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WITH clear skies across most of Australia’s capital cities today, buyers weren’t shying away from getting into the auction action.
There would be few buyers not considering the looming rate rise expected later in the year, the uncertainty overseas and an election on the horizon but many are still eager to take advantage of more stock on the market as long as the price is right.
Today, 4.7 registered bidders attended a Ray White auction while three actively participated in the bidding. The day’s clearance rate came in at 78 per cent.
Meanwhile, those lucky buyers who managed to outlast their competitors bid on average 11 per cent more than the highest offer prior during the campaign, proving how eager they are to secure the property of their dreams.
Of this week’s auction buyers, 76 per cent were owner occupiers while another 20 per cent were investors. During the week, nine per cent of all auction buyers were from interstate - Adelaide auction buyers smashed that number at 18 per cent, while so far three per cent were from overseas. The international buy up appears to have had a slow start but will no doubt pick up speed later in the year.
A Sydney auction topped the leaderboard for highest sale today. Fiona Hellams of Ray White Annandale | Leichhardt sold 7 Fairlight St, Five Dock for $3.535 million.
And it was an Adelaide auction which had the highest number of registered bidders today. Ray White Norwood agent Nick Borrelli attracted 31 registered bidders to his auction at 9 The Parade, Holden Hill which was snapped up by a Hong Kong couple set on retiring in Adelaide for $120,000 above reserve at $720,000.
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said the Sydney market remains competitive but particularly across top tier properties.
“While buyers remain cautious and fear over paying, many of the registered buyers that we are seeing are looking to transact and secure a home before Easter,’ Mr Pattaro said.
“This should give sellers confidence that the buyers within the market are ready to transact now and typically pay the best prices within the market.
36 Fernleigh Rd, Caringbah South
Ray White Caringbah - Wendy Samrani and Joseph Alam
Sold under the hammer for $2.75 million
There were two active bidders
“Both bidders were downsizers but it was the couple coming from north west Sydney who were the winners,” Mr Samrani said.
“The home was very desirable for the area, it was on the waterfront and the buyers could walk in and live in it as is.
“Everything is still selling but the level of interest from buyers has come down a bit. In saying that there are still lots of buyers in the marketplace - vendors just need to adjust their expectations.
“While registered bidder numbers have dropped, those who are bidding auction are qualified and ready to commit. They are buying and selling in the same environment so they don’t want to wait for anything.”
Ray White Brighton-Le-Sands | Ramsgate Beach - Peter Tsekenis and Elia Economou
Sold under the hammer for $1.66 million
There were six registered bidders and four active bidders
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
“The price went comfortably above reserve with a young family with children (pictured above) purchasing the property as an upgrade from their previous home,” Mr Economou said.
“Today was all about buying and selling in the same market, the buyers had just sold and they wanted to make sure they secured their next home in the same marketplace.
“The owner occupier market is still strong whether a home needs a bit of work or is ready to move into, as long as it has potential then people are seeing value in it.”
Ray White Hurstville - Christopher Munk and Michael Curtis
Sold under the hammer for $2.34 million - $240,000 above reserve
There were six registered bidders and four active bidders
“It was all investors bidding, the winning bidders drove all the way up from Canberra for the auction and are driving straight back now,” Mr Munk said.
“Investor activity has been solid at the moment there are certainly more around because there are good returns in real estate obviously.
“Many buyers are talking about the rate rise so they are wanting to put their money into property sooner rather than later.”
(2 Ador Ave, Rockdale sellers with Ray White Brighton-Le-Sands | Ramsgate Beach principal Peter Tsekenis.)
Melbourne
Ray White Victoria and Tasmania CEO Stephen Dullens said it was another beautiful Saturday in Melbourne, perfect conditions for a busy day of auctions.
“We’ve seen one of our busiest auction weeks so far in 2022,” Mr Dullens said.
“Across Victoria we have over 200 scheduled auctions this week, our second biggest week so far this year and despite more auctions being scheduled, the network still achieved strong results.”
Ray White Carnegie - Tom Grieve (pictured above) and Jin Ling
Sold under the hammer for $2.067 million
There were five registered bidders and four active bidders
“The buyer was an international investor, while the rest of the bidders were mainly looking at the property to renovate or landbank for the future,” Mr Grieve said.
