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RAY WHITE’s share of the national auction market spiked to almost 32 per cent this week as the auction volumes rose to 1723 homes with a date booked to sell under the hammer. The auction-focused group’s share of auctions traditionally hovers around 25 per cent but has been known to jump higher when other group’s retreat from the method of sale.
Australasia’s largest real estate group had 546 auctions booked this week and 343 auctions scheduled to go to auction today alone, with 85 per cent of all auctions recording active bidding. The group recorded a preliminary auction day clearance rate of 56 per cent nationally.
The standout city by clearance rate was Adelaide, with a preliminary clearance rate of 100 per cent.
Average registered bidders sat at 3.1 nationally, with an auction in Sydney reporting a whopping 19 registered bidders who arrived to bid on a two-bedroom fixer-upper in Surry Hills.
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said there were plenty of positive signs in the Sydney real estate market.
“We continue to see a consistent number of registered and active bidders across our auctions,” Mr Pattaro said.
“Sellers can gain confidence from this as there are buyers prepared to commit if sellers can accept the price.
“There is no doubt the interest rate rises had an effect on buyer confidence, though sellers can have confidence properties are still selling relatively quickly post auction.”
19 Emily Street, Hurstville (buyers and sellers pictured above)
Ray White Hurstville - Alyssa Liao and Michael Curtis
Sold under the hammer for $2.535 million
Three registered bidders, two active
The buyers were downsizers and the seller was a builder who built a single-level to move into but his plans changed and he decided to capitalise the market.
“The property set a suburb record for a single-level house on a 460sqm block,” Mr Curtis said.
“It’s a newly built, single-level home which is a rare offering.
“Building costs are so high so new homes which are ready to move into are in high demand.”
Ray White Surry Hills | Alexandria | Glebe | Erskineville - Ercan ErsanSold under the hammer for $1.19 million – $90,000 over reserve
Three registered bidders, three active
Auctioneer: James Keenan, Ray White
The buyers of the three bedroom were a young couple from Redfern who were purchasing their first home. The sellers were upsizing to a five bedroom home in Newtown
Mr Ersan said the market was performing better for some assets than others.
“I’m finding smaller stuff with one or two bedrooms is slowing down, but bigger stuff like three bedroom apartments and houses are performing well,” Mr Ersan said.
Ray White Hurstville - Gerardo Ricco
Sold under the hammer for $1.351 million – $151,000 over reserve
19 registered bidders, six active
The winning bid went to a young man who planned to do up the home and live in it.
“It was in a nice inner city location and needed a bit of work done,” Mr Ricco said.
“The bidders were a mix of a few builders who wanted to develop it and a few young people who wanted to do it up and live in it. “
Ray White Hurstville - Michael Curtis
Sold under the hammer for $2 million
Eight registered bidders, four active
The buyer was a local owner occupier, while the sellers were a family who were upsizing.
"There has been a shift in the market, but the buyers are now coming back as it's representing better values, and they’re bidding competitively at these revised guides," Mr Curtis said.
Melbourne
Ray White Victoria chief auctioneer Matthew Condon said the leading network had seen yet another solid week of auction volume across the state, with healthy crowds sizes attending the day’s auctions.
“Preliminary data from the Ray White group has revealed a slight decline in the average number of confirmed bidders per auction, however, it is promising to see the buyers that are arriving at auction have done their research and are actively bidding with confidence to secure their desired property,” Mr Condon said.
“This is evident when properties are announced ‘on the market’ as we are continuing to see competition and momentum past that point a majority of the time.
“It is also very important to note that sellers that choose to meet the market during their campaign are being rewarded with more inspections, bidders, and ultimately a better result on auction day.”
Ray White Altona - Richard Anile
Sold under the hammer for $771,000
10 registered bidders, seven active
The sellers (pictured above) were a couple who lived in it and then leased it out. The buyer was a young first home buyer.
“I think the market in that price range is fairly strong, first home buyers were active on this one,” Mr Anile said.
“First home buyers tend to buy when they’re ready and they don't let things like interest rates and state of the market affect them.”
15 Bruce Street, Mount Waverley
Ray White Mount Waverley - Courtney Matthews
Sold under the hammer for $1.682 million
Four registered bidders, four active bidders
Auctioneer: Courtney Matthews, Ray White
The buyers lived locally and were wanting to upsize to a home and eventually build their dream home on that site. The sellers grew up in the home and were the children of the original owners. They were selling on behalf of their parents who passed away.
