December auctions off to a flyer with $9.91M sale

DECEMBER auctions got off to an absolute flyer across the country today as buyers competed for the ultimate early Christmas present - with competition driving some incredible prices for sellers.

The Ray White Group booked a strong preliminary clearance rate of 82.6 per cent, in a week when the leading group conducted more than 26 per cent of all auctions across Australia.

There is nowhere else to start than at the Calile Hotel as the Ray White New Farm, Ray White Bulimba, Ray White Spring Hill, and Ray White East Brisbane offices hosted their first ‘prestige auction event’ - selling seven properties under the hammer and one prior for just shy of $30,000,000.

Temperatures soared throughout the city, as did the heat of competition at the trendy hotel in Fortitude Valley, with a number of interstate buyers and high-profile business people flocking to the auction event - some in person and others via phone.

The biggest result of the day nationally was a block of riverfront land with demolition approval at 25 Maxwell Street, New Farm (below), selling for $9,910,000 to local developer Seymour Group - and breaking a Brisbane record in the process.

Ray White New Farm Principal Matt Lancashire said that in his 10 years of selling high-end property, he had never seen a market like this.

“There is a huge influx of buyers from Sydney and Melbourne, and they have all been eagerly waiting for the borders to re-open,” Mr Lancashire said.

“Our team has run 35 auctions in December alone, which is testament to the value proposition of prestige property in Brisbane.

“We don’t see any sign of it slowing down throughout the early months of 2021 either. During a usual year things start to wrap up after the Melbourne Cup, but this summer, we're only just getting started.

In the second highest sale, 85 Macquarie Street in Teneriffe sold for $4,280,000, followed by 39 Ormuz Road in Yeronga selling for $2,800,000.

Marketing agent of Ormuz Road, Christine Rudolph, said the winning bidder of the home was a buyer from Melbourne who had driven up to the Sunshine State when borders re-opened on 01 December.

Also selling under the hammer was 31 Kitchener Road in Ascot for $2,240,000, and 24 Mackay Terrace in Bardon for $1,750,000. A large renovated character home at 25 Yarradale Street in Newmarket also sold for $1,835,000.

In the final sale for the day, Hamish Bowman and Nicholas Carrol sold a 43 acre block of land at 227-237 Hulcombe Road in Highvale, for $2,650,000.

Mr Lancashire said that the other three properties on the order of sale which did not sell under the hammer, were all now in negotiations and were extremely close to a result, likely this weekend. He also sold 130 Crescent Road Hamilton for $4,232,000 the night prior to auction.

Auctioneer and New Farm Principal Haesley Cush (below) said the phenomenal results today were just a sign of things to come for 2021.

“The sellers wanting to take advantage of the insatiable appetite from buyers is the reason that we organised this event,” Mr Cush said.

“We have so many buyers who missed out today and are eagerly scouring the Brisbane market again.

“I’d say we will get about five minutes to peel a prawn and have a stubby on 25 December, and then we will be back to work.”

As the auction wrapped up, Mr Lancashire and Mr Cush embraced in a congratulatory hug and expressed their overwhelming gratitude to the extended Ray White New Farm team.

Jason Andrew, the newly appointed CEO of Ray White Queensland, was in the auction room working the floor and assisting bidders.

85 Macquarie Street, Teneriffe, Queensland.

“In my 18 years as an auctioneer, I have never seen the prestige market in Brisbane so in demand,” Mr Andrew said.

“In recent years, the rate of growth in Brisbane has not been as extreme as Sydney and Melbourne, which means we have captured the interest of wealthy interstate buyers who are pushing the prices up.”

In another show of interstate demand for Queensland, 7 Verdichio Avenue (below) in Mermaid Waters sold for $1,590,000 under the hammer, marketed by Ray White Broadbeach Waters Principal Mitch Palmer and Agent Tash Santos.

The campaign attracted seven registered bidders, and the winning bidder had flown up from Taylors Lakes in Victoria that morning, and viewed the property for the first time an hour before the auction kicked off.

