Autumn is the new spring for pulsating auction market

THE Australian climate may well be changing as we head into the cooler months but the one thing that has remained the same is the pulsating auction market, and today was no different.

There seems to be no stopping the popularity of auction as the method of sale with innovative internal auction data showing that Ray White's number of scheduled auctions this week is up 7.3 per cent compared to the same dates in 2020.

Australasia's leading property group and largest auction house booked a preliminary auction day clearance rate of 84.3 per cent - with properties attracting six registered bidders on average.

According to statistics, this week was set to be the busiest week Australia's capital cities had seen since the first week of April last year in terms of auction numbers, and Ray White sellers were not disappointed.

The absolute stand-out cities were Sydney and Melbourne, as they booked a preliminary clearance rate of 93.8 per cent and 81.1 per cent, respectively. Brisbane also enjoyed a current clearance rate of 69.2 per cent.

Ray White NSW Chief Auctioneer Alex Pattaro said the wild Sydney weather certainly did not put buyers off across the city.

“We've seen overly large crowds and strong registrations across all Sydney properties,” Mr Pattaro said.

“We're seeing an increased number of buyers who have missed out on the housing market and that is fueling demand in larger apartments.

“More buyers are starting to drift further out of Sydney as prices within 10km of the CBD continue to move north.”

The rain in Sydney was absolutely no deterrent for buyers and the day got off to a superb start as Ray White Inner West Sales Agent Tina O’Connor and Director Harry Psaradellis managed the $1.6 million sale of 1/2-6 Bridge Road (above) in Stanmore - $250,000 over the reserve.

“This property attracted a huge amount of interest with more than 140 inspections during the campaign and we also issued 35 contracts prior to auction day,” Ms O'Connor said.

“We had eleven buyers registered and bidding kicked off at $1.1 million. We saw some unusual increments of $8,000, $14,000, and $16,000 bids before the hammer finally fell at $1.6 million.

Ray White NSW Chief Auctioneer Alex Pattaro calling 1/2-6 Bridge Road, Stanmore, NSW.

“This campaign is the perfect example of why you should always take your property to auction day. The highest offer we received was the night before at $1.3 million and the owners are rightly delighted with the final outcome today.

“The buyers were a family with two young children who had been looking for quite a while and had been to a number of Ray White auctions previously. The kids were particularly excited with the swimming pool and the fact there is a McDonald’s so close by.”

Winning bidders Chris and Verity Suttor said they had been keeping an eye on the market for a few years while they got themselves into a position to buy.

“We’ve actually been ready and active in the property market for the last few months and we have narrowly missed out on a couple of auctions in the last six weeks,” Mr Suttor said.

“This home actually wasn’t on our list to start with but the size, practicality, and the awesome lifestyle location meant this ticked all the boxes for us and our two young children.

“We’re absolutely delighted because we secured the property with pretty much our last bid. We knew we had to stretch ourselves because of how strong the market is, and fortunately, we were able to fight off some strong competition at the auction to secure our first home.”

The unquestionable highlight of the day came in Glebe as the childhood home of renowned explorer Sir Douglas Mawson sold for an incredible $790,000 over its reserve price.

Ray White Surry Hills Director Matt Carvalho (pictured above left with seller Wendy Pepper and her daughter) and Sales Executive Bianca Field successfully managed the $2.99 million under the hammer sale of 285 Glebe Point Road.

“Built in 1882 as part of the landmark Palmerston Terrace row, the tri-level home is entrenched in history and was home to celebrated explorer Sir Douglas Mawson and his family in the 1890s,” Mr Carvalho said.

“The campaign was incredibly active throughout with around 150 groups inspecting the home and that led to seven of the 15 registered bidders actively competing on the day.

“The property was a perfect recipe of history, a tremendous location, and a pulsating property market. The buyers were a group of developers who plan on renovating it to be a luxury home.”

There was a sensational result over in Wahroonga as Ray White Upper North Shore Director David Walker and Sales Associate Belinda Edwards sold 6 Herber Place (above) for $2.75 million.

“The market continues to be red-hot with huge numbers at open homes and most properties having multiple registered bidders and that's driving some excellent prices.

“Auction really is a fantastic method of sale to achieve the best price for our sellers and the winning bidders of this one were locals who were upsizing.”

Ray White VIC/TAS Chief Auctioneer Matt Condon said auction volume in Victoria continued to increase week after week.

“Despite the increase in volume, we continue to maintain a high level of active and registered bidders per auction. On the ground, buyers were doing everything they possibly could to secure their desire property,” Mr Condon said.

“From starting the auction on a very high bid, through to aggressively bidding in high increments against their competition, and it was great to see even once properties were announced on the market and selling, we continued to see competition and momentum past that point.”

First up was a case of double delight for Ray White Gladstone Park Sales Consultant Dom Zampaglione (below left) and Director/Auctioneer Phillip Mercieca (below right) as they sold both of their properties scheduled to go to auction.

“38 Catherine Avenue (above) in Tullamarine was an absolute cracker, selling for $745,000 under the hammer, and that was $95,000 over the top end of the price guide,” Mr Zampaglione said.

“This property had more than 100 inspections during the campaign and led to four of the seven registered bidders actively competing coming auction day.

“The buyer, who had actually only seen the property once before today, was an investor from Melbourne who plans on renting the property out.

“We then sold 9 Braemar Close in Gladstone Park for $910,000 - that one was also over the top end of the price guide, this time by $90,000.

“There were five registered bidders for this one and it was purchased by a young family who grew up in Gladstone Park so they know the area very well.”

Katherine and Andrew Hay (pictured above middle), sellers of 38 Catherine Avenue, said they were over the moon with the result.

