October auctions finish a treat

BUYERS were out in force across the country today with sellers getting an awful lot more than just Halloween candy as October came to a close with a number of outstanding results.

The Ray White Group booked a healthy preliminary clearance rate of 79.9 per cent, in a week when the leading group conducted more than 28 per cent of all auctions across Australia.

Sydney was the star of the show today with a strong preliminary clearance rate of 83.3 per cent. The leading auction house also saw 6.3 registered and 3.1 active bidders per property, on average.

Ray White New South Wales Chief Auctioneer Alex Pattaro said bidder registration numbers had once again skyrocketed in Sydney.

“This once again showcases the consistent competition within the market. This Saturday shows we’re up on average two registered bidders per auction when compared to a similar Saturday this time last year,” Mr Pattaro said.

“Auction volume is also up when compared to last year with more sellers and agents opting to take full advantage of the competition and obtaining premium prices.

“With more sellers coming to market and a high number of registered bidders, it wouldn’t surprise me if we saw a number of suburb and street records broken.”

The preliminary highest sale of the day came courtesy of Ray White Lower North Shore Senior Sales Advisors Chris Keane and Desiree Hough as they successfully managed the $3,240,000 sale of 55 The Bulwark in Castlecrag (above) - a whopping $390,000 over the reserve price.

“It was a really fantastic campaign with more than 80 groups coming through the open homes and six buyers registering to bid on auction day - with four actively competing,” Mr Keane said.

“The property had a broad market appeal with upsizers, families, and investors looking to flip the property all being interested. Ironically the buyers, who were a young family upsizing from Lane Cove, were the very first people through the first open home.

“The market right now is absolutely fantastic, especially when it comes to Castlecrag. It’s kind of like a market of its own with demand massively outstripping the supply - and when a home does come to market - the competition for it is red-hot.”

L-R: Angelo, one of the siblings - Marie McCorquodale, executor - Ray White Caringbah Principal Wendy Samrani - Jasmin Charalambous, executor - 54 Yowie Avenue, Caringbah South.

It was then the turn of Ray White Caringbah Principal Wendy Samrani and Sales Executive Joseph Alam to achieve an outstanding result for their sellers as they sold 54 Yowie Avenue in Caringbah South for $1,696,000 - a huge $296,000 over reserve.

“This really is an exceptional result for our vendors as the highest offer we had received prior to auction day was $1,420,000 - yet more proof of the power of auctions,” Ms Samrani said.

“We had over 80 groups through the open homes during the three-and-a-half-week campaign and issued 20 contracts before two of the eight registered bidders battled it out for the property.

“The buyers were a young family with two children and had been looking for the right property for nine months - and the appeal of a blank canvas is a trend we’re really seeing in Caringbah South at the moment - people are wanting to create their own dream home.

“There’s no doubt now is the time to be selling. Buyers are paying a premium for properties they can put their own stamp on and this result shows just how much demand there is.”

Back L-R: Ray White Caringbah Sales Executive Joseph Alam - Angelo, one of the siblings - Jasmin Charalambous, executor - Marie McCorquodale, executor - Front - Ray White Caringbah Principal Wendy Samrani - 54 Yowie Avenue, Caringbah South.

Sister sellers Jasmin Charalambous and Marie McCorquodale, who were the executors of the property on behalf of their late father, said the home had been owned by the family as an investment property for 32 years.

“It’s fair to say that we’re both absolutely thrilled with the result and it’s still sinking in to be honest - the final outcome was well beyond our expectations,” Ms Charalambous said.

“We really didn’t expect to achieve this sort of price during the COVID-19 pandemic and it was Wendy who gave us the confidence to go ahead and sell the property now.”

“On our father’s recommendation, I sold my unit through Wendy last year and he had seen her in action at auction previously, so we were never going anywhere else,” Ms McCorquodale said.

“The home itself had so much potential and being on a cul-de-sac really appealed to the family market. We’re delighted that a family will be coming in to create their dream home.”

There was then an exceptional result over in Erskineville as Ray White Surry Hills Director Shaun Stoker and Sales Executive Moira Verheijen sold 15 Prospect Street (vendors pictured above) for $1,830,000 - a huge $160,000 over the reserve price.

“There was so much interest in this property throughout the campaign with a massive 123 groups coming through to inspect the home - and the result was phenomenal,” Mr Stoker said.

“We had eight buyers register to bid on the day - five of whom were active - and that competition meant the sale price was well beyond the highest offer we'd received prior of $1,683,000.