“We’re finding properties which are priced right are getting the buyers. For opportunistic vendors, the market is not as forgiving as it was last year. As long as the property is priced well there are plenty of buyers still ready to have a go.”
28 Parnell St, Cheltenham (buyers pictured below)
Ray White Cheltenham - Kevin Chokshi and Elise Russell
Sold under the hammer for $966,500
There were four registered bidders and four active bidders
“A young couple who live next door bought the property, they plan to live in this one and rent their old home out,” Mr Chokshi said.
“It’s not quite all doom and gloom if this result is anything to go by. It depends on the type of property, for example, there were really strong results today for fully renovated or well presented family homes.
“Smaller properties and units have slowed down a bit but even if they pass in they typically sell within the week.”
Ray White Glen Waverley - Belinda Van Suylen and Natalie Visic
Sold under the hammer for $1.84 million
There were three active bidders
Auctioneer: Andrew Davies, Ray White
“The buyers were a family who lived very close by, only a few streets away. They plan to update the home and live in it,” Ms Van Suylen said.
“The election, rate rises and global uncertainty are definitely all in the forefront of buyer’s minds.”
Adelaide
Ray White South Australia chief auctioneer John Morris (pictured below) said the weekend marked the end of the 2022 Adelaide Fringe Festival, one of the largest festivals of its kind in the world.
“So mad March is coming to an end for many but for Ray White, one of the world's best auction groups, we ensure that the madness continues in our great state,” Mr Morris said.
“Bidder numbers continue to remain high and above eight per auction, clearance rates are consistently coming in at an excess of 80 per cent and our auction share hovers around the 35 to 40 per cent mark, which is pretty consistent with the year so far.
“The election has not put the buyers off and they continue to come out in force today. Is the market slowing down? Well I'm certainly seeing no sign of it from my vantage point.”
Ray White Henley Beach - Anthony Fahey and Samuel Parsons
Sold under the hammer for $1.165 million - the reserve was $1.050 million
There were nine registered bidders and six active bidders
“The buyers were a young couple wanting to upgrade into a better area,” Mr Fahey said.
“The house has been in the family for a long time, it was the seller’s family home and he was selling on behalf of his parents.
“The market is still very strong in Adelaide, we’re finding there’s still a lot of enquiry and it’s been red hot.
“We’re getting a lot of people registering at auction and prices are usually exceeding the reserve by quite a lot.”
9 The Parade, Holden Hill (pictured below)
Ray White Norwood - Nick Borrelli and Nik Ilic
Sold under the hammer for $720,000 - $120,000 above reserve
There were 31 registered bidders, 90 attendees and nine active bidders
“The buyers were a couple originally from Hong Kong, they lived in Adelaide in the 1990s, then went back to Hong Kong for a bit, they’ve been back for about a year and have decided to retire here,” Mr Borrelli said.
“The sellers are relocating closer to the city, they built the home six years ago as their first home.
“The market in Adelaide is as strong, if not stronger than last year in terms of registered bidders and open home numbers. There’s no signs of anything slowing down.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said there were some significant results today.
“What’s been interesting today is the depth right across our auction data, so the number of buyers that have participated are almost in line with the registrations,” Mr Croft said.
“The key thing was depth in the bidding but also ferocity bidders are showing.”
Ray White Sunnybank Hills - Martin Ma and Sam Deng
Sold under the hammer for $1.18 million
There were five registered bidders and three active bidders
Auctioneer: Gavin Croft, Ray White QLD chief auctioneer
“The buyers were upsizing, they just sold their home in Sunnybank Hills and wanted something bigger for their family. Meanwhile, the seller was downsizing to the Gold Coast,” Mr Ma said.
“Prices in Parkinson are still going up and we are receiving a lot of interstate interest, mostly from Melbourne. Now the borders have opened we are expecting to have more international buyer enquiry coming in as well.”
29 Ferguson Place, Coopers Plains
Ray White Annerley - Bevin Powell and Hayden Cains
Sold under the hammer for $815,000 - $15,000 above reserve
There were five registered bidders and four active bidders
“I think the market is starting to transition, we’re getting half as many bidders but of the five here today there were still four who actually bid,” Mr Powell said.
“So we’re not getting the same frenetic energy as last year but the prices we are achieving are still great and our sellers are ecstatic.
“The buyers were a couple who were bidding on behalf of their son for his first property.”
