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THE first weekend of February didn’t disappoint, with strong auction metrics recorded across the country for the Ray White Group.
Australia’s leading auction agency recorded a 75 per cent clearance rate across the country, while on average 5.6 bidders registered and three actively participated in the bidders.
Proving auction is still the way to go to get the best price in today’s market, homes that sold on game day on average went for 14.21 per cent more than if they were sold prior.
The top two sales of the day belonged to regional New South Wales. Ray White Yamba principal Daniel Kelly sold 27 Clarence St, Yamba for $3.39 million and then went on to sell 3/2 Ocean St, Yamba for $3.275 million (in-rooms pictured above). Notably, both properties went to interstate buyers looking for a holiday home, Clarence Street sold to a Victorian investor while Ocean Street was claimed by a Brisbane family.
Meanwhile, 9 Margaret Ave, Rostrevor topped the registered bidder leaderboard this Saturday as a massive 34 buyers turned up to bid. The home sold for $945,000 through Ray White Norwood agent Nick Borrelli and went to a local developer.
(Ray White Mooloolaba director and auctioneer James Goldsworthy conducted today’s Auction Collective for the Ray White Coastal Living Network.) The Ray White Coastal Living Network held an Auction Collective today on the Sunshine Coast with 19 properties on the order of sale. The preliminary results show a clearance rate of almost 60 per cent and a total sales value of just over $10.2 million. Across the board there were 28 buyers registered to bid and the standout sale of the day was 601/5 Bermagui Crescent, Buddina which sold for $1.85 million to Brisbane buyers looking to relocate and retire. The property was marketed by Ryan Bradeley of Ray White Mooloolaba.
SYDNEYRay White New South Wales chief auctioneer Alex Pattaro said there's still plenty of steam in the market for buyers and sellers to get excited about.
“There is an abundance of opportunities for buyers and sellers. Good first tier properties are selling well, although buyers are remaining fussy and cautious in the selection of their homes,” Mr Pattaro said.
“This is the most balanced market we have seen and we anticipate numbers to remain the same for the next little while, making it a great time to be amongst the market.”
Ray White Surry Hills - Moira Verheijen and Shaun Stoker
Sold under the hammer for $2.44 million
There were five registered bidders and three active bidders
Auctioneer: James Keenan, Ray White
“The result was a surprise because feedback was coming in lower than the sale price and I really thought the market was changing. The sellers were a couple who had moved to country Victoria to build an eco-friendly Airbnb, the buyers (pictured above) are moving from the north shore to be closer to their business in Newtown,” Ms Verheijen said.
“From what I can tell, buyers are very slow at the moment. Even though they had four weeks to do their due diligence, everyone was getting all their documentation together in the last week. I think they are waiting to see what’s coming onto the market since this was the first big weekend of open homes and they are hedging their bets.
“There are also a lot of new buyers out there, when we do open homes there’s lots of new interest which means in the next couple of months there’s going to be lots of competition. If there are buyers out there that are financed and ready to go, they should buy sooner rather than later because there are going to be more buyers out there in the months to come.”
33 Churchill Ave, Kirrawee (pictured above)
Alex Pitsis Director of APG, Ray White Sutherland Shire and Ben Jensen
Sold under the hammer for $961,500
There were 16 registered bidders
“The sellers had owned the property for 10 years, they lived in it then turned it into an investment. They are now upgrading to start a family. The buyers were a young, local family looking to get into the market for the first time,” Mr Pitsis said.
“As soon as we listed the property, we were instantly inundated with enquiry. At the first open we had 32 groups through and then the momentum just continued. There was never a moment where we were in doubt of a standout result.
“Last December we saw the market begin to taper, there was a lot of new stock hitting the market post COVID-19 lockdowns, but this year we’ve found it’s opened really strong.”
1/8 Williams Pde, Dulwich Hill
Ray White Canterbury - Manuel Roussakis
Sold under the hammer for $1.22 million - $220,000 above reserve
There were nine registered bidders and four active bidders
Auctioneer: Alex Pattaro, Ray White
“The campaign was strong all the way through, we launched it in the early part of January and all open homes were really strong. We had good interest throughout the campaign and the apartment was inspected a total of 103 times,” Mr Roussakis said.
“It’s a standout price for this type of listing, it did better than a renovated apartment that sold underneath it in September for $1.212 million. The buyers were downsizers who had just sold their house in a nearby suburb.
“Buyers are looking for nice, large apartments and a lot of people are being priced out of the housing market but don't want to negotiate on the suburb so they are turning to quality apartments like this one.”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said there was limited stock on offer in the first month of the year, particularly in Brisbane.
“But despite the lack of stock, demand certainly stayed high. As we started to see that filter of more stock coming through the market, it was probably anticipated we weren't going to reach those dizzy heights of last week’s 100 per cent clearance rate in Brisbane,” Mr Croft said.