“She came up here for a day trip, and has headed back to Melbourne this afternoon. The family are relocating here for the sunshine and lifestyle the Gold Coast has to offer,” Mr Palmer said.

“The seachange this family had been dreaming of was brought forward by the events of 2020. Stock is very tight and while the demand from locals is strong, we're starting to realise the effects of the great northern migration.

“If people are thinking about selling, the start of 2021 will be an incredible time to do so.”

Ray White Queensland Chief Auctioneer Mitch Peerebom said that fantastic results continued to extend beyond the inner city throughout greater Queensland.

“From the Gold Coast right through to North Queensland, we are seeing buyers that are willing to compete, with a real speed of sale,” Mr Peereboom said.

“Stock is moving so quickly with buyers wanting to move into their new home before Christmas - a real trend we're seeing right now.

“If you're looking at selling, we recommend doing so now before the end of the year, or start organising to sell for early 2021 to take advantage of this market.”

Ray White New South Wales Chief Auctioneer Alex Pattaro said the summer selling season had kicked off with a bang.

“We have noticed higher than average inspection numbers, and despite the year coming to a close, enquiries on properties across Sydney remains red-hot,” Mr Pattaro said.

“The property market is snowballing. We can expect an influx of properties coming onto the market within the first part of 2021, making it easier for buyers to find their next home.

“There has also been a notable rise in confidence among buyers bidding at auction. We expect to continue to see this throughout the rest of December and into the new year.

“Prices are strong. Competition is strong. If you’re considering selling, what are you waiting for?”

The day got off to an exceptional start in NSW as Ray White North Ryde I Macquarie Park Sales Agent Ben Boutros (above) and Sales Assistant Tracy Zhang sold Ryde’s 29 John Miller Street (below) for $1,411,000 - a whopping $311,000 over the reserve price.

“Incredibly, the opening bid actually landed on the reserve price, and from that moment on we knew it was going to turn out to be a pretty special auction for our vendor,” Mr Boutros said.

“We had over 60 groups through during the campaign and that led to eight registered bidders - five of whom were active - battling it out on the day for this renovation/rebuild project.

“It’s a great example of the power of an auction because the hammer was just about to fall in the mid-$1,300,000 but a fresh bidder came in from nowhere to push the price up further.

“Blank canvasses, where someone can come in and really put their mark on the property are proving popular at the moment, and that’s what appealed to the local mother who purchased.”

“We set the reserve price at $1,100,000 and I was pretty nervous when the auction kicked off but it turned out to be a fantastic result in the end,” said vendor Chris Strojny.

“The auctioneer, Alex Pattaro, did a really good job of keeping the bids ticking along and I have to say the marketing and advertising throughout the campaign really helped.

“Auctioning your property is the way to go because of the competition it creates - I was told it was a good market to be selling in and that advice was spot on.

“The tenant had moved out and the property needs a lot of TLC so I saw no point in waiting to sell - the time was now and COVID-19 didn’t worry me at all.”

The success continued over in Annandale as Ray White Surry Hills Associate Director Matt Carvalho (below right) and Sales Executive Bianca Field successfully managed the $1,635,000 sale of 45 Breillat Street (above) - $35,000 over the reserve.

“The campaign was extremely active throughout with more than 75 groups coming through the open homes as the property mainly attracted downsizers,” Mr Carvalho said.

“We had six registered buyers on the day but the bidding mainly came from two groups - and after opening at $1,480,000 - a couple downsizing from Rodd Point beat off the competition.

“The market is still buzzing as we head into the festive period - with houses particularly popular for buyers looking to purchase unconditionally this side of Christmas.”

Buyers Carlo and Halina Bartolomei (above left) said they knew the area well having previously owned a property in Lilyfield and they were excited to have purchased.

“We sold our property five weeks ago - and although we had a few reservations about COVID - you can’t let these things keep you down and we felt like things were under control here and we’re one of the safe havens of the world,” Mr Bartolomei said.

“We decided to bid hard and aggressive early and it got pretty stressful towards the end with the bids going up in $10,000 increments - I actually considered stopping at one point - but we really liked the house and we ended up going a step further than the phone bidder.

