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Buyers were out in force at Ray White auctions today with many rushing to buy a home in the lead up to Christmas.
Today, the country’s leading auction group had 406 auctions scheduled and recorded a preliminary auction day clearance rate of 60.2 per cent.
This week, sellers who sold under the hammer gained, on average, 11.2 per cent more on their sale price than if they’d taken a prior offer.
The top sale was held in Brisbane today. Ray White Wilston principal Alistair Macmillan sold 68 Angliss Street, Wilston for $4.2 million.
Ray White auctions recorded an average of 3.7 registered bidders and 2.4 active bidders per auction nationally.
A Sydney auction in Abbotsbury attracted the most bidders today, with 48 Bancroft Road recording 18 bidders selling for $1.44 million through Ray White Wetherill Park agents Robert Biasetto and Mathew Bell.
SYDNEY
Ray White NSW chief auctioneer Alex Pattaro said buyers activity was really strong.
“Buyers are really looking to secure a home before Christmas,” he said.
“A grade homes are still selling for really strong prices. Particular market places closer to the CBD are seeing an influx of bidders and buying activity.
“Despite the continued talk of interest rates continuing to rise the buyers have a positive outlook on the real estate market looking into 2023.”
55 Babbage Road, Roseville Chase
Sold under the hammer for $2.44 million
Ray White Upper North Shore - Jessica Cao
Five registered bidders, three active
Auctioneer: Jason Keen
The winning bid went to a local family who were upsizing (pictured above left with vendor’s family).
“The seller was an older lady who had lived in the home 54 years, she was the first owner,” Ms Cao said.
“The market has been pretty good in the lead up to Christmas, supplies are limited and the buyers don't have a lot to choose from so it’s quite competitive.”
11 Cunningham Street, Matraville
Sold for $2.085 million - $435,000 over reserve
Ray White Eastern Beaches - Nick Wise
Nine registered bidders, five active.
Auctioneer: James Kerley, Ray White
The property had been in the seller's family for approximately 50 years, and was being sold as a deceased estate (vendors pictured above). It was purchased by a local family.
“It has an old weatherboard house on it and the buyers plan to knock it down and rebuild,” Mr Wise said.
“What interested people the most was that they could build their dream home there. It was a level block on a premium street in Matraville. Then that competition pushed the price up on the day.”
Sold under the hammer for $1.466 million - $216,000 over reserve
Ray White Punchbowl - John Yatman
14 registered bidders, seven active
Auctioneer: Alex Pattaro
Bidding opened at $1 million, with the keys going to a local family who will look to develop on the land.
The property had been in the family for 100 years. The sellers were the great grandchildren of the original buyer.
“It was a rare offering being the first time in 100 years. There was strong local interest. Our team really focussed our marketing on the local area,” Mr Yatman said.
“The buyers were from Punchbowl. They were just out to buy groceries and they ended up buying a house.”
Sold under the hammer for $1.44 million - $140,000 over reserve
Ray White Wetherill Park - Robert Biasetto
18 registered bidders, five active
Auctioneer: James Kerley
Mr Biasetto said the auction attracted a huge crowd of 150 people.
“The seller was an owner occupier who had lived there for 27 years (pictured above right with buyer centre). This is the third or fourth property we’ve sold for her over the years,” Mr Biasetto said.
“The winning bid went to a young investor who intends to rent it out and move into it at a later date.”
Sold under the hammer for $925,000
Ray White Eastern Beaches - Angus Gorrie
Three registered bidders, three active
Auctioneer: James Hayashi, Ray White
The seller was an investor who had owned the property for over 20 years and was excited the property sold $75,000 above the guide.
The winning bid went to a first home buyer who had been working overseas for five years and just moved back to Australia.
“There’s plenty of good activity in the lead up to Christmas,” Mr Gorrie said.
“There’s plenty of expats back trying to buy something before the holidays.
“We’ve seen a lot more enquiry from expats now that it's easier to come home after Covid.”
MELBOURNE
Ray White Victoria chief auctioneer Jeremy Tyrrell said the Melbourne market was heating up as we inch closer to the holidays.
“Melbourne has welcomed summer with a scorching weekend of weather and the real estate market is also continuing to heat up as we race to the end of the year,” Mr Tyrrell said.
“There was positive news on the back of the inflation rate data which came in lower than expected this week, and an equally positive outlook for 2023, may have sparked renewed confidence among buyers.
“Early reports indicate a strong improvement in the auction day clearance rate, currently tracking at 67.9 per cent from 222 scheduled auctions, with some exceptional results being achieved as buyers compete to purchase before the Reserve Bank meets on Tuesday for the final time of the year.”
Bidders attending auctions were up this week at 3.1 on average, of which an average of 2.2 were actively competing, an improvement on previous weeks.
“Auction numbers are set to increase even further over the next two weeks, with some scheduled close to Christmas Eve.”
Sold under the hammer for $803,000
Ray White Cheltenham - Angela Limanis
Three registered bidders, three active
Auctioneer: Angela Limanis
The purchaser was a young family (pictured above) who liked the complex and had recently missed out on another property in the building.