Ray White Paddington - Judi O’Dea and Michael Kleimeyer (pictured above with sales assistant Harriet Went left)
Sold under the hammer for $3 million
There were four registered bidders and two active bidders
The seller was Rozetta Naumoski who built the “floating” cliffside house at Burleigh Heads on the Gold Coast.
The buyer was bidding over the phone from Sydney. He plans to move his family to Brisbane this year.
“The campaign was very busy because it was a beautiful home that ticked every box,” Ms O’Dea said.
“The market coming out of Christmas is still buoyant with a lot of our southern buyers now here and still working out their desired locations. But those looking in good school zones are making decisions now, they are really keen to get into this market.”
5 Killara Blvd, Logan Reserve (pictured above)
Ray White Marsden - Rebecca Cuderman and Ali D
Sold under the hammer for $765,500
There were 24 registered bidders and eight active bidders
The sale set a new record for the estate, the previous record was $725,000 and was also set by Ray White Marsden.
“The campaign was busy, we had more than 50 inspections over the past two weeks but to have almost thirty registered bidders was unexpected. The buyers were a young couple who moved up here from Melbourne at the beginning of the pandemic, they’ve been renting until now and are thrilled to be able to move into their new home,” Ms Cuderman said.
“The market has picked up really quickly since the first two weeks of January. We were worried because it was a lot quieter than Christmas but from the 10th onwards it just blew up. Everyone is willing to push their limits if it means securing something now, they are all looking at the trends and seeing that the market is moving at such a quick pace.”
MELBOURNERay White Victoria chief auctioneer Matthew Condon said despite the talk of the looming interest rate rise, buyers have been out in force to secure a property early in 2022.
“This was evident today with an increase in open home attendance, crowd sizes and an average of over three active bidders per auction,” Mr Condon said.
“Entry level properties are continuing to be very popular among first home buyers and investors with a high volume of property ready to launch throughout February.
Sellers that made the decision and choice to sell early in 2022 have been rewarded with a high level of demand, competition at auction and great prices.”
Ray White Cheltenham - Trevor Bowen and Georgia Torelli
Sold under the hammer for $1.532 million
There were seven registered bidders and five active bidders
Auctioneer: Alex Pearson, Ray White
The seller was St Kilda Saints player Jimmy Webster
“The auction started off strong with a $1.3 million bid, to have five of the seven registered bidders actively bidding shows the strength of the market right now. The buyers (pictured above with Mr Bowen) were a local family from East Bentleigh,” Mr Bowen said.
“The market is strong at the moment and I think it’s going to remain that way for the foreseeable future. This result is proof of that and just sets a new level in the market.”
Ray White Oakleigh - Leigh Kelepouris and James Rasool
Sold under the hammer for $2.050 million
There were seven registered bidders and four active bidders
Auctioneer: Robert Cincotta, Ray White
“It’s a huge block and it went to a developer in the end. It’s in a great location opposite Oakleigh South Primary School and in a very sought after pocket of Oakleigh South,” Mr Kelepouris said.
“Pre-Christmas was very quiet and there was a lot of stock on the market, but I’ve noticed throughout January that a lot of properties that weren’t popular then are doing very well post-Christmas. We’re now seeing things become more balanced than they were last year.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said the Chinese Year of the Tiger was shaping up to be strong for the Adelaide auction market, “which certainly looks like it is going to continue with its Bengal tiger strength”.
“We are one month in and Adelaide auctioneers have come out with their gavels swinging, we have 38 per cent of all auctions scheduled for the week flying the yellow flag,” Mr Morris said.
“We have 38 auctions going ahead in Adelaide today of the 124 that are scheduled and we enter the weekend with a 90 per cent clearance rate.
“All of the auctions that I've had today, I've had bidding, all of them have sold brilliantly, unbelievably over the reserve price and I'm sure that it's going to continue.”
Ray White Barossa Valley - Darren Pratt and Timothy Mann (pictured above with the buyers)
Sold under the hammer for $820,000 - $120,000 above reserve
There were 24 registered bidders and eight active bidders
“The bidding started high at $650,000 which knocked a few bidders out. The property was popular with families mainly because it’s on a big allotment, in a good area and has good access to the backyard. In the end it was a young family with two kids who bought it,” Mr Pratt said.
“Our market hasn’t slowed down at all, we launched this straight after New Years and at the first open we had 38 groups through which is a high number for Gawler East.”
Ray White Norwood - Brandon Pilgrim and Damien Fong
Sold under the hammer for $1.64 million
There were 14 registered bidders and seven active bidders
Auctioneer: George Kargiotis, Ray White
“The buyers were locals who bought it for an investment but have plans to develop it eventually. The underbidder was on the phone from Sydney, she had her mum bid for her in person so the price was definitely pushed up by an interstate buyer,” Mr Pilgrim said.
“We would have had about 70 or 80 bids so it was very hotly contested.”
