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Buyers were in the spirit of competition this AFL grand final weekend, with fierce bidding taking place at Ray White auctions across the country.
This week the Ray White Group scheduled 437 auctions, with 190 auctions scheduled to take place nationally today.
With the AFL grand final taking place in Melbourne, auction volumes were down across the country compared to last week, but Ray White agents and auctioneers noted this attracted more competition and higher bidder numbers at the auctions which did take place.
There were plenty of buyers out and about with Australasia’s largest real estate group recording an average of 4.7 registered bidders and 2.7 active bidders.
The group recorded a healthy preliminary clearance rate of 65 per cent. Properties which went to auction this week achieved sale prices 12.2 per cent higher than the highest offer prior.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said there was plenty of buyer activity in the Sydney market.
“There’s plenty of buyer activity with more buyers circulating the market compared to three months ago, however this doesn't mean property prices are moving up,” Mr Pattaro said.
“Buyers remain cautious and are mindful of further rate rises. Sellers are encouraged to consider their on the day auction prices as further rate rises may soften buyer confidence.
“Sellers can take confidence that there are buyers willing to transact as long as they are willing to meet the market.”
Sold under the hammer for $3.875 million
Ray White Surry Hills - Matthew Carvalho
Six registered bidders, five active bidders
The buyers (pictured above) were a couple who were downsizing from the Northshore.
“It was a really nice renovation in one of the best streets in Glebe with view across the city skyline,” Mr Carvalho said.
“Most of the auctions I've had have been doing well - there isn't that much on the market which is driving more bidders per auction.
“I think it's very property specific, the good properties are selling well, the B and C grade stuff is a bit tougher.”
Sold under the hammer for $2.3 million - $200,000 above reserve
Ray White Eastern Beaches - Nicholas Wise
10 registered bidders, six active bidders
Auctioneer: James Hayashi, Ray White
The winning bid went to a young, local family who were upsizing (pictured above).
“What was unique was the level access down to Coogee beach and the outdoor space,” Mr Wise said.
“It was great for families, a boutique building with only four in the block.
“A-grade properties are still selling well, properties that have been renovated and updated are still attracting interest.
“It was a great example of quality properties selling well in blue chip suburbs.”
59/3-13 Erskineville Rd, Newtown
Sold under the hammer for $630,000
Ray White Surry Hills - Ercan Ersan
Two registered bidders, two active bidders
Auctioneer: James Keenan, Ray White
The buyers were a young couple of first home buyers (pictured above), while the seller was a local investor.
“There’s a lot of people in a holding pattern waiting until interest rates to stop going up, but we’re still getting decent sales and prices because there’s not a lot on the market so we’re still getting decent competition at auctions,” Mr Ersan said.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said the AFL grand final had subdued particularly the afternoon part of auctions in Brisbane today.
“While auction volumes were up last week, they’ve come back a little bit, which is perhaps a response to what’s happening across the country today with the football final,” Mr Croft said.
“Across Brisbane we’re seeing plenty of depth across the $2 million plus market with good energy and a depth of buyers in that particular realm.
“We’re also seeing consistency in the registration of bidders in the sub-$1 million market, it’s still very strong. Although we’re seeing those gaps between buyers and sellers.
“Average registrations across Brisbane today were between three and five bidders on the sub-$1 million market.
“It gives sellers an impressive snapshot of the marketplace, but there gaps are still very much there.
“So sellers will either accept the market, or will hold onto prices from three or four months ago.
“I think the concern is they’re not going to see the price they see today, with competitive bidding, in another month or two months if we see another one or two interest rate rises.”
Sold under the hammer for $4.83 million
Ray White New Farm - Matt Lancashire
Five registered, three active
With bidding opening at $4 million, the property was sold to a local family.
“It’s a 1,946sqm block in Windsor's most prestigious street,” Mr Lancashire said.
“It’s a Tudor style, double brick, house named Derek Lodge, and has a swimming pool and tennis court.
“It’s been beautifully renovated.”
7/278 Indooroopilly Road, Indooroopilly
Sold under the hammer for $1.08 million
Ray White Indooroopilly - Jessica King
Nine registered bidders, four active
Auctioneer: Adam Downes
The buyers (pictured above) were a family from the northside who wanted to move closer to the Indooroopilly State High School catchment area, while the sellers were a family who had originally lived in the home, and then rented it out as an investment.
