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As auction volumes rise, buyer activity remains strong at Ray White auctions across the country today as Australasia’s largest real estate group recorded a preliminary auction day clearance rate of 80.5 per cent.
While Sydney produced the top sale and the top number of bidders for the day, the standout city by clearance was Brisbane, recording a 92.9 per cent clearance rate.
Of the 412 scheduled auctions for Saturday, 253 proceeded to auction, with 90 selling prior and 27 postponed to a later date.
Average registered bidders sat at five nationally. Notably, an auction in Wakeley, New South Wales, had 22 registered bidders which still demonstrates the intense buyer demand.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said there had been a noticeable shift in the market this week.
“The market is not where it was two months ago, there's more stock on the market place and buyers have more choice,” Mr Pattaro said.
“Despite all this, auction day prices are still very strong and typically a reflection of where the market is willing to pay, which is still well above averages from this time last year.
“Of the properties that are passing in, the majority are down to vendors' expectations exceeding the market.”
184 Henderson Road, Alexandria (pictured above)
Ray White Surry Hills | Glebe | Alexandria | Erskineville - Shaun Stoker
Sold $2.03 million - $280,000 above reserve
Eight registered bidders, five active bidders
The winning bid went to a young couple of first home buyers. The seller was a retiree who originally lived in the property but had been renting it out for the past four years after moving to Brisbane. Mr Stoker said the market had been patchy over the past week. “Some properties are doing really well and some aren't. There’s stability in the market place now.”
Ray White Upper North Shore - Adam McKay
Sold for $4 million
Five registered bidders, four active bidders
Mr McKay said the property appealed to a wide range of buyers due to its size and location. “It was a sizable home but single level. Downsizers loved it because of its single level, and families liked it was a nice sized family home in a good school catchment area,” Mr McKay said. “The buyers were a young family moving to the area for the local schools. They moved from the lower north shore area.” The sellers had lived there for 15 years.
1/84 Alfred Street, Ramsgate Beach
Ray White Brighton-Le-Sands | Ramsgate Beach - Elia Economou
Sold under the hammer for $1.31 million
Four registered bidders, three active bidders
“It was the front facing villa with its own driveway. It’s across the road from a shopping precinct and it’s half a block from the beachfront,” Mr Economou said. The buyer was a Sydney investor and the sellers were family investors. Mr Economou said the market was beginning to stabilise. “There’s opportunities for people to get back into the market place where they thought they weren’t going to be able to. The market is finding its equilibrium.”
MELBOURNE
With the announcement that the final stage of restrictions would be relaxed across Victoria from this weekend, Ray White Victoria and Tasmania CEO Stephen Dullens said the market has now returned to a “COVID normal”.
“The further relaxation of restrictions is fantastic for the Victorian community,'' Mr Dullens said.
“Market conditions remain strong - in fact, the number of new listings that have hit the market are exceptional.
“Across Victoria, Ray White has launched more listings online in the last month than at any other time in our history.
“It is fantastic to see the Melbourne and Victorian markets recovering and returning to full strength after a long winter of lockdowns and restrictions.”
30 Coral Ave, Footscray (pictured above)
Ray White Seddon - Pat Jamroz
Sold $1.216 million - $216,000 above reserve
Six registered bidders, four active bidders
Mr Jamroz the property was popular due to it being larger in size and on a quiet street. “The buyers were a couple of first home buyers who were renting in the area already. The sellers are moving out of metro Melbourne. People are saying it's slowing down but the only thing that's happening is we’ve been on a freeway going 160km and now we’re going 130km,” he said.
Ray White Blackburn - Peter Schenck
Sold under the hammer for $1.88 million - $180,000 above reserve
Five registered bidders, five active bidders
“The sellers are moving to a farm in the King Valley. The property had been in the family for 30 years, so it was an emotional day, but they are celebrating in the King Valley at the moment. A local family bought the property. I sold them another property 25 years ago. They wanted to buy the property because it's only 35m from Blackburn Lake carpark.”
43 Oak Ave, Cheltenham (pictured above)
Ray White Cheltenham - Kevin Chokshi
Sold for $1.525 - $25,000 above reserve
Six registered bidders, four active bidders
Mr Chokshi said the buyers were a young family. “They were very excited, you should have seen the looks on their faces. They had been looking for a while and were very interested in this property,” he said. The sellers were a family who were relocating to Queensland. Mr Chokshi said the market was still hot. “People are still competing for quality properties, but there is more choice now and people have a plan B and C,” he said.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said the first two weeks of November had seen the average registered bidders for Brisbane jump from an average of 7 to 9.
“That theme has continued this week,” Mr Croft said.
“This week’s inroom auctions across Brisbane experienced close to 100 per cent clearance rates and a high volume of registered bidders per auction.
“From those auctions we could sense that today we were in for another positive day.”
5 McPherson St, Gordon Park (pictured above)
Ray White Wilston - Holly Bowden
Sold for $1.352 - $152,000 above reserve
13 registered bidders, seven active bidders
“It was a phone bidder from down south who was bidding against some locals, then this new bidder from the Sunshine Coast came out of nowhere and bought it. They only bid three or four times towards the end of the auction,” Ms Bowden said. “They (the buyers) were in their cleaning clothes and were helping a friend move, they drove past this morning and saw it was open and came through. They registered two minutes before the auction and bought it.” The sellers had lived in the home for 20 years and were looking for a sea change.
Ray White Surfers Paradise - Paul Collins
Sold for $1.6 million
Five registered bidders, five active bidders
“The sellers, who were investors, were extremely happy with the result. The buyers were a young family who will be owner occupiers. The market has cooled down slightly. There isn't the same white hot intensity but there is still heaps of buyer activity. People are a little more cautious than they were a month ago,” Mr Collins said/
ADELAIDE
Ray White South Australia chief auctioneer John Morris said this had been the state’s second busiest week of auctions for 2021.
“It really is looking like it's going to be an incredible November,” Mr Morris said.
“Last week we had 68 auctions scheduled, this week we have 67 auctions scheduled.
“Next week is looking like it’s going to eclipse this week and the week before with 88 auctions scheduled.
“All other statistics are looking pretty consistent across the board with an average of seven registered bidders, with approximately three of those participating, about the same as last week.
“We’re selling approximately 85 per cent of properties under the hammer.”
Ray White Norwood - Brandon Pilgrim
Sold for $1.725 - $240,000 above reserve
19 registered bidders, six active bidders
“The buyers were downsizing from a large home in the same neighbourhood, but the two underbidders were looking to rebuild on the block,” Mr Pilgrim said. He said while the number of people coming through open homes had reduced, auction activity remained strong. “The open home attendee numbers are slowing down but the auction registrations and results are still really strong. People are becoming a bit smarter and so you’re not getting a big flurry of attendees to open homes, but instead you might get 20 strong buyers.”
Ray White Woodville - Peter Kiritsis
Sold for $1.225 million - $25,000 above reserve
Six registered bidders, four active bidders.
“The sellers had owned the home for more than 70 years and a nice young family have bought it now to restore and extend. The street is known as one of the western suburbs' nicer tree lined boulevards. There’s a lot of prestige about this street because all the land parcels are huge, and that's the attraction,” Mr Kritsis said.