“I have to admit the weeks leading up to the auction were nerve-wracking for my wife and I but once we saw the crowd, that gave us confidence,” Mr Hay said.

Damien and Courtney - sellers of 1/6 Johnston Street, Mentone, VIC.

“Katherine and I have lived in the area for a long time now and we've seen the peaks and troughs of the property market. We knew the confidence was back in the market so we decided now was a great time to sell.

“The buyer was an investor so we're hoping to stay here for a while then find our forever home further down the track.”

It was then double delight part two, but this time it was for Ray White Cheltenham Director and Chief Auctioneer Kevin Chokshi and Sales Consultant Nakita Tate, as they sold both of their properties as part of a hat-trick of successes for the Cheltenham office.

“1/6 Johnston Street (above) in Mentone was a nicely renovated home and attracted more than 150 groups through during the campaign, leading to six registered bidders,” Mr Chokshi said.

“There was a big crowd of more than 100 people and they witnessed a cracking auction as the property sold for $1.135 million - a healthy $95,000 over the reserve price.

Christian, Olivia, and their pooch - buyers of 85 Latrobe Street, Cheltenham, VIC.

“The home was bought by a young couple, who interestingly are keeping it as an investment for now, as they plan on moving to Queensland for a few years first.

“Then in Cheltenham, we sold 85 Latrobe Street (above) for $1.1 million - $30,000 over the reserve to a young couple from Ellwood.

“Cheltenham was a bit further away from the CBD than they wanted but they fell in love with the property and the lifestyle, and with working from home, the property worked for them.

“There’s no doubt the market right now is red-hot, and as you can see from the exceptional results being achieved, it’s a great time to be selling.”

It was Ray White Cheltenham Sales Consultant and Auctioneer Angela Limanis (pictured below) and Executive Assistant Dylan Jansma who completed the hat-trick for the office as they successfully managed the $989,000 sale of 2/11 Rossmith Avenue in Beaumaris.

“We had over 100 people attend the auction and seven bidders fighting it out for this property - some buyers didn't even get the chance to bid,” Ms Limanis said.

“The outcome exceeded everyone's expectations by selling $189,000 over the reserve price. It was a deceased estate so we were very happy to be able to achieve this price for the family.

“The property received a lot of attention over the last few weeks, especially since it was the only two-bedroom unit for sale in the suburb.”

Ray White QLD Chief Auctioneer Mitch Peereboom said it had been an outstanding week of auctions across the Sunshine State at both in-room and on-site auctions.

“The stand-out performances today have been properties in the $500,000 to $1 million price bracket with great sales across multiple suburbs,” Mr Peereboom said.

“If you look at the activity, it's very consistent around all price brackets. During the week we had some landmark sales including an $8 million rural property in the Gold Coast Hinterland, so no matter what you're selling, we're very confident to advise you to come to the market.

“We're seeing some outstanding sale prices through competition at auction. Don't sell to the first offer that comes along. Don't take the first price that comes along.”

The day kicked off in the Sunshine State with an incredible result in Brisbane’s Bayside as Ray White Wynnum/Manly Principal Kyle Woodbine (above left) sold 67 Melville Terrace in Wynnum for a whopping $2.3 million under Auctioneer Phil Parker’s (above right) hammer.

“We had a massive 21 registered bidders for this property, but with bidding kicking off at $1.2 million, quite a few of them were knocked out of the competition early on,” Mr Woodbine said.

“We had interest worldwide for this property with a potential buyer on the phone from Hong Kong and a bidder there on the day on behalf of someone hoping to purchase in Melbourne.

“It was actually a family from Balmoral who ended up as the winning bidders for what really is a unique property that’s rarely available to the market.

“The property market is great for us at the moment, as it is everywhere, and I can honestly say I’ve never seen the market this good.”

Annerley was home to an incredible auction as 43 bidders registered for 38 King Street as Ray White New Farm Sales and Marketing Consultant Meaghan Bakker (above left with the buyer) sold the property for a handsome $1.3 million.

“We had three people registering bidders, such was the interest in this property, but the first bid of $1 million actually blew a lot of buyers out early and it came down to two parties competing with each other,” Ms Bakker said.

“The property was a beautiful big block on two titles and has a huge amount of potential - it’s what everyone is looking for at the moment as we welcomed 133 groups through inspections.

“This sale is testament to just how strong the market is right now and the winning bidder intends to restore the property to its former glory, which is just wonderful.”

Ray White South Australia Chief Auctioneer John Morris said property was one sector that just refused to lie down.

“The market is on steroids and pumping iron 24/7, particularly the auction market. So far this year, we've held a 50 per cent under the hammer market share in South Australia,” Mr Morris said.

“The numbers are absolutely fantastic and the preliminary numbers coming in today are reflecting exactly that.

“We're looking at 10 registrations on average per auction, with just under half of those actually participating, and there has been bidding at every single auction.”

There was a terrific result in Edwardstown as Ray White Norwood Sales Executive Nick Rogers successfully managed the $640,000 sale of 13 Karong Avenue - $20,000 over reserve.

“The property market here is incredible and I can honestly say in my 15 years I haven’t seen anything like what we’re seeing right now,” Mr Rogers said.

“The campaign itself attracted more than 100 groups through, with two of the nine registered bidders going head-to-head, driving the price all the way up from the opening $550,000 bid.

“To give you an idea of how hot the market is, our seller was actually at another auction trying to buy, but missed out for the fifth time in the last few months due to strong competition.

“First home buyers Holly and Tim (above) were the lucky winning bidders and will be moving in having been living in an adjacent suburb.”