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IT may have been pouring in many parts of the country today but the weather didn't dampen enthusiasm at Ray White auctions.
On the first Saturday of the new financial year, nationally, the group recorded a 59 per cent clearance rate, 4.1 registered bidders and 2.5 active bidders on average.
Despite the rain, those sellers who took their property to auction today netted on average 12.51 per cent more than if they had sold prior. This proves that despite the slow down in market conditions, auctions are still the way to go.
Of the major capital cities, Sydney and Adelaide recorded some of the highest average registered bidder numbers at 4.9 and 4.8 respectively. Meanwhile, Ray White Melbourne finished on a preliminary clearance rate of 69 per cent and Brisbane’s average active bidder numbers were up on last year at 2.5 per auction.
Ray White’s top auction sale was in Chiswick, Sydney. Mario and Jessica Carbone of Ray White Drummoyne sold 3 Hezlet Street for $4.605 million under the hammer. The property was sold to a buyer who had only physically inspected it on the day.
The top number of registered bidders also belonged to Sydney today. Hayden Richards from the Ray White Touma Group sold 26/42 Turner St, Redfern for $780,000 with 13 registered bidders in attendance.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said the wet weekend certainly didn't scare any kind of buyers from securing a home today.
“We continue to see a shift in seller expectations with more sellers keen to meet the market when a willing buyer is prepared to arrive on auction day,” he said.
“Buyers require competition in order to pay a premium price, which is why we continue to encourage sellers to list their home as auctions to ensure they can obtain a premium market price.”
3 Hezlet St, Chiswick (pictured above)
Ray White Drummoyne, Mario Carbone - 0415 457 417
Sold for $4.605 million
11 registered bidders, five active bidders
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
“Blue ribbon properties are still performing well, especially anything with a view. Today's auction shows buyers still have a lot of confidence in the market, even when making such big purchases,” Mr Carbone said.
“The home sold for $200,000 more than the last sale in the street which occurred in December when it was considered a hot market.
“The buyer only inspected the property today but has been keeping an eye on it for the last two weeks. He decided to come along and spectate but fell in love with the view and ended up competing.
“He is planning to renovate the home and move in.”
Ray White Caringbah, Wendy Samrani - 0414 554 646
Sold for $1.840 million
Six registered bidders, three active bidders
“In the Caringbah area some properties are still selling well while others are a bit sluggish and taking longer to sell,” Ms Samrani said.
“There's still lots of demand for apartments and entry level properties in the area, particularly in the $600,000 to $800,000 range.
“I'm still selling properties to buyers from the eastern and northern suburbs so there's lots of activity and both buyers and sellers are quite motivated at the moment.”
The buyer was an investor/developer from Bankstown who plans to build a duplex on the site.
MELBOURNE
Ray White Victoria chief auctioneer Matthew Condon said auction volume continues to remain strong with over 150 auctions scheduled this week for Ray White Victoria.
“With more properties available for sale across Victoria combined with the potential of future interest rate rises, buyers and sellers alike are factoring this into their decision making process,” he said.
“Preliminary data from the Ray White Group has revealed a slight increase in both registered and active bidders at auction, however buyers are noticeably cautious with their bidding strategy and are more reactive as opposed to proactive when bidding.
“Although the real estate landscape has returned to a more balanced market, there is still a high level of demand for quality properties and agents within our network continue to work exceptionally hard to achieve great results for their clients.”
Ray White Bundoora, Rayni Jerram - 0417 633 055
Sold for $690,000 - $140,000 above reserve
Five registered and active bidders
Auctioneer: Rayni Jerram (pictured at top)
“The home was built in 1951 and this was the first time it’s been offered in 67 years. We are seeing a lot of people looking to get rid of their long term family homes, there’s a lot of the older generation moving into retirement villages from what was their first home,” Ms Jerram said.
“Good real estate is still achieving good prices but the medium and lower ends are starting to see a drop in demand.
“We’re encouraging sellers to get into the market now as opposed to waiting for spring because there is always a really big influx of listings at that time and there are multiple interest rate rises predicted between now and then.”
Fellow agent and Ray White Bundoora associate director Joe Torzillo also had a successful day selling 19 Sharp St, Northcote for $2.211 million with four active bidders battling it out. The successful buyer plans to knock down the existing home and rebuild something of their own after inspecting the property for the first time today.
