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Buyers, sellers, agents and auctioneers across the country were rewarded with outstanding results under the hammer today, despite two of our major cities still operating under strict lockdown conditions.
Australasia’s largest real estate group recorded a preliminary auction day clearance rate of 83 per cent across the country, with the standout city being Melbourne at 97 per cent and Sydney not far behind at 95 per cent.
Of the 350 scheduled auctions for Saturday, 103 proceeded to auction day, 59 sold prior and the remainder postponed to a later date.
The most notable trend since the start of the health pandemic has been the huge number of registered bidders per auction, with an average of nine registered bidders at today’s auctions.
According to Ray White’s auction data there were an average of 6.8 registered bidders at all its auctions in August, double that of 3.4 in March 2020.
This trend highlights the extremely tight amount of stock currently on the market, outnumbered by the masses of buyers. Ray White’s state CEOs and auctioneers have one clear message to potential vendors; list your property now and take advantage of hungry buyers and low interest rates.
Ray White New South Wales Chief Auctioneer Alex Pattaro (pictured above) said today was yet another sign of insatiable buyer demand in a market short on stock.
“We are seeing under the hammer prices smash vendor dream figures,” Mr Pattaro said.
“Online audiences are continuing to grow, with an average of 40 attendees, many of whom are potential sellers and buyers, curious to know more about the online platforms,”
“There are an abundance of opportunities for sellers at the moment, and those who commit will see the ultimate rewards.”
A townhouse at 6/24-25 Perry Street in Marrickville sold for $1,707,500, an increase on the set reserve price by more than $200,000. Some 15 registered bidders fought it out until a young first home buyer couple finally won as veteran auctioneer James Keenan’s hammer fell (pictured above).
Mr Ersan then went on to sell his second home for the day at 90 Simmons Street, Enmore for $1,725,000, smashing the reserve by $175,000. Six registered bidders were logged in, vying for the tucked-away terrace home.
The winners were also a young first home buyer couple, currently living in the inner east.
Ray White Surry Hills director Ercan Ersan said the entire campaign for both properties was during lockdown, with private and video inspections only.
“If anything, lockdown has increased buyer appetite. I have never seen stock levels this low in 15 years and yet the number of buyers has not changed,” Mr Ersan said.
“Anyone who is brave enough to come to market now is truly being rewarded.”
In an absolute marathon of an auction, an 800sqm block of land at 161 Princess Street in Putney sold for $3,720,000. The home was called on the market at $3,565,000. Some 16 registered bidders tuned in to have their turn at buying the land to either build their dream home or duplex on.
The land was marketed by Ray White Gladesville’s father-daughter duo Joseph Mazar and Bridget Mazar.
Auctioneer Alex Pattaro said the opening bid of $2,750,000 was smashed out of the park after 100 bids and a 40 minute auction.
“The fact that this home is 800sqm, near the water and the versatility was a massive drawcard for this campaign,” Mr Pattaro said.
Joseph Mazar and his team then went on to have another outstanding result at nearby 276B Morrison Road, Putney, which sold for $2,490,000, smashing the vendor’s reserve price of $2,350,000. 16 registered bidders tuned in for the online auction.
In Victoria, Melbournites proved once again how well versed they are in the virtual auction method, with hoards of bidders tuning in to buy.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the state has seen a significant increase in the number of auctions conducted this weekend in comparison to last weekend.
“Today's online auctions saw a large number of bidders decide to purchase, after only being able to conduct a virtual inspection,” he said.
“Overall, the strong online auction clearance rates shows that our network, buyers and sellers are adapting to the current environment, and allowing transactions to continue,” Mr Condon said.
Ray White Cragieburn had a hat trick of sales today, with three out of three selling under the hammer substantially over reserve at their online auction event.
37 Riversdale Street in Craigieburn sold for $730,000 after a whopping 24 registered bidders logged in to secure their dream home. The home was launched only days before the Melbourne lockdown, with 22 groups through the first open home and a further 86 virtual inspections.
“We had so much interest during lockdown that I was having to group the virtual inspections into groups of 10-15 different groups on the Zoom call,” Ray White Carnegie sales consultant Adrian Prestileo said.
“The sellers are downsizing to Point Cook to be closer to family, so they were absolutely thrilled and this result will really set them up now,” he said.
Mr Prestileo then went on to sell 15 Alexander Circuit, Craigieburn for $506,000, with six registered bidders battling it out before the hammer fell for a first home buyer.
“The winning bidders had missed out on a few auctions with us around here, and they only viewed this one via video inspection the night of lockdown,” Mr Prestileo said.
To close off the hat trick, Ray White Craigieburn’s Domenic Campisi sold 24 Ardour Grove in Craigieburn for $555,000 after a ‘bonkers’ auction with 16 registered bidders.
