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The Ray White group cleared 67 per cent of its 465 Australian auctions today, on the back of a nice jump in registered bidders numbers to 3.9 per property with buyers out in force.
It appears that buyers have not been spooked by the eighth straight rise in interest rates during the week, with many agents reporting strong crowds at open for inspections and auctions.
The leading group had 802 auctions scheduled nationwide this week, the best the group has seen since mid-May, which represents 30 per cent of the total auction market share. New South Wales and Victoria recorded their state best numbers in seven months, with 276 and 248 properties booking a date with an auction hammer respectively.
The top sale of the day nationally was on the Gold Coast where Ray White Broadbeach Waters principal Mitch Palmer sold the six bedroom Hamptons style masterpiece at 18 Yunga Ct, Broadbeach Waters for $5.1 million to a local buyer. Three bidders vied for the elegant canal home on 1013sqm with a 38m deep water frontage.
“The winning Gold Coast buyer had to battle it out with a bidder from Melbourne and another from far North Queensland. It was a great auction,” said Mr Palmer, who was also the auctioneer.
The property with the highest number of bidders nationally was once again in Adelaide where marketing agent Andrew Baldino of Ray White Norwood signed up a whopping 21 bidders for 11 Allen Ave, Brooklyn Park. The property sold for $1.3 million a local, some $200,000 over its reserve with competitive bidding right up to the end.
SYDNEY
Ray White NSW Chief Auctioneer Alex Pattaro said the Sydney market remains steady as the leading group continues to see many buyers look to secure a home before the Christmas break.
“The recent interest rate rise hasn't had too much of an effect on buyers’ confidence. We are continuing to see buyers open up the chequebooks for good homes in great locations,” he said.
“Competition at auction remains the key to securing the best possible price. Buyers feel more comfortable securing properties when other bidders are participating, simply making auction the best method of sale to extract the best price for sellers.”
62/30 Nobbs Street, Surry Hills
Sold under the hammer for $1.439 million
4 bidders, 45 bids in total
Ray White Darlinghurst
Lead agent: Walter Burfitt-Williams - 0402 833 566
Auctioneer: Tim Snell, Ray White NSW CEO
It was a battle of the buyer’s agents in Surry Hills early today as four professional bidders battled it out before 9am.
In the end the winning buyer was a mum who bought the unit for her two children in their 20s.
“The local seller had been renting the unit out for the last three years and they had debated selling now or in the new year, but I encouraged them to go now as there’s no competition right now with limited stock and they are now over the moon with this result,” Mr Burfitt-Williams said.
“It was an active auction with 45 bids. Hopefully this great result will inspire others to see sooner rather than later as we have three under bidders who are ready to go now."
Sold under the hammer for $2.365 million
Two registered & active bidders
Ray White Surry Hills lead agent Shaun Stoker
Auctioneer: James Keenan, Ray White
The was a rare and historic treasure that three registered bidders came out for today. Mr Stoker said bidding started at $2.2 million and the house sold for $2.365 million to a local couple. The house was called on the market at $2.275 million.
Sold under the hammer for $1.601 million
9 registered bidders, 5 active
Ray White Surry Hills lead agent Shaun Stoker and senior sales agent Moira Verheijen
Auctioneer: James Keenan, Ray White
This tastefully renovated Victorian cottage was very popular with buyers, Mr Stoker said.
“We had nine registered bidders, all young couples, all first home buyers,” he said. The sellers were a young family moving to the Lower North Shore.
Sold under the hammer for $1.605 million
13 registered bidders
Ray White Carnes Hill
Lead agent Shafeel Haq - 0452 054 290
Auctioneer: Tim Snell, Ray White NSW CEO
“The vendors are happy, the buyers are happy and so am I,” said Shafeel Haq.
“All 13 of these buyers were locals. Sydney is a world city and people want to live here,” he said. The sellers are downsizing and thrilled to know their agent just broke the single level house price record for West Hoxton and neighbouring Carnes Hill.
“Stock is still tight and no-one knows what is going to happen next year but I feel like prices are well and truly stabilising and even rising now.”