“The market has still been pretty good. Buyer behaviour has changed, but there are people who want to buy before interest rates go up so it's forcing them to make quick decisions,” Ms King said.
“Buyers were waiting for spring for more houses to come on the market, so it’s created a good atmosphere.”
Sold under the hammer for $2.775 million
Ray White Bulimba - Matt Lancashire
Six registered bidders, four active bidders
Auctioneer: Philip Parker
With more than 60 people in attendance bidding opened at $2 million, with the winning bid going to a buyer who was moving up from Adelaide.
“He had been here for two weeks and saw 24 properties in that two weeks and this was the one he bought,” Mr Lancashire said.
“It was a brand new home from Innovate Design and Build Group who do a really great product.”
MELBOURNE
Ray White White Victoria chief auctioneer Matthew Condon said buyers were still out in force despite the AFL grand final.
“Almost all of today’s auctions were scheduled prior to noon to ensure they did not conflict with the highly anticipated AFL grand final,” Mr Condon said.
“We also saw a significant decline in auction volume with 71 auctions scheduled for Ray White Victoria.
“The amazing weather combined with the decline in auction volume today produced healthy crowd sizes and strong competition between bidders. Based on preliminary data from the Ray White group, we saw an average of 3.6 confirmed bidders at auction.
“Sellers that chose to auction their property today were rewarded with bidding, competition, and ultimately a good result.
“With a large percentage of sellers choosing to push their auction date back a week to avoid the grand final weekend, all eyes will be on the auction market next week to see how it handles the significant increase in auction volume and supply.”
Sold under the hammer for $1.963 million
Ray White Eltham - Shane Leete
Six registered bidders, six active bidders
After strong bidding throughout a 35 minute auction, the property was sold to a young family with two young sons.
“It had fantastic views, you could see 200km on a clear day. It was the most pristine land I'd seen for some time in Yarrambat,” Mr Leete said.
“It was a strategic auction on Grand Final Day, and it worked.
“I thought it’s not really a long weekend where people go away. I thought if it was a nice day we could use the views, and we did.”
25 Verene Avenue, Templestowe Lower
Sold under the hammer for $1.728 million
Ray White Bundoora - Walter Orlandi
Five registered bidders, five active bidders
Auctioneer: Andrew Mizzi
The buyers were a local family who were upsizing, while the sellers were downsizing locally.
“It had a fantastic floor plan, there’s lots of natural light and it was a well maintained, high quality home,” Mr Orlandi said.
“It’s been a well inspected home with 60 groups through in total.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said there was plenty of bidding action across the state’s auctions today.
“The winners this weekend in South Australia are those vendors choosing to take their property to auction on grand final weekend.
“The average registered bidders was above six, while the average active bidders sat above three.
“Forty per cent of auctions across Australia this week are flying the yellow flag and that’s only a good thing for the state.
“Maybe it’s the lack of competition due to grand final day, but every single property is getting bidding action.
“It looks like spring is certainly here, and if you’re not taking your property to auction you’re missing out.”
Sold under the hammer for $746,000
Ray White Norwood - Lawrence Cocca
10 registered bidders, six active
Auctioneer: John Morris
More than 50 people gathered to watch the fierce bidding, with more than 70 bids placed at auction. The winning bidders were a local family who planned to knock down and rebuild their dream family home.
“There was plenty of interest and it sold well above the reserve,” Mr Cocca said.
“The seller owned the property for 70 years so it was a bit of an emotional sale, but they’re really happy with the result.”
Sold under the hammer for $790,000
Ray White Norwood - Jann Wilksch
11 registered bidders, and four active bidders.
Auctioneer: Sarah Bower, Ray White
The buyers were a couple from Sydney who were moving back to Adelaide and were bidding over the phone through their sister.
The seller was an owner occupier who was having a tree change.
“It’s a property in high demand in that area. It has a double garage which is a bonus with a villa,” Ms Wilksch said.
“It was presented beautifully with an updated kitchen.”
Sold under the hammer for $730,000 - $50,000 over reserve
Ray White Norwood - Nick Borrelli
14 registered bidders, six active
The buyers were a local couple of first home buyers who had missed out a few times.
“This was their last auction before they headed overseas for six weeks and resumed their search in 2023,” Mr Borrelli said.
“The seller was a family who had renovated the home but wanted to upsize.
“The market has been very property dependent, ones like this which are presented and marketed well are receiving a lot of interest, whereas other properties are a bit more quiet.”