“The campaign mainly attracted young couples but the eventual winning bidder was looking to downsize having recently sold their property in Drummoyne.

“There's no doubt the property market is on fire right now - there's never been a better time to take advantage of our deep buyer pool and to list and sell.”

The success continued in Oatley as Ray White Georges River I St George I Oatley Sales Agent Haydon Sacilotto and Principal Matt O’Shea sold 38A Wyong Street (above) for $1,325,000.

“The campaign was incredibly active throughout with 65 groups coming through with interest coming mainly from upsizers looking to move from units and townhouses,” Mr Sacilotto said.

“Ironically though, it was the one interested party who was actually downsizing to be nearer grandchildren who managed to beat off competition from three other registered bidders.

“The market is really good here with demand outstripping supply creating great competition. That competition is driving great prices with this one selling $25,000 over the reserve.

“August was actually our busiest month on record so that just shows how active the market is in our area and we’re on track to sell more properties this year than last year.”

Ray White Victoria and Tasmania Chief Auctioneer Matthew Condon (pictured above) said the property market in The Garden State was coming back with avengeance.

“What's really shining through from our innovative auction data is the fact our auctions are now averaging six registered bidders per auction - so that's huge competition,” Mr Condon said.

“We're also seeing an increase in the number of active bidders on average per auction which tells us that buyers certainly aren't afraid to put their hands up and compete for their desired home.

“These statistics are spilling into our auction day clearance rate too, with preliminary data showing 71 per cent of properties selling under the hammer this week, which is a fantastic result given the surge in volume this week.

“The demand for property is still higher than the supply available in Victoria and there's now a real opportunity to come to the market and get your property sold unconditionally before Christmas.”

Arguably the stand-out result of the whole day came courtesy of Ray White Oakleigh Sales Agent Leigh Kelepouris and Sales Agent/Auctioneer Robert Cincotta (pictured above) as they managed the $2,351,000 sale of 248 Rae Street in Fitzroy North - a gigantic $751,000 above reserve.

“What a magnificent result - there's no doubt the pent-up demand played a huge role in the fact we had a whopping 33 registered bidders for this property today,” Mr Kelepouris said.

“The bidding opened at $1,650,000, and before you could blink it was at $2,000,000, knocking out the other 31 registered bidders as two went back and forth in fierce competition.

“That's another 31 buyers who are cash-ready going back out into the market actively looking to buy now - such is the demand for property at the moment.

“It ticked all of the boxes for owner-occupiers, developers, and people wanting to knock down and rebuild - and the local winning bidders plan on building their dream family home there.”

While some Ray White Melbourne auctions stayed online today, Ray White Glen Waverley agent Alan Zhang made a last minute decision to change the auction for 3 West Court (pictured below) to onsite. A move that did not disappoint.

In the front yard, the three bedroom home was knocked down for $1,500,000 under Ray White Glen Waverley Director Andrew Davies’ hammer. Of the seven registered bidders, four were active, beginning the bidding at $1,250,00 until the home eventually went to a local buyer wanting to knock it down.

Mr Zhang cautioned sellers who wanted to wait until next year to sell, saying it was likely there would be an influx of new listings on the market come January.

“We're seeing more properties coming onto the market, but luckily, buyer demand is huge,” Mr Zhang said.

“My feeling is that when the price is right and the owners are realistic then they will always get good results.

“Now is a better time to sell compared to early next year because we’re seeing quite a few sellers getting ready to list next year but at the moment there's still a lot of competition and relatively low stock.

“Next year we'll see a lot coming to market and there may not be that same deep buyer pool that we're seeing now.”

Fellow Ray White Glen Waverley agent Marc Lum shared in the success today as 4 Stradbroke Crescent, Mulgrave (pictured above), went to a young couple for $1,318,000 - $118,000 above reserve. The sale also broke a suburb record as the highest price paid for a single storey home in central Mulgrave.

The auction was also on-site and online with one registered bidder participating from home while three registered bidders were active on-site. The auction began at $1,150,000 and quickly worked its way up to the sale price which Mr Lum said was a great result for the market.

“This record will definitely enforce a lot of confidence back into the market,” Mr Lum said.

“The market is still really strong with a lot of demand. The purchasers today had been looking for a while and weren’t able to secure anything due to a lack of activity and they were willing to pay what they needed to come out on top.”

