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AUCTION volume may be up on last year but the market is still firmly tipped in the favour of sellers for now.
Buyers might have more choice with 65 per cent more auctions going ahead this week through the Ray White Group compared to last year. However, data shows that buyers are still willing to spend 13 per cent more at auction than their highest offer prior.To put that in context, it represents $130,000 more on top of $1 million - roughly the current national median house price.
This Saturday, the Ray White Group recorded a 75 per cent clearance rate, while average registered bidders nationally came in at 5.3 and active bidders sat at 3.1.
Around the grounds, auction fever is very much back in full swing and it was a Sydney auction which topped the leaderboard for highest sale. No. 216 Glebe Point Rd, Glebe, was marketed by Matthew Carvalho and Bianca Field of Ray White Erskineville and sold for $6.225 million under the hammer.
The auction with the highest number of registered bidders was also in Sydney. Ray White Rockdale’s Con Economos and Joseph Somes sold 12 Souter St, Kogarah Bay for $2.72 million with 24 registered bidders in attendance. Ray White News South Wales chief auctioneer Alex Pattaro conducted the auction, welcoming a local family as new owners of the home.
SYDNEY
Mr Pattaro said competition remained red hot for premium properties.
“In most of Sydney we continue to see strong bidding activity and auction attendance across all of our auctions,” Mr Pattaro said.
“We are seeing many buyers move to further suburbs outside of Sydney as prices are becoming challenging for many buyers.
“Buyers remain cautious, though if the property and position is right, the buyers are happy to compete.
“Sellers who come to market can take full advantage of the current market conditions knowing they are still obtaining the market's best prices.”
Ray White Erskineville | Alexandria | Glebe | Surry Hills - Matthew Carvalho and Bianca Field
Sold under the hammer for $6.225 million
There were five registered bidders and three active bidders
“We had 140 groups through the home in total throughout the campaign and there was a good combination of people downsizing from the Upper North Shore and local families upgrading. It was a local family (pictured above with Mr Carvalho) looking for more space who ended up being the winning bidders,” Mr Carvalho said.
“The seller lived in the property for a little while but then moved to Adelaide and used the home as a Sydney base. Now she is travelling interstate less, she has decided to offload it.
“What we’re seeing at the moment is that demand is very property specific, good homes like this one are rare to find and are still very sought after but generally everyone is a bit more cautious this year than they were last year.
“In saying that, there is still a good appetite from people wanting to upgrade to bigger properties because even though they are predicting a rate rise, it will still be well below where it normally would be.”
194-196 Addison Rd, Marrickville
Ray White Erskineville - Ercan Ersan and Shaun Stoker
Sold under the hammer for $3.27 million - $170,000 above the reserve
There were five registered bidders and four active
Auctioneer: James Keenan, Ray White
“The buyers were two local developers who are looking at knocking down the house and building two homes to resell in 12 to 18 months,” Mr Ersan said.
“We had heaps of interest in the property, we put out 20 contracts and showed more than 100 people through. 90 per cent of them were developers.”
610/176 Glenmore Rd, Paddington
Ray White At The Entertainment Quarter - Andrew Cary and Samantha Bray
Sold under the hammer for $1.08 million
There were 12 registered bidders and five active bidders
Auctioneer: James Kerley, Ray White
“The home sold for more than $200,000 above reserve to a buyer who already owns the unit underneath,” Mr Cary said.
“They’ve been keeping an eye on it to buy so they can potentially join their two apartments or renovate it and use it as an investment.
“There’s only been three sales in the building including this one in the last 25 years so it’s very rare to see them come up. It was really popular for this reason and because of the views and location. It’s also the grunge factor, buyers see something original and they get imaginative thinking of what they can create.
“I had a mix of flippers, investors, city pad buyers and builders show interest. They could all see the potential of the property.”
Ray White Seven Hills - Nick Menzies
Sold under the hammer for $1.261 million
There were 10 registered bidders and five active bidders
Auctioneer: Andrew Drane, Ray White
“The auction was ferocious, the bidding opened at $1 million and all up we had about 40 bids,” Mr Menzies said.
“The buyer was an investor who plans to rent out the property for the time being then do an extension to turn it into their forever home. The buyers there would have been a split of investors and first home buyers but it was definitely investors that were at the pointy end of the auction.
“I had 105 groups through the property in three weeks, these are numbers I haven’t seen since the peak of the market in 2017. The last time I had that many bidders would have also been back in 2017, normally in our marketplace a good auction would attract four to five bidders.”
MELBOURNE
Ray White Victoria chief auctioneer Matthew Condon said crowds were out in force on a beautiful Melbourne day, creating a great auction atmosphere.
“This week, Ray White Victoria had a healthy 189 auctions scheduled, as more properties come to market, buyers are becoming very selective around the properties they choose to actively bid on and buy,” Mr Condon said.
“This is noticeable at auctions with slightly less active bidders, but buyers are bidding very quickly and aggressively to secure their desired property.
“Overall buyer confidence in Melbourne's real estate market continues to remain consistent and high.”
Ray White Cheltenham - Kevin Chokshi and Elise Russell
Sold under the hammer for $1.06 million - $60,000 above the reserve
There were three registered bidders and two active bidders
“There were two bidders on-site and one tuning in online. The two on-site bidders were very competitive and knocked out the online bidder from the start,” Mr Chokshi said.