“The reserve was $475,000, so you can imagine that the vendor was thrilled with the result,” Mr Campisi said.
A father and daughter duo brought the property, and Mr Campisi said the lockdown did not affect enquiry level or bidders showing up on auction day.
In another cracking sale for Melbourne, 32 Loughnan Road, Ringwood sold under the hammer for $1,300,000, far past the reserve of $1,140,000.
Ray White Ringwood sales consultant Cameron Bailey said the 12 registered bidders had all only viewed the property virtually.
“We didn’t have a single physical inspection on the property,” Mr Bailey said.
“Obviously buyers would rather see these homes in person, but in this day and age, people understand the circumstances but they still need to sell and buy,” he said.
The winning bidders were a young couple who have been searching for six months and have been knocked out at a few different auctions.
The Ringwood team then went on to have another fantastic auction at 1/13 Browns Road, Nunawading, achieving a sale price of $1,000,000. The 12 bidders on this property, had also only seen the property virtually.
Sunny blue skies in Brisbane brought out buyers from around the city, with Ray White Queensland Chief Auctioneer Gavin Croft saying that today capped off an incredible winter of auctions.
“We have had some phenomenal results around South East Queensland this week, with some major highlights and records broken,” Mr Croft said.
The top sale of the day nationally was the iconic waterfront property on the Redcliffe Peninsula at 120 Prince Edward Parade in Scarborough, north of Brisbane (pictured above). The home fetched $5,000,000 under the hammer, delivering a substantial result for the Brisbane market.
Ray White Scarborough agent Stephanie Williams said the home was architecturally inspired and designed to reflect the stunning historical plantation mansions of New Orleans.
She said there were four registered bidders, and the incredible, stunning beachfront residence on 1742sqm of prime real estate was bought by a Melbourne buyer sight unseen. “The buyer has not stepped foot inside yet. There was a lot of interstate interest.”
The home was once owned by vitamin king and now tourism operator Vaughan Bullivant. Mr Bullivant and his former wife had built side-by-side mansions which they lived in before selling in 2014.
Mr Bullivant was the mastermind behind household vitamin names such as Nature’s Own, Natural Nutrition and BioOrganics.
In Brisbane’s inner north fringe, a Queenslander-style renovator at 22 Crosby Rd, Albion sold for $873,000, smashing the reserve and the seller's expectations.
The entry level home drew a big crowd and 24 registered bidders, and the final winning bidders were a local couple looking to capitalise on the renovation potential of the home.
Ray White New Farm agent Jed Dziuma said he was elated to achieve the “dream price” for his vendors.
“The market is extremely busy and competitive at the moment particularly for entry level homes within a 5km radius of the city; just take a look at how many people showed up to bid today,” Mr Dziuma said.
“We had 170 enquiries on this property and over 90 groups came to inspect it,” Mr Dziuma said.
In the city of “crazy registered bidder numbers”, buyers in Adelaide flocked to the streets donning their masks and ready to bid.
Ray White South Australia Chief Auctioneer John Morris said more than 44 per cent of auctions today were held by Ray White members.
“Last week we had a clearance rate of 93 per cent, and we expect this week to be similar,” Mr Morris said.
“We had an average of 12 registered bidders last week, and it is looking to be even bigger today,” he said.
Ray White Unley had a fantastic day under the hammer, with 9 Carlo St, Kidman Park selling for $1,100,000, smashing the reserve of $825,000.
The auction drew in 17 registered bidders and a large crowd, with most bidders being knocked out quickly with a strong start.
Sales partner Blake Scholz said that the result was well and truly above the vendors expectations.
“It is just a matter of supply and demand at the moment; there are buyers everywhere,” he said.
Elsewhere, agent Lukasz Jaworek from Ray White Mawson Lakes had a record setting day at 26 Leichardt St, Ingle Farm sold for $651,000 after 21 registered bidders battled it out.
“The highest sale price before today for a 60s or 70s built home on 600sqm or more was $493,000, so our vendors are really over the moon that we could achieve this result for them,” Mr Jaworek said.
Ray White Glenelg sales executive Christopher Jenman had two outstanding sales today, and in a matter of coincidence they were directly across the road from each other on the same street.
The Tudor home near the beach at 9 Athelney Ave, Brighton sold for $1,841,000 under the hammer, with seven registered bidders. Two hours later the same agent went on to sell the neighbouring house at 8 Athelney Avenue for $1,625,000 with nine registered bidders.
“It was a pure coincidence that both homes were listed at the same time, and we even had a bidder who registered for both!” Mr Jenman said.
“Overall, the attention that was drawn to the street itself was beneficial for both campaigns, with the homes both selling for above reserve,” he said.
To echo what every other agent has said today, Mr Jenman said “Stock levels are incredibly low, so it is a fantastic opportunity to capitalise and sell now. We are expecting a massive spring selling season.”
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Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com
