Buyers flock to online auctions from comfort of home

A SURGE in average registered bidders today saw the Ray White Group clear more than 51 per cent of its national auctions today. The leading auction house, who has a dominant 45.8 per cent auction market share this week, reported average registered bidders rose to 4.6 per auction, up from 3.0 a month ago and 3.6 last Saturday.

Ray White’s Sydney members cleared 75 per cent of its auction stock today, while Melbourne cleared 44 per cent, according to the group’s in-house data collection.

Dan White, Managing Director of the Ray White Group, said these results were up on last week, with many outstanding auctions today.

“Volumes are down on last year but we hope that these results will give more prospective vendors the confidence to come to market to take advantage of the low number of properties on offer and large number of genuine buyers,” Mr White said.

Leading office Ray White Erskineville today sold $12.518 million worth of property. Over a marathon day, the team cleared 88 per cent of its auctions held today, selling eight from nine lots. There would not be a business anywhere in Australia who sold more at auction today.

Director Ercan Ersan said there were 70 bidders combined registered to bid across the nine lots today, which shows the inner west property market shows no sign of slowing down.

Ray White Erskineville agent Nathan Briggs today sold the elegant four bedroom terrace at 73 Watkin St, Newtown for $2.41 million with a staggering 17 registered bidders online.

With his expat vendor who works in the film industry watching on from her home in New York, along with 69 other interested market watchers, the bidding opened up at $2.15 million.

The bidding quickly went up to $2.3 million before a $40,000 bid was lobbed in by one of the three active bidders.

“There was a high number of inquiries on the home as it photographed so well and it’s a very traditional and practical layout with a great yard. We did 42 private inspections with mostly young professionals, all with secure jobs who saw now as the time to act," Mr Briggs said.

"The market is good, money is cheap and buyers are not afraid to act now.”

The buyers will be moving in from Elizabeth Bay, a not uncommon path where buyers in the eastern suburbs are looking for larger blocks with backyards.

Ray White Surry Hills Directors Ercan Ersan and Shaun Stoker also sold the one bedroom art deco maisonette at 1/135 Petersham Road, Marrickville for $930,000 too with 26 bids in total.

Ray White Surry Hills James Natoli sold 190 Henderson Road, Alexandria for $1,520,000 after 12 bidders logged online to register and six of them fought it out via the AuctionNow platform.

“I took 50 private inspections during the campaign but you could tell there was a huge shift in sentiment and confidence this week.

Experienced Ray White auctioneer James Keenan took an opening bid of $1.2 million, and a further 40 bids followed.

“The bidders were all locals, mainly young couples looking to upgrade. There’s simply hardly any stock but there’s still a lot of buyers. This week a lot of people saw the three bedroom terrace for the first time. This week there’s been a huge amount of inquiry and everyone is starting to be positive in the community with COVID. Confidence is returning.”

Next up, Mr Keenan took an opening bid of $730,000 for the unlivable terrace at 18 Morrissey Road Erskineville which principal Shaun Stoker ended up selling for $895,000. The competitive auction saw four active bidders vie for this “blank canvas” with 26 bids in total for the two storey terrace in the heart of Erskineville village. On the market for the first time in 21 years, the buyer will create their dream home to their exact specifications.

The leading principals also sold the double fronted workers cottage at 30 Gowrie Street, Newtown on 305sqm today for $ 1.811 million. The original cottage with the bullnose verandah on the tree-lined street was sold for the first time in 46 years.

Ray White NSW Chief Auctioneer Alex Pattaro today sold 48 Acton St, Hurlstone Park for 48 Acton St, Hurlstone Park Director Nicholas Arena for $1.510 million. There were seven registered bidders, three of them active in the exciting auction all vying for the Federation style red brick home, on the market for the first time in more than 65 years.

Mr Pattaro said the competition within the Sydney market continues to hold strong with Ray White New South Wales’ average registered bidders at four with active bidders being at approximately 2.5.

“Today, Ray White Petersham sold 48 Acton St in Hurlstone Park for $1.51 million, over $120,000 above initial expectations,” Mr Pattaro said.

“There were seven registered bidders, three being active and the under bidder was only $10,000 away.

“This is a clear indication that there is strong and active competition within the market for good properties in desirable locations. This is a great indication into what might be coming in the months ahead.”

In western Sydney, Ray White Bankstown sold three from four lots today.

Experienced agent and long-standing principal Tony Roumanous said the market was still sound with active bidders.

“There’s no doubt we didn’t do as many auctions in April than we normally do but the buyers are still there. We had 46 people registered to bid and buy property today which is good in any market,” Mr Roumanous said.

“We are all learning and we have had to adapt to change to this new Real Time Auction platform but we like to get on the phone with our buyers too. Our owners are listening to the feedback from the market.”

The immaculate contemporary six bedroom home at 10 Hanna St, Potts Hill was sold by Bankstown agent Anthony Roumanous after 30 private inspections for $1.4 million. Some 16 people registered to bid on this stunning three level modern home with premium finishes.

Ray White Bankstown agent Joshua Nassif had a whopping 20 registered bidders signed up to bid at for the sought-after corner block house at 237 Cooper Road, Yagoona. The online auction of the three bedroom brick and tile home on 771sqm was hotly contested auction and sold to a local for $971,000.