“Both were young, local couples looking for their next property. The winning bidders are very excited to move into the area while the sellers (pictured above) are thrilled they can now move on with their plan to relocate to Queensland after Easter.
“Interestingly, we listed the home last year as a private sale and didn’t get much interest but after converting it to auction it attracted a lot of attention and sold above reserve.”
Ray White Glen Waverley - Darryl Wickham and Alan Zhang
Sold under the hammer for $1.741 million
There were six total bidders and five active bidders
“The home was built by the sellers’ father 70 years ago and was sold by his two children. A local family bought it looking to knock it down and build their dream home (pictured above),” Mr Wickham said.
“Looking at today’s auction at Allen Street, things are still going very well. While the market may not be reaching the heights of October last year, homes with good appeal and in good locations are still very popular.”
Ray White Cheltenham - Trevor Bowen and Stephanie Evans
Sold under the hammer for $1.671 million
There were nine registered bidders and six active bidders
Auctioneer: Alex Pearson, Ray White
“The buyers were a lovely young, local family with two children moving within the suburb (pictured above with the sellers), while the sellers are moving into a townhouse with split level living now their children are in their teens,” Mr Bowen said.
“It was a mammoth auction with 90 bids all up and at least 20 of them were $100 bids so it was very hotly contested.”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said buyers were out in force today both online and on-site.
“I know it's been the theme and it's been the theme for some time, but the on-site auctions today have produced some really strong numbers, not only of attendees but registered bidders,” Mr Croft said.
“They've been jam packed with energy but the one thing that's been really evident is that there has been an increase in online auction attendees, which could be a result of COVID-19 and Omicron.”
Ray White New Farm - Meaghan Bakker
Sold under the hammer for $2.581 million
There were five registered bidders and four active
“The buyers were a couple from Fig Tree Pocket with two kids. They came through the house two days ago so it was a very last minute decision. Meanwhile, the sellers are now moving to acreage,” Ms Bakker said.
“It was a really strong campaign, we had over 70 groups through the house. There was really good interest in what is a fairly unique home in a tightly held pocket of St Lucia.
“It was a short, sharp campaign with a great result in a market where every segment is running hot.”
Ray White New Farm - Nicholas Given
Sold under the hammer for $1.4 million
There were 21 registered bidders and eight active bidders
Auctioneer: Haesley Cush, Ray White
“The auction started at $700,000 and within two bids it had moved all the way up to $1.1 million,” Mr Given said.
“The buyers (pictured above) were a lovely couple who were very motivated to buy as it’s the house next door to their son and his family and they wanted to be close by.
“At the moment, there are still more buyers than there are sellers and not enough listings. Demand is unprecedented, it’s continued on from last year and stronger than anything I’ve seen in the past 10 years.”
16 Boundary Road, Indooroopilly (pictured above)
Ray White Toowong - Reuben Packer-Hill and Brady Barri
Sold under the hammer for $1,161,500 - $160,000 above the reserve
There were 16 registered bidders and 10 active bidders
The sellers were interstate investors
Auctioneer: Haesley Cush, Ray White
“The property was hotly contested at auction with close to 100 bids from the 10 active bidders,” Mr Packer-Hill said.
“The buyers were a young family who ideally wanted to get into the Indooroopilly State School catchment area and that’s where the majority of interest came from throughout the campaign. The buyers are looking to do either a renovation or extensions on the home.
“The western suburbs market is pretty much in unison with every other market. It’s still firing but there is more stock coming up. Buyer demand is still as strong as it was at the end of last year, especially at this price point.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said South Australians are eagerly turning to auctions as their preferred method of sale.
“Valentine's Day is on Monday and I think the great state of South Australia is having a bit of a love affair with the auction process at the moment,” Mr Morris said.
“Auction numbers in South Australia are the highest they've ever been at almost 50 per cent of all listings and we are leading the charge when it comes to auctions with our clearance numbers at the highest around the country.”
Ray White Norwood - Lawrence Cocca and Stefan Siciliano
Sold under the hammer for $945,000 - $95,000 above reserve
There were 16 registered bidders and six active
Auctioneer: John Morris, Ray White SA chief auctioneer (pictured above)
“The sellers have lived there for 57 years and the home was only one of three when they built it. They have raised their children and grandchildren in the home so it was a very emotional sale,” Mr Cocca said.
“The home went to a local purchaser, it was her first time bidding so she was very nervous but she ended up winning it even with the competitive bidding coming from other bidders.”
Ray White Salisbury - Justin Irving and Todd Fromme
Sold under the hammer for $923,000
There were 15 registered bidders and five active bidders
Auctioneer: John Morris, Ray White SA chief auctioneer
“The campaign was really strong, we probably had 65 people through prior to auction day. All the interested buyers were owner occupier families,” Mr Irving said.
“Family homes in Mawson Lakes have really jumped up in price over the past 12 months, you would very rarely see anything break the $1 million mark but now we are getting a lot of results in that range.
“The buyers (pictured above) were a couple, the wife was bidding on-site while her husband was at home tuning in over the phone as he wasn’t able to make it there in person but as soon as the house sold to them he came straight over he was that excited.”