MELBOURNE
Ray White Victoria & Tasmania Chief Auctioneer Jeremy Tyrell said with 15 days to go until Santa arrives, buyers were actively out and about looking to make their purchase before the end of the year.
“There was some caution on the back of the Reserve Bank's decision to increase the official cash rate to 3.10 per cent earlier in the week,” he said.
“Auction volume continued to increase for the second consecutive week, as the state had 253 scheduled auctions, the most since April earlier this year.
“This level of volume is set to continue into the final auction week for 2022 before slowing down for the Christmas and New Year period.
“Preliminary data on auction results is showing a clearance rate of 57 per cent, with more results yet to be reported. Bidder activity once again held at a consistent level of 2.2 active bidders per auction, with 82 per cent of auctions conducted receiving bids, indicating buyers are out there and keen to purchase.
“The sale for most however resulted when sellers' expectations aligned with that of the buying market.
“The real estate market is expected to remain active during the holiday season, as buyers get a reprieve from any cash rate announcements until February 2023.”
Sold under the hammer for $955.000, reserve was $825,000
8 registered bidders, 5 active
Lead agent and auctioneer: Robert Krnjeta - 0438 495 515
Ray White Werribee
Mr Krnjeta’s sellers were over the moon with this result after he ran a perfect auction campaign for them.
“Today’s result is why I love my job. We achieved more than what they were hoping for by creating competition. My sellers are moving to Kingsville to be closer to their kids’ school, and our buyers are locals and upsizing. He’s a local teacher who had certainly done his homework on this beautiful home.”
Sold under the hammer for $798,000, reserve $650,000
14 registered and 8 active bidders
Ray White Thomastown agent Tan Nguyen 0438 736 479
Nicholas Cannavo, Ray White
Mr Nguyen said there was huge interest in this three bedroom home on the market for the first time in 40 years. “We drove a lot of competition to the home and ended up with 14 registered bidders and 8 active bidders. It was a well looked after house and in a desirable location. It was a very emotional day for the sellers but we got $148,000 over their reserve so they are very happy with this outcome. It was a team effort. Buyers know interest rates are rising so they want to get in while they still can.” Pictured above are the new owners of the home.
Sold under the hammer for $358,000
5 active bidders
Ray White Carnegie lead agent Jin Ling - 0457 777 712
Auctioneer: Tom Grieve, Ray White
This is a beautiful story.
Mr Ling was working with the legal guardians of this Murrumbeena unit. They were selling the one bedroom unit on behalf of its owner, a 90 year old man who suffers from a mental disability.
“The guardians themselves are in their 60s and the husband, a car salesman, met the owner, Kenneth, at work. They’d taken care of him for the past 30 or so years as he had no family,” Mr Ling said.
“Kenneth has recently gone into care so the guardians renovated the entire place and put it on the market with us.
“They don’t stand to benefit a single cent but just needed to make sure there was enough for Kenneth’s bond and we achieved that and a bit extra. It’s an incredible story.”
And to top it off, Mr Ling even gave the winning buyer a lift home. Talk about service.
“She’s a lovely lady, who stretched herself today to secure her home. We have such a strong emphasis in our business to help each buyer at auction.”
ADELAIDE
Ray White South Australia Chief Auctioneer John Morris said the temperature may be rising in South Australia but many of the metrics around auctions were dropping slightly in terms of bidders and clearance rates.
“We are, however, still up on the pre-pandemic levels. And there is still a lot of positivity in the market with 61 per cent of auctions selling on auction day in South Australia last week,” Mr Morris said.
“Registrations are around five with three of them participating; that does seem to be a bit higher. Does your local Ray White creative competition? Yes. All the metrics certainly point to yes. And we continue to dominate the auction market by calling one in three auctions around the state consistently.”
Sold under the hammer for $721,000
5 registered bidders, 3 active
Ray White Norwood lead agent Reece Pilgrim - 0437 776 409
Auctioneer: Sam Grover, Ray White
The charming parkside cottage was sold to an interstate buyer online from Sydney. Mr Pilgrim said the new buyer planned to rent the house out for a few years before moving to Adelaide.