“All over 80 per cent of the bidders are locals,” Mr Roumanous said.

The low set five bedroom home at 62 Woodland Road, Chester Hill was sold for $830,000, with seven registered bidders.

Ray White Victoria | Tasmania Chief Auctioneer Matthew Condon said overall, Ray White Victoria is expecting one of our strongest auction day clearance rates in the past four weeks.

“With the cold weather and rain across Victoria today buyers and sellers would have certainly appreciated being able to transact real estate from the safety and comfort of their own home,” Mr Condon said.

“Based on preliminary data from the Ray White Group, since auctions have 100 per cent gone online week on week we are seeing an increase in auction volume as well as an increase in auction day clearance rate.

“This just goes to show the continued confidence in Victoria’s real estate market from both buyers and sellers alike.

“Today has also seen plenty of competition online between bidders with some exceptional prices and results achieved for our clients.”

It was a day of firsts for Ray White Epping Victoria as they hosted the office’s first online auction for 16 Elliot St, Reservoir. The three bedroom renovators dream sold $10,000 over reserve at $800,000 to a family from Balwyn looking to renovate and extend the existing property.

Ray White Epping (Victoria) senior sales agent Ben Pellicori said the auction capped off a great campaign and that he hasn’t found any shortage of buyer interest in Melbourne’s outer north.

“Things haven’t slowed down, we’re still getting plenty of private inspections, if anything we need more houses to sell,” Mr Pellicori said.

“There has been some strong activity and prices have stayed the same because there has been a shortage of homes but still the same amount of buyers.”

In what was a marathon, not a sprint 56 Josephine Ave, Mount Waverley sold under the hammer after a whooping 153 bids for $1.257 million.

The four bedroom home sold $131,000 above reserve after drawing in 7 active bidders on the back of a strong sales campaign.

Ray White Mount Waverley managing director Courtney Matthews said it was a competitive auction with multiple bidders vying for their slice of Mount Waverley’s sought after real estate.

“It’s great for the owners and whether it takes one or two hours to sell at auction, we are happy to do it if we can get the best possible outcome for our sellers,” Mr Matthews said.

“It was a great result which doesn’t surprise as it was well received and photographed really well. We had over 30 private inspections during the campaign and saw mostly families who were interested in the lifestyle or the area.”

Ray White Queensland Chief Auctioneer Mitch Peereboom it had been a fascinating week with confidence building across all markets.

“A number of properties sold this week under the online auction platform, and buyers are excited, not deterred, about bidding online with at least three bidders per property,” Mr Peereboom said.

“There’s been a number of properties selling well over reserve with massive pent up demand.

“A highlight for the group is the number of auctions that have been booked to be conducted in May and June.

“That number is certainly strong and indicates sellers coming to market and have the confidence to transact over the next month.*

In Queensland, Ray White Mermaid Beach sales agent Daniel Donovan had a successful Saturday morning, selling two Gold Coast apartments in just an hour.

The three bedroom Coolangatta unit at 6/10 Rutledge St went for $27,500 above reserve at $562,500 while the holiday apartment at 7C/828 Pacific Pde, Currumbin went for $815,000.

Both campaigns were run fully digital, with Mr Donovan offering both a 3D walkthrough for each along with the option of a private inspection.

The agent said that he had strong interest on both properties with the Coolangatta unit receiving a massive 900 virtual walkthrough views and more than 20 inspections leading to three prior offers.

“The Coolangatta unit had a great campaign, there was an expat from New York and a buyer from Saudi Arabia both looking at it. There was a really good mix of investors, owner occupiers and others looking for a holiday house,” Mr Donovan said.

Following this trend, the auction was similarly competitive with three of five active bidders and a total of 20 bids recorded.

“It was really good, we had some strong bidders who made their interest known straight away and then it carried on from there to the point where it sold,” he said.

The Currumbin apartment also had no shortage of interested buyers, translating into a competitive auction between two active bidders.

“Straight off the bat the auction got underway with a starting bid of $700,000 and it just went up in 10s and 20s until we had a private negotiation and one of the buyers went to $800,000, then eventual to the sale price,” he said.

Mr Donovan said the sale that attracted more than 14 private inspections over the three week campaign and was a really positive indicator of how the real estate market is faring in current conditions.

“Before all this, the seller actually had an offer of $800,000 but it fell over due to finance so it’s an amazing sale price during this time,” he said.

In Queensland’s capital, Ray White auctioneer Philip Parker sold the four bedroom home at 44 Antill St, Wilston under the hammer for $980,000, marketed through Ray White Wilston.

In a competitive auction that drew six registered bidders, three determined buyers battled it out to be the new owners of the northside family home. Ray White Wilston principal Alistair Macmillan is thrilled with the result, particularly considering it launched at what he said was a “time when the world was ending”.

“The owner was close to accepting an offer during the week but decided it was better to wait and it was a good decision,” Mr Macmillan said.

“They were emotional buyers, all owner occupiers who live locally all live locally so when you have a property that evokes emotion it’s certain to become competitive.”