Ray White Carnegie, Jin Ling - 0457 777 712
Sold for $1.3 million - $50,000 above reserve
10 registered bidders, five active bidders
Auctioneer: Tom Grieve, Ray White (pictured above)
“The buyers are a local young couple who were really happy with the result. They are excited to make it their own and said they can see themselves sunbaking in the front yard in the summer,” Mr Ling said.
“The sellers are also over the moon, they trusted in my advice and trusted in the auction process. They were there every day preparing for inspections because we had someone come through every second day of the campaign. In the end we had 230 groups go through the house.
“At the moment I am seeing alignment in terms of vendor expectations and where the market is. Buyers are still there and there is still strong demand; they just need the confidence to know now is the time to pull the trigger.”
53 Turramurra Dr, Rowville (pictured above)
Ray White Rowville, Adam Sorrell - 0438 769 921
Sold for $1.222 million
Four registered bidders
Auctioneer: Andrew Jose, Ray White
“This lovingly maintained three bedroom home was hotly contested by four families seeking to buy into the Rowville market,” Mr Sorrell said.
“The seller was an older lady looking at going to a retirement village and was really pleased with the overall outcome for her home.”
Later in the day, Mr Sorrell also sold 8 Faldo Court, Rowville for $1.075 million with five registered bidders in attendance and two active bidders. The buyer was a downsizer from out of the area while the sellers were a couple who had held the property as an investment. Ray White Rowville agent Peter Munt conducted the auction.
BRISBANE/ GOLD COAST
382-384 Cypress Tce North, Palm Beach (pictured below)
Ray White Prestige Gold Coast, Jackson Paradise - 0402 692 544
Sold for $2.8 million
Five registered bidders, three active bidders
Auctioneer: Andrew Bell, Ray White
“The buyers were developers from Brisbane while the seller was an expat in London,” Mr Jackson said.
“We’re still seeing strong results for auctions, we had some huge sales over the last week.
“Recently we’ve started seeing an increase in interstate buyers as well but as of yet there is no real trend of international buyers coming in.”
Ray White Annerley, Bevin Powell - 0405 650 609
Sold for $698,000
Five registered bidders, three active bidders
“There was good bidding at the auction and the sellers were happy with the result,” Mr Powell said.
“We’re not quite seeing that same price point we saw three to six months ago but we ran a four week auction campaign with good numbers through the house and competitive bidding.
“Good properties that are well presented and high quality are still getting good prices. Homes that were selling before that weren’t presented well or on a busy road have seen a dip in price and demand.
“I would say we are transitioning back to a normal real estate market.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said the network finished off the financial year with a bang in South Australia.
“We had almost 3,000 auctions scheduled to go ahead throughout the state in the financial year 2021-22, an 81.4 per cent auction day clearance rate and an average of eight registered bidders per auction,” he said.
“Internal auction share (auction listings as opposed to private treaty listings) was at 43 per cent as an average across the financial year.
“We called almost 30 per cent of all auctions throughout South Australia through the year. There were just shy of 9,000 auctions called in South Australia and almost 3,000 of those were Ray White.
“In the new financial year, it's not looking like anything is slowing down in South Australia.
“There are some expectations needing to be lowered slightly by the vendors as we aren't hitting the reserves in quite the same way we were in late 2021 and early 2022 but I'm sure we're still going to be selling up a storm.”
61 Greenfield Rise, Aberfoyle Park
Ray White Flagstaff Hill | Blackwood, Pete Steer - 0400 617 773
Sold for $905,000
Five registered bidders, three active bidders
Auctioneer: Sam Grover, Ray White
“There was very strong bidding from the start of the auction,” Mr Steer said.
“The buyers are a local family while the sellers (pictured above) are moving into a retirement village.
“We need more listings. Houses are getting snapped up quickly and there aren’t a lot of properties on the market but still plenty of active buyers looking.”
Ray White Adelaide CBD, Chris Xu - 0433 770 616
Sold for $930,000
Eight registered bidders, two active bidders
Auctioneer: John Morris, Ray White SA chief auctioneer
The auction attracted a crowd of more than 60 people including the two active bidders who were both young families.
“The winning bidders (pictured on the left) saw the home three times and just loved the house. It’s in a good school zone, beautifully presented and in a great location,” Mr Xu (pictured on the right with the seller) said.
“Adelaide is still holding a strong position, there are still a lot of buyers actively looking. It has perhaps quietened down a little bit over the past six months but prices are still holding strong and I don’t think that will change in the coming year.”