There was more hybrid on-site/online auction success to be had with the sale of 23 Churchill Avenue (buyers pictured below) through Kevin Chokshi (pictured above) of Ray White Cheltenham. After kicking off the first Ray White Melbourne on-site auctions last weekend, the Cheltenham team were back out on the streets this weekend.

Bidding began on the Pennydale Estate home at $1,100,000 and continued to rise to $1,290,000 when it was called on the market by Mr Chokshi.

After some competitive bidding from four active bidders, the three-bedroom home sold under the hammer for $1,328,000 to a local family (pictured below).

Mr Chokshi said it was clear that now was the time to capitalise on the red-hot property market.

“Most buyers have spent 2020 waiting to buy and now they have come out in full force and are ready to make decisions,” Mr Chokshi said.

“If your property isn’t on the market then you’re missing out on interest from a very active buyer pool who are willing to pay premium prices to settle before Christmas.”

At 36 Muyan Circuit (pictured below), Burwood, the auction also flew past $1,000,000, eventually ending in a $1,230,000 million bid from a local family who had been looking since the end of last year. The Burwood home sold for $130,000 above reserve.

Ray White Forest Hill selling agent Zeng Shi said the fast paced on-site auction attracted 10 registered bidders with eight throwing their hats in the ring as auctioneer Aaron McDonald took hundred thousand dollar bids.

Mr Shi said the campaign began just after private inspection restrictions were eased and in the first week he oversaw almost 30 groups through the five-bedroom house.

“Over the course of three weeks, we had almost 60 private inspections, so it’s clear there's plenty of activity,” Mr Shi said.

“Especially in Burwood, where there's still quite low stock, but a lot of very motivated buyers.”

In Mitcham, it was all smiles from buyers and sellers as Ray White Blackburn agents Allan Smith and Chris Smout sold 52 Edgerton Rd for $1,210,000 - $110,000 above reserve.

The on-site and online auction conducted by Mr Smith, attracted six registered bidders with four actively bidding for the starting point of $960,000. Mr Smith said the campaign went really well and in four weeks they had almost 70 private inspections.

“Bidding got underway quickly, going up in $20,000 bids at the beginning. One of the registered bidders was using a buyer’s advocate who helped put pressure on the other buyers and really led the auction,” Mr Smith said.

“We’re finding that the hybrid on-site and online auction method is great for our vendors because it broadens their net and reaches more potential buyers.

“The buyers in the end were a local couple with two kids who had just sold their Blackburn North home two weeks ago.”

Mr Smith added that his listing volume hasn’t been badly affected but has found that the general drop in listings is because people have been confused during the lockdown process.

“Hopefully, some of these results, which are very positive, will encourage hesitant vendors to put their homes on the market and actually, we did have one bidder afterwards who has approached us about listing his home in the coming weeks,” he said.

“The general thought is that you will get more for your property today than in the next 12 months. We aren’t trying to scare anyway but the expression ‘facts don’t care about feelings’ is relevant.

“You can’t ignore the facts if the market is going up or down, so you have to accommodate your needs within that and that’s why we’ve been advising vendors thinking of selling not to wait for the unknown.”

The Edgerton Rd sellers had listed the property on behalf of their late father and said they’re really happy that they are now able to move forward and make plans.

“Selling at the moment didn’t worry us, we had a price expectation based around how the current market is at the moment. It’s what we wanted and we wouldn’t have sold if we hadn’t gotten within that range, as we know the property is a bit of a diamond in the rough,” they said.

“It’s such a unique house and we knew that the auction method would be the best way to achieve the result we wanted.

“It’s the first time I’ve sold a house and Allan kept us up to date with the whole process but I think for sellers it’s just about keeping positive and expecting the best.

“It’s hard to give advice to sellers as everyone is different but I would just say, speak to an agent that makes you feel comfortable and confident about their ability to advise you.”

Ray White QLD Chief Auctioneer Mitch Peereboom said strong sales in Brisbane today had wrapped up yet another great week for the Sunshine State.

“We’re seeing strong bidding with the average number of registered bidders remaining consistent for the entirety of October,” Mr Peereboom said.

“We had great sale prices across all market segments today but the absolute stand-out has to be between the $600,000 to $1,000,000 range with some great sales there.

“We’re seeing a great run into the end of the year. If you're looking at coming to the market, be sure to talk to your local Ray White agent to talk about what’s going on in the market.

“If you’re thinking about when to actually come on, we do still have time to list before Christmas, and if you want to be settled by Christmas then that’s a possibility if you do bring your property to the market in the next few weeks.”

