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ONE of the last auction Saturdays of the year delivered record-breaking auction volumes, as the late summer surge runs right up to Christmas.
Australasia’s largest real estate group recorded a national preliminary clearance rate of 75 per cent today with buyers rushing to secure properties before Christmas. The standout city of the day was Melbourne, recording a preliminary auction day clearance rate of 80 per cent.
More than 40 per cent of the group’s record 1062 auctions booked this week had sold prior to their booked date, which has been a fixture of the year. Some 367 properties proceeded to go under the hammer today, and the competition was fierce with an average of 4.7 average registered bidders, and three of them active. Once again, Queensland led the way with 20 per cent of all its auctions selling to interstate buyers.
Ray White Victoria and Tasmania CEO Stephen Dullens said the increasing number of listings are giving buyers more choice.
“In Victoria this week we have well over 200 auctions taking place, and no matter the time or format, buyers are out in force looking to secure a purchase prior to christmas,” Mr Dullens said.
A combination of Melbourne lockdowns, market strength and sheer number of buyers has resulted in a large influx of new listings across November, resulting in a busy December auction period.
Ray White Victoria has more than 1,000 auctions scheduled for December, a higher number than any other month this year and essentially taking place over only three weekends.
“It is quite an amazing statistic given the slowdown for Christmas next week. After a challenging winter in Melbourne, it is wonderful to see many buyers and sellers getting on with their real estate journey,” Mr Dullens said.
Ray White Cheltenham - Angela Limanis 0414 664 374 (pictured above)
Sold under the hammer - $905,000 - $50,000 above reserve
Five registered bidders
Auctioneer Angela Limanis, Ray White
The buyer was an online bidder, who is a local but has travelled to the United States to visit family for the first time in two years. Ms Limanis said the buyer was nervous about missing the auction but she had the platform down pat from the months of online auctions. The vendors were thrilled with the result; they are developers/investors and built this complex seven years ago. We also sold the front unit as well six weeks ago. Ms Limanis said there was overwhelming buyer demand at the moment, and that there will be an excess of buyers ready to go in January.
Ray White Preston - Ian Dempsey 0447 556 210 (pictured below with his buyer)
Sold for $1,481,000 - $181,000 over reserve
8 registered bidders, 7 active bidders
The sellers were two brothers. The home has been in the family for 56 years, so they were overwhelmed with the result. Mr Dempsey said the buyer was a developer from Adelaide who will be living in it for a while and then eventually will develop it.
Ray White Pakenham - Gavin Staindl 0424 227 134 (pictured below with his sellers)
Sold for $2,075,000 - $625,000 over reserve
15 registered bidders, 5 active bidders
Mr Staindl said his sellers were in tears as they were so happy. “You hear of these incredible prices over reserve in the inner city, but it is usually more conservative where we are. The property was very versatile, we have people looking for lifestyle, livestock, land banking, and even some who wanted to AirBnb out the house. The fellow who bought it owns a bit of land in the area already, so this rounded out his portfolio nicely. The vendor's son who is 16 years old wants to be a real estate agent and he was helping me with the campaign, doing a bit of work experience. I used to be his coach a couple of years ago which is how we got in touch.”
Ray White New South Wales Chief Auctioneer Alex Pattaro said the softened clearance rate in Sydney of 63 per cent was a reflection of vendor expectations. “We are seeing a large number of buyers flocking to properties, looking to secure their home before the end of the year. However, sellers' expectations are far greater than what the market is prepared to pay. Sellers need to be reminded that we are still seeing exceptional prices. With more stock tipped to come to market next year, we see now as a great time to capitalise on these results.”
Ray White Drummoyne agent Chris Wilkins - 0419 231 017
Sold for $4,825,000
9 registered bidders and 4 active bidders
Auctioneer Peter Mathews
This art deco unit block was a deceased estate sale, after 50 years of ownership in the same family. Mr Wilkins said it was a very heated and exciting auction, with the winning bidders a local family looking to capitalise on the block’s potential. The executor allowed us to market the property in the manner which we advised, which meant the unique property had great exposure.
Ray White Upper North Shore - Matt Bolin 0417 269 013 (pictured above with his sellers)
Sold for $3,265,000
3 registered bidders and 1 active bidder
Auctioneer Jason Keen, Ray White
This house, built in the late 1990s, was sought after for its size and positioning high on the ridge in a beautiful private cul de sac. Mr Bolin said the winning bidders were a young family who are moving here from Chatswood to be close to friends and take advantage of the terrific schools in the area. The sellers, who were thrilled with the result, are downsizers making a seachange up north.
Ray White Queensland Chief Auctioneer Gavin Croft said it was certainly shaping up to be a big fortnight leading into Christmas.
“The results from the New Farm auction event today really give you an indication of where the inner city market sits at the moment,” Mr Croft said.
“We are seeing a touch of buyer fatigue in some areas, but in other areas the strength remains. Bidders were on the front foot today with trying to secure their property before Christmas. We are looking forward to next week, with significant auction volume meaning bidders will have a chance to lock it down,” he said.
Ray White New Farm | Bulimba | East Brisbane | Spring Hill
The Calile Hotel, Fortitude Valley, Brisbane
Principal and Auctioneer Haesley Cush - 0421 057 233
Passed in at $17.7 million (in negotiations)
Agents: Matt Lancashire, Hamish Bowman and Tom Lyne
Sold for $2,700,000
Agents: Matt Lancashire and Patrick Goldsworthy
Sold for $1,700,000
Agents: Daniel Lazzaroni and Brandon Wortley
Sold for $1,288,000
Agent: Robyn Hoare
Sold for $1,200,000
Agent: Nicholas Carroll
Sold for $1,100,000
Agent: Eadan Hockings
Principal and Auctioneer Haesley Cush said the market was definitely not slowing going into Christmas. “People can see that Brisbane offers such exceptional value and it is hard to argue with the current infrastructure, the prices and the interest rates here,” Mr Cush said
“We sold just under $24 million worth of property at our auction event today. We had some incredible sales, as well as bidding reaching $17.7 million for 65 Moray St, New Farm with three active parties right up until the end,” Mr Cush said.
“We expect a result in the coming days after receiving interest on this property from local, interstate and international buyers. This has been described as one of the best waterfront blocks remaining in Brisbane. It was so lovely to see smiles all around when these properties sold, really showing the great spirit of the day”
In South Australia, Ray White Chief Auctioneer John Morris (pictured) said the group had an average of seven registered bidders, with 50 per cent of those bidders throwing their hand up to participate today. “The numbers have been incredible this year, but next week it takes a further step with 101 auctions scheduled for the final week before christmas. This is the biggest auction week for the year, if not on record, that South Australia has ever seen. We exit 2021 with incredible, exciting numbers for our state and our group”
Ray White Norwood agents Damien Fong and Brandon Pilgrim - 0438 807 061 (pictured below with their buyers)
Sold for $1,420,000 - $120,000 above reserve
Five registered bidders, three active bidders
Auctioneer George Kargiotis - Ray White
Mr Pilgrim said the buyers were a downsizing couple who were looking to do a renovation project, and it was an emotional result for the seller who has been there for a long time and is moving on. Registrations have been down a little, which he’s putting down to the time of year and people heading on holidays early rather than an indication of the market.
Ray White Adelaide CBD - Chris Xu 0433 770 616 (pictured below with his buyers)
Sold for $1,588,000
Three registered bidders, two active bidders
Auctioneer John Morris - Ray White
The buyers were a family of four who had recently immigrated from Hong Kong. This was their first time viewing the property today and it ticked all the boxes, the agent Chris Xu said.
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Media Contact:
Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com