“The market for homes that need to be demolished, rebuilt or renovated have become more affordable, whereas there's a stronger appetite for homes that have been renovated or are near new - they’re holding their value better than those which need renovations,” Mr Matthews said.
3/1 Dorothy Grove, Ferntree Gully
Ray White Ferntree Gully - Rene Mawad
Sold under the hammer for $672,000 - $32,000 over reserve
Six registered bidders, five active
Auctioneer: Rene Mawad
The buyer was a young woman buying her first home, who’s aunt lives across the road.
The sellers had recently upsized and bought the home next door.
“I think its still a good market if the environment is created by the vendors for buyers to engage with the listing,” Mr Mawad said.
“It needs to be well presented, well priced, marketed well, auctioned, and have the right agent.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said he witnessed some strong bidding at auctions across Brisbane.
“It’s right in the middle of winter and volumes are slightly back, which is certainly in line with this time of year, but I was happy to see some heat in the bidding at auctions today, which was certainly a contrast to the weather,” Mr Croft said.
“We’ve seen the impact of the interest rate rises, and what we’re seeing now is some comfortability and people have actually found their feet within the market.”
Ray White Wilston - Alistair Macmillan
Sold under the hammer for $1.43 million
17 registered bidders, five active bidders
Auctioneer: Phil Parker, Ray White
The buyers were a young family with a newborn, who were in France bidding over the phone. The sellers were a young family relocating to the Sunshine Coast.
“The home was a real sweet spot on the market - a single level, entry-level, renovated home,” Mr Macmillan said.
“Buyers have thinned out a bit, but there’s still buyers out there, you just have to work a bit harder to get the deals done.
“Sellers need to make the decision if they want to sell and meet the market or wait, but for those wanting to sell, there are buyers out there.”
38-40 Hawthorn Street, Heritage Park
Ray White Holland Park - Piers Crawford
Sold under the hammer for $1.2 million
Five registered bidders, three active
Auctioneer: Gavin Croft, Ray White
The buyers were a family looking to upsize while the sellers were in the process or retiring and looking to downsize.
“The home was on a large 2000sqm block and has a dual living option, perfect for intergenerational living which is what the buyers were looking for,” Mr Crawford said.
“The buyers were late to the auction but came in last minute and ended up landing the winning bid.
“It was a suburb record for that area. I think we’ve set the standard for good pricing.”
Ray White Ashgrove - Adam Downes
Sold under the hammer for $1.716 million
Nine registered bidders, four active bidders
Auctioneer: Adam Downes, Ray White
“We exceeded our sellers’ expectation and the highest offer prior,” Mr Downes said.
“I think the market is good. We had about 70 groups through this home.
“There’s heaps of buyers out and about, they just need a bit of competition.”
Adelaide
Ray White South Australia auctioneer Sam Grover said there were plenty of buyers out at auctions on Saturday despite the gloomy weather.
“We had about 35 scheduled auctions this weekend with early signs suggesting a clearance date between 65-75 per cent. We’re on track to do a little bit better than we did last week with about a 66 per cent clearance rate,” Mr Grover said.
“There’s still plenty of signs that there’s enough buyers around to complete those sales.
“We had about 3.1 active bidders per auction with some outstanding results coming through. The market is still going strong with plenty of transactions coming through.”
4A Marker Street, Enfield (buyers and sellers pictured above)
Ray White Port Adelaide - Rick Schultz - 0468 616 740
Sold under the hammer for $617,000
Five registered bidders, three active
Auctioneer: Sam Grover, Ray White
The buyers were a young family of first home buyers, while the sellers were upsizing and moving closer to the beach.
“We originally listed the home for $550,000 in September last year but decided to give it a fresh lick of paint,” Mr Schultz said.
“They were absolutely stoked with the result today.”
1 Rosemary Street, Woodville West
Ray White Grange - Adrian Patterson
Sold under the hammer for $961,000
11 registered bidders, three active
Auctioneer: Adrian Patterson, Ray White
This was the first time the property had been brought to market in 77 years, with the winning bid going to an investor.
“The property was a 1038sqm block so that was a big attraction,” Mr Patterson said.
“About a third of buyers were owner-occupiers looking to upsize and renovate and 70 per cent were investors.”