“The property had a very nice homely feel to it and we felt comfortable as soon as we walked in - we may do some renovations down the track - but the size is perfect for us and we're very happy.”

The hat-trick of success was complete in Marrickville as Ray White Surry Hills Directors Ercan Ersan and Shaun Stoker sold 43 Philpott Street (above) for $1,930,000 - $80,000 over reserve.

“The campaign for this one was incredibly active with more than 100 groups coming through the open homes and it made for a cracking auction on the day,” Mr Ersan said.

“We had all three of the registered bidders battling it out as the property sailed through its reserve price and the vendors are understandably very happy with the outcome.

“It’s actually a lovely story. The couple who bought it are downsizing from Gordon so they can be nearer to their daughter who lives in the apartment complex nearby.

“There's certainly no sign of the market slowing down as we head ever-closer towards Christmas.”

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon (above) said buyers were out in force in Victoria today, despite the heavy winds and rain.

“This week has seen an increase in the amount of active bidders per auction, which has resulted in higher levels of competition for quality properties. Based on preliminary data from the Ray White Group, we're expecting a clearance rate of around 80 per cent,” Mr Condon said.

“Bidders were arriving with a clear strategy in mind and were doing everything they could do to secure their home unconditionally before Christmas.

“With buyer demand continuing to outweigh supply, we're seeing some sellers choosing to prepare their property now, with an auction date of early January to take full advantage of the market conditions.”

Mount Waverley was the scene of an exceptional result as 9 Corowa Court (above) sold for $1,500,000 - a whopping $220,000 over the reserve price - courtesy of Ray White Mount Waverley Area Managers Nicholas Richards and Rachel Ye.

“The bidding for this one was fierce and ferocious - inside 10 minutes the opening $1,000,000 bid was a distant memory as the final outcome smashed the reserve,” Mr Richards said.

“It’s testament to just how much passion the buyers had for the property with five of the seven registered bidders battling it out to secure the home unconditionally before Christmas.

“There’s a lot of momentum in the market for good family homes in the Mount Waverley area - especially ones that have had some renovation work done to them like this one. That’s one of the reasons - along with the school catchment area - that the property attracted 68 groups through.”

There was another excellent result in Vermont South as Ray White Blackburn Sales Executive Trista Lee and Director Peter Schenck (who called the auction) sold 5 Woodleigh Crescent (above) for $1,120,000.

“Bidding started at $900,000 - went to $920,000 - then the eventual winning bidder went for a knockout bid of $1,000,000, putting the property on the market there and then,” Mr Schenck said.

“The one big thing we’ve seen in the last two weeks is investors are coming back to the market - a real sign that confidence is also flooding back to the property market in Melbourne. It was a local investor from Vermont South who purchased this one.

“The market is very strong because the demand for property is outstripping the supply. It feels like the worst is now over and the market and prices within the market will continue to get stronger.”

Ray White South Australia Chief Auctioneer John Morris (above) said the yellow gavels were flying all across the state in the first week of December.

“Nearly 50 per cent of all auctions scheduled this weekend are for Ray White on the back of a fantastic clearance rate last week of 73 per cent with an average of seven registered bidders per auction,” Mr Morris said.

“On the run-up to Christmas, 31 per cent of all auctions scheduled thus far are with Ray White, and I am still getting bookings all the way up until Christmas Eve.

“The market is absolutely looking strong - and after an unbelievable month in November - it looks as though December will be following suit.”

A stand-out was at 50 Mellor Avenue (above), Lockleys, a large family home that sold under the hammer for $940,000 after four bidders went head to head - leading to some very happy vendors.

Ray White Henley Beach Principal Anthony Fahey and Sales Agent Tom Royal said the campaign saw 93 groups through the house.

“We had loads of interest from young families. The winning bidders were a local young family looking for a little more yard space with their growing children,” Mr Fahey said.

“The market is red-hot - it's the best I've seen it in 20 years. The main contributing factors are lots of buyers and low interest rates.

“We have property listed ready for 2021 and we think it's going to continue to be very strong - a real shortage of stock is going to continue squeezing those prices up.”