Breaking a single storey home suburb record today was Ryan and Darren Suhle of Ray White North Lakes. They sold 39 Pademelon Circuit, North Lakes for $1,000,000, beating the previous record of $830,000.

The bidding began at $800,000 while two active bidders battled it out from five registered bidders to reach a sale price of $150,000 more than the highest prior offer. The buyers were a couple from Sydney who bid over the phone.

Mr Ryan Suhle said the vendors (pictured above) were rapt with the result, which proved the strength of the North Lakes market.

“We’ve been very busy listing and selling a lot of property and luckily in North Lakes it’s pretty much always constant no matter what’s affecting the market,” Mr Suhle said.

“Across the board it’s been strong and while stock is thin at the moment, there are plenty of buyers out there.

“So if you are wanting your house sold, I’d recommend moving it forward to now because it’s a great time in the market to sell. There’s high buyer activity and we're seeing and achieving premium prices.”

There was also some first home buyer luck in Springwood today with the sale of 12 Frobisher Street (pictured above) going to a young couple buying their first dream home.

The three-bedroom home sold under the hammer through Ray White Springwood agent Tracey Steuart for $675,000 as four of five registered bidders battled it out.

Mr Peereboom conducted both auctions before the heavy weather hit the Sunshine State capital.

Ray White SA Chief Auctioneer John Morris said if he were a GP and his patient was the South Australian auction market, he would be signing it off with an absolute clean bill of health.

“The market is absolutely red-hot. We had 44 auctions scheduled for the week which is great,” Mr Morris said.

“Out of the ones conducted so far this Saturday, we've had a strong preliminary clearance rate, with 6.2 average registered bidders per auction.

“Less than 15 per cent of auctions had no active bidding, and of all the properties that I’ve auctioned off this weekend, I've had a 100 per cent clearance rate so far.

“This weekend alone, we had 21 auctions out of all of the 62 that are being held throughout the state - a 34 per cent share for Ray White.”

Ray White Adelaide auctions kicked off at 56 Field Street, Parafield Gardens (buyer Tahira with her father pictured above) and set the tone for a day of outstanding results. The four-bedroom home went under the hammer with Mr Morris for $530,000.

Eight of the 15 registered bidders got involved, with spirited bidding that began at $360,000. Ray White Norwood selling agent Ryan Stapleton said the sale price was 10 per cent above the vendor’s expectation, but $30,000 above reserve.

“It took a bit to begin but once the bidding started coming in it went really quickly with a lot of competition,” Mr Stapleton said.

“The new owners are a young family who had previously missed out on several similar properties in the area so they were really relieved to finally get a property.”

Mr Stapleton said Parafield Gardens had always been a popular suburb but now more than ever he was seeing a huge amount of buyer activity.

“Sellers now should be looking at this market and capitalising on the low supply and high buyer demand,” he said.

“We had three potential vendors watching today’s auction and hopefully this prompts them to pull the trigger and list their home after seeing the enormous amount of competition out there.”

The Parafield Gardens sellers (pictured above) built the house several years ago and said they had been wanting to sell for a while to be closer to work and their children’s school.

“We’ve been looking for a few years and we almost bought a house at the end of last year, which Ryan actually helped us out with, but we were outbid unfortunately,” the sellers said.

“But with the home builder grant, we decided to take the plunge and give it a crack a second time, so we have a block of land and are hoping to start building next month.”

The couple were over the moon with the result and were excited to be able to start the next chapter of their lives.

“We were nervous about selling but we knew houses in our area are still selling. We never knew what the outcome would be until the day,” they said.

“But luckily, the auction went really well. We were hesitant at first to go to auction but Ryan convinced us and we’re really happy with the result.”

Fellow Norwood agents Tristian Kennedy (above right) and Trent Dudley (above left) were busy with their own auction success at 87 Gage Street, Firle. The four-bedroom home sold for $956,000 as a massive 26 registered bidders watched on.

The buyers were a young family with a one-year-old son, who planned to keep the house forever to be passed down through the family. Meanwhile the seller, who built the house 20 years ago, was looking forward to downsizing.

The campaign attracted 90 individual groups and 125 total inspections at open homes. While the auction was full of momentum, starting at $500,000 before quickly being snapped up by one of the seven active bidders.

“This just proves that there's massive demand for properties at the moment which is why we were able to entice so many potential buyers to the auction. Properties are just flying off the shelf at the moment.” Mr Dudley said.