtis said.
The thrilling auction saw bids firing from everywhere, with the ultimate hammer drop in favour of a young couple in their 30s looking to move in and develop in the future.
“When a property is priced according to market conditions and feedback, you can expect a positive result,” he said.
“As an agent, it is our job to guide sellers and help them move with the market.”
33/195 Avoca St, Randwick (pictured above)
Sold under the hammer - $1,225,000 (over reserve by $25,000)
Five registered bidders, two active
Ray White Eastern Beaches - Angus Gorrie and Cristian De Nigris
Auctioneer - James Hayashi, Ray White
The sellers of this two-bedroom apartment with water views were two friends who nursed together at the Randwick hospital and decided to buy a home closer to their work in 2015.
“They have both gone on to get married and have families of their own, so have held it as an investment for a couple of years,” Mr Gorrie said.
The winning bidder was a downsizer moving to Sydney from Newcastle, and the underbidder was a local personal trainer who was looking to buy an investment property.
“We have sold eight apartments this month, which is a great result particularly for this time of year,” Mr Gorrie said.
“The auction process is the way to go and buyers are actually coming out of the woodwork due to negativity in the media, which ultimately helps the market thrive!”
6/28-32 Pine St, Chippendale (pictured above)
Sold under the hammer - $855,000 (over reserve by $105,000)
10 registered bidders, three active
Ray White Petersham - Nicholas Arena and Benjamin Nardi
Auctioneer - Alex Pattaro, Ray White NSW chief auctioneer
In another sign that Sydney’s unit market is very much alive and well, the bidding on this one-bedroom apartment in the inner west started at $600,000 and jumped up in $25,000 increments until the hammer dropped for an investor.
“We had huge interest in this apartment and it was a mix of investors and first home buyers,” Mr Arena said.
“There is a lot of strength in the unit market at the moment, with people now looking towards steadily priced units, since interest rates have gone up,”
“The seller was thrilled; she had owned it for 10 years and was most recently holding it as an investment,” he said.
MELBOURNE
Ray White Victoria chief auctioneer Matt Condon said that today saw another strong day of auction volume across the state.
The beautiful weather saw crowds out in force creating a great atmosphere at auctions.
“Preliminary data from the Ray White Group revealed a slight drop in the average number of active bidders per auction,” he said.
“The market is price sensitive at the moment, however when buyers see value in a property, we are continuing to see strong and competitive bidding at auction.
“Sellers that choose to meet the market during their campaign are ultimately being rewarded with more inspections, bidders and ultimately a better result on auction day.
“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.”
16 Fitzgerald Dr, South Morang (pictured above)
Sold under the hammer - $661,000 (above reserve by $110,000)
Six bidders
Ray White Manningham - Harry Lai and Charlotte Quarmby
Mr Lai said the renovated family home in South Morang’s “The Lakes” district was a huge hit with first home buyers, with a young local couple winning the keys to the home.
“Our sellers were offloading this investment property, and were absolutely delighted with the result we achieved above the reserve for them,” he said.
“We had over 100 groups throughout the four week campaign, and I would say 90 per cent of those were first home buyers.”
115 Garnett Road, Wheelers Hill (happy buyer pictured above with agent Cristine Jones)
Sold under the hammer for $1,388,000
Three bidders
Ray White Ferntree Gully - Cristine Jones and Karen Li Cameron
Auctioneer - Jeremy Tyrrell, Ray White
“The winning bidder only saw the property for the first time today,” Ms Jones said
“They actually live on this street and had been looking for a home for their daughter; she had has always said she wanted to live in the same street as them,”
“The daughter actually doesn't even know yet that they bought it! What a beautiful surprise.”
Ms Jones said it was an emotional day for the sellers, who have three young growing boys and were looking for more space.
“They have looked after the home beautifully and they are actually taking their prized plum tree in the backyard, which they specified in the contract!” she said.
“The auction was brilliant and it helped that today was glorious in Melbourne - I ordered it a month ago and the weather gods prevailed!”
ADELAIDE
Ray White South Australia and Northern Territory chief auctioneer John Morris said the final weekend of July brought strong results for Adelaide.
“While we may be bracing ourselves for further drops in clearance rates due to rate rises, we are still in a strong position,” Mr Morris said.
“The security of an auction contract should give sellers confidence in their sale. Adelaide is one of the few markets where we are still seeing an increase in property prices, and while it may not be at the heady heights of 2021, it is still well above the average of the past 10-15 years,” he said.
“We are sitting at about five bidders per auction on average, and in most cases the reason for a property not selling is a misalignment between vendor expectations and the current market.”
282 Mawson Lakes Boulevard, Mawson Lakes (pictured above)
Sold under the hammer - $1,013,000 (over reserve by $13,000)
13 registered bidders, four active
Ray White Salisbury - Justin Irving and Damanjeet Singh
Auctioneer - John Morris, Ray White SA/NT chief auctioneer
A huge 90 people showed up to watch the auction of this grand home, with the final hammer drop falling in favour of a local family from a neighbouring suburb.
“The family who I sold this home for presented it in the absolute best light possible; it was freshly painted and styled beautifully,” Mr Irving said.
“It is very important, particularly at the moment, to present homes well and make them as appealing as possible to buyers.”
11 First Avenue, Cheltenham (pictured above)
Sold under the hammer - $775,000 (over reserve by $25,000)
Seven register bidders, four active
Ray White Walkerville - Liam McDevitt and Jessica Buckmaster
Auctioneer - Sam Grover, Ray White
Auctioneer Sam Grover said it had been an eventful week for the Walkerville team, with one of the agents stuck in Bali and the other down with COVID-19.
“The team on the ground from Walkerville did a brilliant job stepping up to the plate today and they smashed it out of the park,” Mr Grover said.
“The vendors had a pre auction offer of $750,000 which was tempting but they stood their ground.
“The buyers were first home buyers; they almost didn't come because they were getting tired of missing out at auctions for the last year. Everyone was thrilled for them!”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said the auction narrative continued to change week by week and at a rapid rate.
“There seems to be little consistency in results at the moment , as buyers, sellers and agents continue to work through the changing market,” he said.
“Properties selling prior is becoming quite commonplace, with vendors not wasting any time to secure a strong result as soon as it comes through.”
54 Antill Street, Wilston (happy buyer pictured above)
Sold under the hammer - $2,150,000
Five registered and four active
Ray White Ascot - Ian Cuneo and and Nick Roche
Auctioneer - Phil Parker, Ray White
Ian Cuneo said the winning bidders of the renovated family Queenslander were a young local family from New Farm, looking for some extra space.
“The sellers have been there for 20 years and their children have grown up; the beautiful Queenslander has done the job and they are now downsizing,” he said.
“There are still buyers out there, just not as many as previously have experienced, but the serious buyers are ready to compete. For me, the auction method is the key to getting the best result for a seller.”
CLICK HERE FOR TODAY’S IMAGES AND AUDIO
Media contact
Nina Clarke
Ray White Media
0448 841 606
nclarke@raywhite.com
