Residential
Explore
The grey skies and wet weather experienced across the country couldn’t deter enthusiastic buyers from Ray White auctions today.
Sydney, Brisbane, and Adelaide all recorded auctions with registered bidders in the double digits today, while Australasia’s largest real estate group recorded an average of 4.2 registered bidders nationally.
The standout auction for bidder numbers was 34 Wallace Street, Glenelg East, which recorded 19 registered bidders and sold for $2.17 million.
Our top sale of the day went to a rural property at 970 Tabulam Road, Tabulam, NSW which sold under the hammer for $3.35 million.
The Ray White group had 330 auctions scheduled to go ahead today, with a preliminary auction day clearance rate of 65 per cent.
Ray White’s weekly auction volume has been steady for the last few months in the high 500s but next week it jumps to 718, the highest since May. Some 2566 auctions were scheduled in October, which is the second largest October on record.
SYDNEY
Ray White NSW chief auctioneer Alex Pattaro said confidence was returning to the market.
“There’s been a positive number of registered bidders across our Sydney auctions, this shows positive signs for the future of the market,” Mr Pattaro said.
“Stock levels remain low compared to last year which makes it a great time to sell as there’s less competition in the marketplace.
“With an increase in bidding registrations now is the best time to obtain a premium result.”
Sold under the hammer for $1.71 million - $310,000 above reserve
Ray White Surry Hills - Shaun Stoker
12 registered bidders, six active
Auctioneer: James Keenan, Ray White (pictured above)
The winning bid went to a young family from a neighbouring suburb who had been looking to buy their first home for three years, but took a break during the height of the market last year.
"They saw it on Wednesday for the first time and loved it. They had only just started looking again," Mr Stoker said.
"If owners meet the market it's really competitive. These owners had realistic expectations. It drove a lot of interest and they achieved a great result."
38/9-27 Moorgate St, Chippendale
Sold under the hammer for $2.25 million
Ray White Surry Hills - Matthew Carvalho (pictured above with vendor)
15 registered bidders, six active
Auctioneer: Tim Snell, Ray White
The winning bid went to a couple who were downsizing from the inner eastern suburbs.
“I think the big appeal was it was over 200sqm, so it was big and had a large open area downstairs which provided some flexibility.
“Another big thing was the scarcity of good, authentic, warehouse conversion like this in the inner city.”
Sold under the hammer for $1.31 million
Ray White Surry Hills - Bianca Field
Six registered bidders, four active
Auctioneer: Tim Snell, Ray White
Buyers were a young family who were upsizing. The sellers were two sisters who had purchased their first home together, and were selling to buy their own separate family homes. “It was a single-level home with good proximity to amenities and didn’t require any further renovations,” Ms Field said.
MELBOURNE
Ray White Victoria CEO Stephen Dullens said terrible weather across Victoria didn’t dampen the real estate activity across Melbourne. He said the number of auctions continued to increase with today declared a “Super Saturday”.
“While it was a challenging day weather-wise, that certainly didn’t stop the auction action across Melbourne this weekend,” he said.
“With the unofficial long Melbourne Cup long weekend next week, Ray White had almost 200 auctions scheduled this week.”
While the weather and increased volume tested the depth of buyers, strong results continued to be achieved.
“Despite the large volume of auctions, preliminary results this week show we’ve averaged 3.6 committed bidders and 2.5 active bidders per auction - very similar levels to previous weeks,” Mr Dullens said.
“This reminds us that demand for quality property that is well priced continues to be high.”
Sold under the hammer for $940,000 - $130,000 above reserve
Ray White Gladstone Park - Malek Younan
Five registered bidders, five active
The buyers were a young family upsizing, while the sellers were relocating closer to the city.
“It was a really unique property with two big living areas, two bathrooms, it was upgraded, had good sized land, it had the right formula,” Mr Younan said.
“To get the location, size, and being renovated it all just clicked. Good properties like this always do well.”
Sold under the hammer for $1.066 million - $136,000 above reserve
Ray White Brunswick - Alex Ilyin
Six registered bidders, four active
Auctioneer: Alex Ilyin, Ray White
The buyers were a young couple who were upsizing from a townhouse, while the sellers (pictured above with Ray White Brunswick director Jamil Allouche) were relocating to regions for a tree change.
“The biggest drawcard was the property landed in two different school zones, so there were lots of families and young professionals,” Mr Ilyin said.
“We had more than 100 groups come through the property.
“Buyers are finding it more affordable and there is some urgency as people know they’re going to be re-rated at another level.”
Sold under the hammer for $591,000 - $51,000 over reserve
Ray White Glenroy lead agent and auctioneer Stefan Stella
Eight registered bidders, four active
The winning bid went to a lady who was downsizing after seeing the home for the first time the day before auction day.
“It was a single level villa, one of only two homes on the block. It had a double garage which was another drawcard,” Mr Stella said.
“The market has been relatively steady, anything priced correctly is getting good results and this property was a great example of that.”
13 Grosvenor Square, Craigieburn
Sold under the hammer for $740,000
Ray White Craigieburn lead agent and auctioneer Trish Orrico (pictured above centre in her signature yellow heels)
Six registered bidders, five active
The winning bid went to a first home buyer. “He works as a hairdresser and was bidding over the phone while at work,” Ms Orrico said.
