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Agents and auctioneers around the country could sense an urgency in the air today as we steam towards the end of the year, with buyers putting their best foot forward to snap up properties.
Australasia’s largest real estate group reported a preliminary clearance rate of 53 per cent nationally, with Adelaide the standout city coming in at 75 per cent.
Ray White conducted 283 auctions today around the country. On the same Saturday last year, 237 auctions were conducted. Volume is up, giving more choice to prospective buyers looking to secure a piece of the property market.
Average registered bidders per auction sat at a healthy 3.3 nationally. The city of high bidder numbers, Adelaide, had on average 7.1 registered bidders per auction. 30 Paget Street, Ridleyton had 25 registered bidders, with eight actively bidding.
Real estate agents around the country commented on buyers and sellers becoming comfortable with the new market conditions, off the back of an unusual and record-breaking 2021.
The highest sale of the day was at 19 Henry Street, Queens Park, NSW which sold under the hammer for $5.95 million. Ray White Park Coast East agent Harrison Jones said the result, coupled with there being eight registered bidders, was an indication of the strength in the prestige market.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said he continued to see positivity in the Sydney market.
“Buyer activity remains consistent and prices are starting to level out,” he said.
“A lot of bidders are now pushing their limits to secure a property before the end of the year. The auction process remains critically important; ensuring a premium price within the shortest amount of time,” Mr Pattaro said.
19 Henry Street, Queens Park (pictured above)
Sold under the hammer for $5.95 million
Eight registered bidders, five active
Ray White Park Coast East - Harrison Jones and Adrian Bo
Auctioneer: Adrian Bo, Ray White
The highest sale of the day for Ray White nationally was for this quirky and prestigious home in one of the most scenic streets in Sydney.
Mr Jones said the success of the campaign and achieving above the reserve price, came down to strong marketing.
“We had a strong mix of newspaper and digital advertising, as well as two signboards because the house backs onto a very popular park,” he said.
“We were also blessed with beautiful Sydney weather for all of our open homes and the auction today.”
The winning bidder lives in Hong Kong but will be returning to Sydney soon.
The sellers were a family who had been there for 20 years but were looking to downsize after becoming empty nesters.
Achieving a huge eight registered bidders for such a high-end asset provides an indication of the strength in the prestige market.
“This price point is experiencing really good activity, which I think will continue throughout summer,” Mr Jones said.
Sold under the hammer for $1.615 million
Five registered bidders, three active
Ray White Surry Hills - Matthew Carvalho and Bianca Field
Auctioneer: Tim Snell, Ray White
This renovated Victorian terrace on the city fringe was sold to a young couple who were upsizing from an apartment.
“They actually were bidding over the phone and were at another auction that was on at the exact same time,” Mr Carvalho said.
The sellers, another young couple who were upsizing to Croydon, were absolutely over the moon with the result (pictured above).
Mr Carvalho said his office was selling everything being listed.
“Once buyers see competition kicking off at auctions, it gives them the confidence to get involved and bid strongly.”
12 Raleigh Street, Coogee (pictured above)
Sold under the hammer for $2.33 million (reserve was $1.975 million)
12 registered bidders, two active
Ray White Maroubra | South Coogee - Jason Malouf
The auction of this beachside semi astonished onlookers as it soared almost $400,000 above reserve.
“The two active bidders were both buyers' agents, who started off so strongly that it knocked out all the rest. It was like something from The Block!” Mr Malouf said.
The winning buyers' agent was representing a young English couple, who are absolutely thrilled to now call the eastern suburbs home.
“The majority of buyers were young couples, looking to find their next home or enter the property market for the first time.”
The seller was a lady in her 80s who had been there for more than 50 years and was ready to downsize with her daughter. She was overcome by emotion at the result.
72 Greenway Drive, West Hoxton (pictured above)
Sold under the hammer for $1.141 million
Seven registered bidders, five active bidders
Ray White Carnes Hill - Trevor Byrne
Auctioneer: Tim Snell, Ray White
Mr Byrne said the highest offer for the single-level brick home was $1.05 million prior to auction, so the result was phenomenal for the sellers, who are in their 80s.
“The winning bidder was a gentleman whose house we sold a couple of months ago, and has since been looking to make this next purchase,” he said.
“It was a really exciting auction and it is always great to see bidding go beyond being called onto the market.”
Mr Byrne said the market was experiencing plenty of activity, but that he was spending time on educating sellers around current market expectations.
Sold under the hammer for $1,202,500 (reserve was $1,050,000)
14 registered bidders, five active
Ray White Parramatta Group - Michael Mustapha
Auctioneer: Paul Wright, Ray White
Mr Mustapha said the auction of this single level home was absolutely electric, with huge bidder numbers and a crowd of onlookers.
“The bidding sheet was full; we knew that this auction would be a great one because of the proximity to the Parramatta CBD and the limited stock levels in the area,” he said.
The lucky winning bidders were two sisters, upsizing from a nearby apartment (pictured above).
The sellers were divesting after recently having purchased a home from Mr Mustapha in North Mead.
“The huge number of bidders was the reason for achieving such a great result over reserve; often the buyers are interested in multiple properties with us, which expands our chances,”
“It was a great in-between property, perfect for first home buyers, downsizers or upsizers,” he said.
MELBOURNE
Ray White Victoria’s newly appointed chief auctioneer Jeremy Tyrrell said that while the weather was dark, gloomy and wet, the auction market was a great deal brighter with stronger buyer activity seen across the board.
“Some 8 out 10 auctions saw bidding action, indicating buyers are still hungry to purchase before Christmas, which is only five weekends away. Actually it’s more like four for the real estate market as Christmas Eve falls on a Saturday. Will we see any auctions on Christmas Eve? We’ll need to wait and see,” he said.
