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Ray White reported huge crowds at auctions nationally today, particularly in Melbourne where some standout auctions saw crowds of up to 150 people watching the live market action.
Registered bidder numbers were also firming and many agents were reporting a sentiment shift in the air in the wake of the latest rate rise this week, which was smaller than most commentators were predicting at 25 basis points.
Australasia’s largest real estate group reported a preliminary clearance rate of 66 per cent today, of 305 Ray White auctions scheduled nationally.
Auction crowd sizes swelled to 30 people on average nationally, a lift on recent weeks.
The average number of registered bidders jumped nationally to 4.2 (from 3.6 bidders last weekend), while the number of actively participating bidders sat steady at 2.6.
Sydney had a preliminarily clearance rate of 70 per cent today, albeit on light volume of 92 auctions booked, but with 5.2 average registered bidders per auction, better than the national average.
SYDNEY
Ray White New South Wales Chief Auctioneer Alex Pattaro said this weekend was the strongest weekend of bidding the leading group had seen in quite a while.
“Buyers are looking to secure a home and will stretch their budgets when competition presents itself. Despite higher energy within the market, good auction processes and practice are obtaining the premium results. There is a shortage of good stock within the marketplace. And we would recommend any seller who was considering coming to the market to come now to take full advantage of what we have seen,” Mr Pattaro said.
Sold under the hammer for $3.875 million
9 registered bidders, 4 active bidders
Ray White IW Group Lead agent Fiona Hellams - 0419 264 474
The top sale of the day went to Fiona Hellams of the Ray White IW Group when she sold 20 Russell St, Russell Lea for $3.875 million to a local family in front of a large crowd.
“I actually told my clients this house in 2008 for $1.032 million, so this is a fantastic return and result today,” she said of her downsizer vendors.
“We had a mix of buyers, some wanted to knock it down and others wanted to move straight in. The winning bidder today was a local who was bidding online as they had a party to attend and couldn't be there in person. We know how well online auctions work too.
“Many buyers are sensing the market is more confident again and they don’t want to miss out.”
Sold under the hammer today for $1.670 million, reserve $1.420 million
22 registered bidders, five active bidders
Ray White Surry Hills Director Ercan Ersan - 0423 941 112
Auctioneer James Keenan, Ray White
Mr Ersan said he couldn't be happier for his 90 year old seller who was “as sharp as a tack” and now moving into care.
“Our seller had lived there for a long time and the new buyer is a local real estate agent and his wife who came with their builder to the auction,” Mr Ercan said.
Mr Ersan said this freestanding Federation home had not been touched for decades but sat on one of the best streets in the inner west suburb.
“It’s a remarkable opportunity in one of the most coveted spots in Marrickville right on the edge of Enmore Park.
“It feels like the market has moved up a gear. People have accepted that interest rates are rising but prices aren’t going to go any lower. So if buyers can get access to capital then it’s a very good time to buy.”
There were five active bidders for this raw beauty. The bidding opened at $1.1 million and quickly travelled up.
Sold under the hammer for $1.870 million
9 registered bidders, 3 active
Ray White Petersham Lead agent: Luke Northcott - 0423 829 123
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
Sold under the hammer for $905,000
6 registered bidders, 4 active
Ray White Punchbowl Lead agent John Yatman - 0423 344 868
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer (pictured below)
Sold under the hammer for $1.53 million, $180,000 over reserve
8 registered bidders, 5 active
Ray White Punchbowl Lead agent John Yatman - 0423 344 868
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
Mr Yatman said there was a definite sense in the market that prices were not going to drop any further. “I sold 3/3 today, all local buyers and the vibe from buyers has definitely changed. There's more confidence. So we are having a late spring selling season into a strong summer I suspect.”
MELBOURNE
Ray White Victoria Chief Auctioneer Matt Condon said activity within the real estate landscape was on the increase with 156 auctions scheduled this week for the leading group in Victoria.
“This exceptional Melbourne weather and large crowd sizes also created a great auction day atmosphere. Based on preliminary data from the Ray White group, this week has seen on average 3.7 confirmed bidders per auction,” Mr Condon said.
“An increase in auction volume combined with more properties scheduled to launch to market will provide more choice for buyers. Sellers that chose to meet the market will experience more inspections, bidders, competition and ultimately a better result at auction.
“With all eyes on the real estate market watching how it will perform in the last quarter of 2022, we are expecting a solid finish to the year as we are consistently seeing increased supply being met with equal levels of demand.”
Sold under the hammer for $1.355 million, reserve $1.050 million
22 registered bidders, 3 active bidders
Ray White Glenroy Lead agent/auctioneer: Stefan Stella - 0422 093 149
There was a massive turnout in Seddon today which saw more than 120 people watch on as 98 Albert St sold for $300,000 over its reserve.
There were 22 registered bidders keen on the gem which had been in one family for more than 71 years since immigrating from Italy.
“We had the vendor’s reserve on display at $1.050 million as we were very clear about that and the first bid was for $1.050 million. The winning buyers rent in the area. He drives past the house every morning on his way to work and had long said to his wife if that house comes up for sale he wanted to buy it! One day he saw our photographer taking photos for the campaign, and four inspections and the auction later, they are now the proud new owners.”
"Our sellers are happy, it had been in the family for seven decades and they bought it off the family 12 years ago."