“The sellers live in Queensland. They lived in the home originally then rented it out when they moved interstate.
“The market is good here. This area is an affordable area so we’re getting a lot of buyer activity.”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said the auction process was the most efficient way to sell property in the current market.
“It was a rainy day here in Brisbane, and while we’re seeing softer auction volumes across Brisbane this week, what we’ve also seen is a really nice bounce in clearance rates and average registered bidders,” he said.
“The recent data is telling us it’s 40-50 per cent more efficient to sell by auction versus private treaty. In many auction dominated markets we’re seeing an average of 17 days on market for auctions, whereas in the same area sellers who are choosing to sell via private treaty are seeing 50 days or more. It’s an extraordinary fact, but it’s a reality.
“In a market being impacted by rising interest rates, the ability to identify true market value soon rather than later is imperative for sellers who want to make more money in today’s market. Auctions are providing this, and sellers are being rewarded.”
Sold under the hammer for $2.4 million - $200,000 over reserve
Ray White Ascot - Nick Kouparitsas
14 registered bidders, five active
Auctioneer: David Treloar, Ray White
The winning bid went to a local owner-occupier who liked the location and that the home was really well renovated.
"It was a beautifully presented home with a quality renovation. Position wise it’s a really popular street," Mr Kouparitsas said.
"We had 106 groups through in four weeks which suggests the market is still really good."
The seller was an owner-occupier who had relocated locally.
Sold under the hammer for $2.28 million
Ray White Bulimba - Brandon Wortley
Four registered bidders, two active
Auctioneer: Haesley Cush, Ray White
The winning bid went to a family from interstate who had been living in the inner suburbs of Sydney, while the sellers (pictured above) were a local Hawthorne family upsizing.
“The husband hadn’t actually seen the property but was happy to go off the wife’s judgement. She was originally from Queensland and they wanted to move closer to family and also get a bit more value for money from the real estate market in Brisbane,” Mr Wortley said.
“The sellers have moved to a home just 100m up the road.
“I’ve seen this market be insanely resilient, I feel like blue chip markets like Hawthorne are holding firm.
“Insanely low supply is helping with that. We had 72 groups through the home during the two week campaign.”
Sold under the hammer for $2.1 million
Ray White Alderley - Janine McDonald
Two registered bidders, two active
Auctioneer: Benson Spong, Ray White
The winning bid went to a family relocating back from the UK.
“They;d been renting in the area and were looking to buy a home before their daughter starts school next year,” Ms McDonald said.
“The owners have owned it since 2005, it was a long term family home. They’re empty nesters who are downsizing and looking for a tree change.
“The market has been good, we’ve just gone back to a balanced market. There’s still people actively out there wanting to buy houses.
“If you’re realistic and take into consideration the market has come back from the highs of last year, there’s plenty of opportunities out there.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said the threat of a thunderstorm wasn’t dampening the spirit of buyers in Adelaide today.
“We entered the weekend with 78 per cent clearance and, from what I’m hearing, there’s still a lot of buyer activity and almost 100 per cent of the properties auctioned this Saturday have sold under auction conditions,” Mr Morris said.
“While bidder registrations have dropped from six to about four, bidder activity has risen from 50 per cent of registrations participating in the bidding, to 75 per cent.
“There is still strong buyer activity in and around Adelaide, and good reason for vendors to take their property to auction.
“This week Ray White holds 33 per cent of all auctions in South Australia, next week that increases to a whopping 39 per cent.”
34 Wallace Street, Glenelg East
Sold under the hammer for $2.17 million - $240,000 above reserve
Ray White Glenelg - Samuel Paton
19 registered bidders, six active
Mr Paton said there were multiple interstate bidders and a bidder from London participating in the auction, however, the winning bid went to a local family who were upsizing.
“I think the quality and presentation of the property attracted a lot of interest. It has a lot of striking features,” he said.
“We had 130 groups through the open homes throughout the campaign, and that Glenelg East location is always popular as well.
“The market is strong. We’re still seeing strong interest in finished homes ready to move into.
“Properties that need renovation aren't seeing the same interest as six months ago.”
Sold under the hammer for $1.13 million
Ray White Adelaide City - Chris Xu
Four registered bidders, two active
Auctioneer: John Morris, Ray White
With two young families bidding it out, the winning bid went to a family with two kids who were upsizing (pictured above with vendor and agent Chris Xu).
“The seller was a lady who bought the home in 1985. She was looking to downsize,” Mr Xu said.
“Her son and daughter were here supporting her as it was their family home. She was happy with the result.
“This area in Wattle Park is getting a lot of interest. This house is in original condition so people were looking at the land value and location, not the house itself.”
11 Nelson Crescent, Mawson Lakes
Sold under the hammer for $897,000 - $112,000 over reserve
Ray White Norwood - Damien Fong
17 registered bidders, five active
Auctioneer: George Kargiotis, Ray White
The buyers were relatives of people who lived in a house across the road and were buying to be close to family.
The sellers were a family who were upsizing.
“It was a high spec home. Even though it was eight year old it looked relatively new,” Mr Fong said.
“It was located in The Bridges which is considered the best part of Mawson Lakes.
“The campaign was super busy so there’s still lots of buyers out in the area. It hasn't slowed down at all.”