“Clearance rates have also remained relatively consistent as sold properties at auction hover around 60 per cent.
“This week did see an increase in the number of auctions scheduled, as it tipped over 200 for the first time in the last eight weeks. This gives buyers more choice and December 10 is shaping up to be a Super Saturday with early numbers looking strong.“
Sold under the hammer for $1.155 million (reserve was $1.1 million)
Five registered bidders, four active
Ray White Brunswick - Alex Ilyin and Jamil Allouche
Auctioneer: Alex Ilyn, Ray White
Mr Ilyin said while every other bidder was a young professional couple, the winning bidder was actually bidding on behalf of his father, who is relocating back here from overseas (pictured above).
“We have a lot of young professional couples looking to upsize from a one or two bedroom apartment. A couple of the underbidders came along to my next open home to continue their search,” he said.
The sellers were investors, cashing in and moving to the Peninsula for a lifestyle change.
“Polished products that are finished well are performing very well. People are wanting to avoid any type of renovation due to the costs of materials and tradespeople,” Mr Ilyin said.
Sold under the hammer for $1,001,000 (reserve was $905,000)
Six registered bidders, five active
Ray White Ferntree Gully - Ben Thomas and Sarah McGlone
The winning bidders of this brick home in a quiet and sought-after street, was a local family.
Ben Thomas said the auction was long but exciting, going for nearly 40 minutes.
“We are thrilled that we achieved nearly $100,000 over reserve for our seller, who was an investor based in Sydney,” he said.
“All properties that we have taken to auction today have sold so far, and we are sensing that confidence is up in Melbourne. Renovated stock that is ready to move into is performing very well,”
“Pricing homes correctly and providing accurate quote ranges is important, which we do in conjunction with our sellers.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said that while auction day clearance rates might be dropping slightly to around the 55-60 per cent mark, the post auction clearance rate within two weeks, was above 85 per cent.
“Days on market for an auction property is around 25 in South Australia. The days on market for a non-auction property is on average 50 days,” Mr Morris said.
“If you take your property to auction, you are in for a much quicker turnaround. Ray White held 41 per cent of all auctions throughout the state this weekend.
“We are the competition creators, and we believe that auction is still the best method of sale if your goal is to sell well and quickly.”
30 Paget Street, Ridleyton (pictured above)
Sold under the hammer for $907,500 (reserve was $704,000)
25 registered bidders, eight active
Ray White Unley - Robbie Smith and Josh Gillespie
Auctioneer: Robbie Smith, Ray White
The auction of this character home with potential in the inner west, was a thrilling one attracting more than 100 onlookers in the crowd and achieving more than $200,000 over reserve.
“The opening bid was at $620,000 and it raised rapidly with $20,000 bids,” Mr Smith said.
“The fact it is a character home on a good parcel of land attracted bidders, and also the prospect of being able to renovate the home slowly while still living in it.”
The winning bidders, a brother and sister duo in their late 20s, will do just that. The pair plan to turn the home into a renovation project.
It was a deceased estate sale, having been a much loved family property since 1997.
3 Loader Street, Glynde (pictured above)
Sold under the hammer for $866,000 (reserve was $830,000)
Nine registered bidders, three active
Ray White Norwood - Linda Clemente and Oliver Bishop
Auctioneer: John Morris, Ray White
Ms Clemente said the home was sought-after mostly by downsizers or first home buyers, which drew in a great crowd on auction day.
“The winning bidder was a downsizer from the west of Adelaide, and the sellers were downsizing to an apartment in Norwood,” she said.
“We are having success once sellers understand that the market is still strong, however not as crazily hot as it was this time last year.”
2 Janet Avenue, Glynde (pictured above)
Sold under the hammer for $910,000
14 registered bidders, five active
Ray White Norwood - Linda Clemente and Oliver Bishop
Ms Clemete said that the value in this home was definitely in the land with dual access driveways and wide street frontage.
“The winning bidder was an investor. They will rent out the home for a while, and knock it down to build two family homes,” she said.
The sellers were owner occupiers who recently made the decision to downsize.
QUEENSLAND
Ray White Queensland has now ticked over 6,000 auctions for the calendar year 2022.
“We have closed in on 40 per cent market share for auctions in Queensland,” Mr Croft said.
“Auction volume for November has softened slightly but the limited supply is contributing to the best auction clearance rate that we have seen for some time at 65 per cent last week. “We have some 5.4 registered bidders per auction which sends a clear message that the limited stock is attracting a good level and quality of buyers.
“We anticipate this trend to continue into December. People who want to make that move before Christmas really need to be listing now with strong auction agents around the river city.”
29/20 Queensland Avenue, Broadbeach (pictured above)
Sold under the hammer for $2,750,000
11 registered bidders, six active
Ray White Prestige Gold Coast - Robbie Graham
Auctioneer: Andrew Bell, Ray White
This stunning, full-floor apartment was called on the market at $2.6 million in a heated and exciting auction. The result was a record price for the building.
The apartment was being sold by the beneficiaries of a deceased estate, and the local Gold Coast family were emotional at the amazing result.
“I have been an agent with Ray White for almost 22 years, and it is moments like those that keep you loving your job,” Mr Graham said.
Mr Graham said the winning bidders were a local Gold Coast family as well, who were downsizing from a waterfront home.
“All the bidders were downsizers from either the Gold Coast or Brisbane; it was a very niche demographic of buyers who are wanting a seachange but to be in the buzz of Broadbeach,” he said.
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Media Contact:
Nina Clarke
Ray White Group
nclarke@raywhite.com
0448 841 606