“It was a large complex with a lot of them selling to young families recently. A lot of them were owned by an older demographic but now there’s an injection of younger energy,” Ms Limanis said.
“The market has been good, there’s not a lot of stock around which is a driver. If you've got a good property which is priced right it will do well. Price is sensitive at the moment and if it's not priced right buyers won't bother.”
Sold under the hammer for $2.122 million
Ray White Carnegie - Tom Grieve
Four registered bidders, four active
Auctioneer: Tom Grieve
The buyers were a young family, while the sellers were a family who were relocating to a different school zone.
“This is a four year old home. If you give me homes that suit first home buyers, and homes that are ready to move into, those are selling really well,” Mr Grieve said.
“Other homes are getting affected by interest rates and construction costs.”
Sold under the hammer $693,000 - $43,000 over reserve
Ray White Mernda - John Metaxas
Six registered bidders, three active
Auctioneer: John Metaxas
“The winning bid went to a local family who already lived in the area. They were helping their son who’s getting married,” Mr Metaxas said.
“The vendors were a young couple who bought the house off me brand new 10 years ago. It was originally an investment and then became the family home when they got married.”
BRISBANE
Ray White Queensland auctioneer Gavin Croft said this week marked a significant week of auctions for Ray White Queensland.
“Earlier in the week we held our Ray White Auction Experience event with 40 south east Queensland properties going under the hammer with a clearance rate for 62.5 per cent.
“It was a wonderful opportunity to demonstrate where the market is sitting.
Ray White Queensland had booked 6500 auctions for the year this week, a remarkable achievement considering two years ago the network was doing just under 3000 auctions for the same time.
“Ray White now holds more than 40 per cent of the auction market share in Queensland. We are the competition creators and the data is very clear on that.”
Sold under the hammer for $4.2 million
Ray White Wilston - Alistair Macmillan
Seven registered, three active
Auctioneer: Phil Parker, Ray White
The winning bid went to a buyer from Sydney who is relocating to Brisbane with his family, including four kids.
Sellers were two local doctors who had built the house seven years ago and were downsizing.
“Market has been strong, but different properties have different degrees of interest,” Mr Macmillan said.
“This home was a record sale for Wilston, and attracted seven registered bidders which indicates strong competition.
“I think for this home the attraction was that it;s a high end architecturally designed home, and it's a big house.
“The buyers were looking at doing a new build but, with construction costs so high at the moment, they decided to buy something already finished.”
235 Harcourts Street, New Farm
Sold under the hammer for $2.71 million
Ray White Clayfield - Nicholas Given
Five registered bidders, five active
Auctioneer: Haesley Cush, Ray White
“Every bidder placed a bid and the auction ripped all the way through,” Mr Given said.
“The winning bid went to a local doctor who had been looking for a long time. He loved the location, it's close to the Calile and James Street - it’s a great location.
“The sellers had lived in the home for a long time.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said the first week of auctions for summer was a cracker.
“The sun is shining and the buyers are out in force,” Mr Morris said.
“Of the auctions I’ve called this week, we’ve had an average of eight registered bidders and 100 per cent of those properties have sold.
“We had a slightly lower clearance rate last week at about 68 per cent, but that’s still well up on pre-pandemic levels which was sitting at about the 50 per cent mark.
“There’s high bidder registrations and still relatively strong clearance rates throughout South Australia, and that is looking set to continue.
“What I would say is the agents who are saying ‘don’t take your property to auction’ are afraid of the hard work it takes to run a good auction campaign, but Ray White agents aren't afraid of that hard work and getting the best possible result for their clients.”
Sold under the hammer for $620,000
Ray White Norwood - Stefan Siciliano
Nine registered bidders, four active
Auctioneer: John Morris, Ray White (pictured above)
The winning bid went to a woman who used to rent the home in 2019, and was now in the market to buy. The vendor was an investor who was heading towards retirement.
“The market in Greenacres has been hot. Even though things are starting to come off, it's performing better than other areas. There’s a lot of young families and first home buyers in the area, especially at that price point.”
Sold under the hammer for $1.058 million - $58,000 over reserve
Ray White Norwood - Brandon Pilgrim
Seven registered bidders, five active
Auctioneer: George Kargiotis, Ray White
The winning bid went to a downsizer who is going to live in it. They had recently sold in the same neighbourhood.
“It was a good land size at 680sqm. It was a tidied up older house but it wasn't too big. It was a good mid-size house that suits a lot of buyers.
“The buyer is going to give it a bit more love and do some renovations.”
110 Military Road, Henley Beach South
Sold under the hammer for $1.575 million - $130,000 over reserve
Ray White Henley Beach - Anthony Fahey
Seven registered bidders, two active
“The buyer was a local development group, who plan to build a residential development,” Mr Fahey said.
“The sellers were the children of the original buyers, it had been in the family for approximately 60 years.
“It’s a big encompassing block close to the beach, and being a corner block it was quite versatile and gives the buyers a lot of options with their planning and design.”