“Adelaide is her next step. And my sellers are stoked to sell their investment property as they head to their next chapter. They are thrilled with the result. Adelaide has held pretty strong this year but I’ll tell anyone to go now, you never know what next year holds,” Mr Pilgrim said.
“Buyers need to maximise their opportunities now and go for it if they have pre-approval as that drops with every interest rate rise. Get into the market as quickly as possible is my advice as borrowing capacity is roughly 30 per cent less than it was at the start of the year and the prices are still the same.
“Put your best offer forward as the opportunity cost of waiting is high especially as there’s no rentals available anywhere.”
Sold under the hammer for $575,000
3 registered and 3 active bidders
Lead agent: Mohit Gupta - 0421 472 034
Ray White Modbury
Auctioneer: John Morris, Ray White SA Chief Auctioneer
Mr Gupta said the property was sold to a local family who had been looking since July.
“My sellers are thrilled as they have already upsized and settled, and now their home will settle in two weeks.”
Sold under the hammer for $786,000
16 registered bidders, 9 active bidders
Lead agent Stefan Siciliano - 0403 171 489
Ray White Prospect
Auctioneer: John Morris, Ray White SA Chief Auctioneer
The state’s best auction agent ran a textbook campaign and Mr Siciliano had 16 registered bidders turn up to buy this three bedroom home. “Someone who lives on the same street bought it as an investment, and the sellers are really happy with the result," he said.
Sold under the hammer $1.840 million
4 registered bidders, 3 active
Lead agent: Brandon Pilgrim
Ray White Norwood
Auctioneer: George Kargiotis, Ray White
BRISBANE
Ray White Queensland Chief Auctioneer Gavin Croft said there were 56 auctions booked for the group this week.
“There was some real depth last week with sales over $2 million firing. The high end is showing some resilience and some real strength in the lead up to Christmas.
“Christmas always adds some urgency, there’s no surprise around that with people organising kids for school and making sure that their plans are in place for 2023,” Mr Croft said.
“We anticipate that our clearance rate will hover around 50 per cent, even after it actually strengthened last week towards 60 per cent.
“The market here in Queensland is really finding its feet and finding a little bit of a groove after this up and down period.
“Next week auction volumes continue to increase and that'll be interesting to see how that final test before Christmas actually performs.”
It was a big day for Ray White Paddington elite agent Judi O’Dea who today sold 2/2 under the hammer.
This cute Paddo cottage at 30 Charlotte St, Paddington today sold for $990,000 after a marathon two hour auction with only one bidder!
Ms O’Dea said the new owner will rent it out as its prized location so close to Suncorp Stadium makes it a perfect AirBnb.
“Finished products are what everyone wants right now,” Ms O’Dea said.
Sold under the hammer for $2.075 million
4 active bidders
Lead agent: Judi O’Dea - 0417 009 635
Ray White Paddington
Auctioneer: Justin Nickerson
In front of a crowd of more than 40 people, a professional couple who had been looking for some time bought the property.
Marketing agent Judi O’Dea said the sellers were a family of four and a dog and had lived there for 12 years. They are moving closer to the city.
“Everyone had a go at this auction. It’s a stunning Spanish-inspired house on a ridge that overlooks the D'Aguilar Ranges. It’s on a huge private allotment of 2.6 acres just 10km from Brisbane's CBD,” Ms O’Dea said.
“This luxurious home offers an outdoor space like no other. The pool area is divine.”
Sold under the hammer for $2.3 million
6 registered bidders, 4 active
Ray White Bulimba principal Brandon Wortley - 0447 269 591
Auctioneer: Haesley Cush, Ray White
Mr Wortley said there were four active bidders all giving it a good crack. A local family bought the property and the underbidder was in the country trying to buy it sight unseen after only one Facetime inspection.
He said he'd had a lot of buyers willing to buy sight unseen lately. The sellers were a lovely big family who had built a house only 100m away. “Hawthorne is like that, people never move as they love it so much. I live over the road too!”