Sold under the hammer for $1.441 million
5 registered and active bidders
Ray White Manningham Lead agent: Jarrod Tyler - 0498 290 585
Mr Tyler said there were five registered and active bidders, all locals from the area, bidding on this impressive five bedroom family entertainer with a pool. The final price of $1.441 million was $91,000 over its reserve.
“The whole street came out to watch the auction for this trustee sale. All the buyers could see value in this house as it’s a renovator with the opportunity to add value once it’s been fixed up. A young family won the keys today,” he said. “It’s a really tightly knit area.”
Sold under the hammer for $1.43 million, reserve $1.2 million
Ray White Carnegie Lead agent: Josh Hommelhoff - 0405 383 294
Auctioneer: Matt Hurlston, Ray White Carnegie
Again a huge crowd of up to 150 people turned out to see this contemporary townhouse sell for $230,000 over its reserve.
This textbook auction campaign was for a previous client of Mr Hommelhoff. “I told my clients that I think we launched the house with a perfect window of time as nothing much new was launched this week as it brings you up to Melbourne Cup Day.
“So there was not a lot of stock that went online last week and the house was also a good layout, and well presented. The winning couple are first home buyers.”
ADELAIDE
Ray White South Australia Chief Auctioneer John Morris said the second weekend of October was upon us and while many were celebrating Oktoberfest throughout Australia, in the festival state, those that chose to continue believing in the auction process were also having great cause for celebration.
The preliminary auction clearance rate is well into the 80th percentile here in South Australia, on the back of last week's incredible 78 per cent.
“There’s six registered bidders per auction, and now is still a very strong time to go to auction in South Australia with 56 auctions scheduled this week. One third of all auctions throughout South Australia are being called by a Ray White agent and that is almost four times that of the nearest competition.
“So if you want to go to auction, make sure you use the competition creators and make sure there's a yellow board in front of your home when you are selling your property at auction.”
Sold under the hammer for $1,165,000, reserve $900,000
13 registered bidders
Ray White Glenelg Lead agent/auctioneer: Rod Smitheram - 0417 626 037
Ray White Glenelg had a huge day with seven properties going under the hammer, all at onsite auctions, and all seven sold to a total value of $5.6 million.
Mr Smitheram said the five bedroom masterpiece at 8 Cowell Cres, Pasadena (pictured above) was a standout sale of the day for $1.165 million.
“The owners couldn't sell it three years ago for $750,000,” he said.
There were 13 registered bidders vying for the recently renovated home with three spacious levels with visually striking finishes.
Sold under the hammer for $663,500
Four registered bidders, 3 active
Ray White Norwood lead agent Lawrence Cocca 0422 918 099
Auctioneer: John Morris, Ray White SA chief auctioneer
Mr Cocca said it was a really great auction with a lot of local interest. “I am delighted with this outcome for my sellers and buyers. It was a good auction with good competition as it was a lovely unique property that deserved attention. My sellers have been there for a fair few years and had done the renovation and the new buyers are retirees looking to downsize.”
Sold under the hammer for $982,000, reserve $935,000
7 registered bidders, 3 active
Ray White Norwood Lead agent: Brandon Pilgrim - 0438 807 061
Auctioneer: George Kargiotis, Ray White Norwood
Mr Pilgrim said it was a good competitive auction for this spacious family home in St Morris.
‘The new buyers are happy, they are a local family upsizing for more space for their children. And our sellers were downsizing, so it was perfect sale. I am really happy for my clients.”
Sold under the hammer for $695,000
10 registered bidders, 5 active
Ray White Norwood Lead agent: Stefan Siciliano - 0403 171 489
Auctioneer: John Morris, Ray White SA chief auctioneer
BRISBANE
Ray White Queensland Chief Auctioneer Gavin Croft said there was no question that auction bidding was a reflection of the market in real time.
“Auction bidding provides vendors with genuine insights into the energy and pulse of the market. These observations that we see in the buyer behaviour and more particularly in the live market data that Ray White reports each week is imperative for decision making, for both agents and sellers,” Mr Croft said.
“No longer is there a linear line between a comparable sale made 60 or 90 days ago to today's market.
“Holding onto a price of a past comparable sale made many months ago is actually detrimental.
“We've seen that cost sellers, particularly as each interest rate rise comes and impacts the market, whether we like it or not. It's just a reality as it affects borrowing, and it affects our buyers’ behaviours.
“Today's market is the only barometer for decisions and this is why the live data that we're able to report each and every week is so important.
“For me this week there’s been a real change or real shift. Clearance rates this week have been the strongest personally for some 16 weeks, led by a big Gold Coast auction event that we had where we had clearance rates of 70 per cent or better.
“Sellers and buyers are finding a balance between where they see the markets individually and it's been very pleasing to see.”
Sold under the hammer today for $970,000
7 registered and active bidders
Ray White Ascot Skye Parker Lead agent Skye Parker - 0416 658 333
Auctioneer: Phil Parker, Ray White
Ms Parker said her sellers were thrilled with the unconditional result under the hammer. They needed more room for their growing family. It was actually a quiet campaign as many buyers were worried about insurance in flood-affected areas.
Sold under the hammer for $1.362 million
10 registered bidders, 7 active bidders
Ray White Ascot Lead agent: Ian Cuneo - 0416 139 656
Auctioneer: Phil Parker, Ray White
