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Competition is heating up at Ray White auctions across the nation as the first week of spring selling season kicked off with a bang.
Agents and auctioneers across Australasia’s largest real estate group said buyers were out in force as listing volumes remained lower than previous spring seasons, driving fierce bidding at auctions.
Ray White recorded an average of 3.6 registered bidders per auction across the nation today.
The standout city for bidder numbers Adelaide with one auction at 12 Wishford Road, Elizabeth recording 22 registered bidders.
There were 300 Ray White auctions scheduled across the country today, with a preliminary auction day clearance rate of 60.6 per cent.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said there was plenty of bidder activity across Sydney auctions today.
“It’s been a positive start to spring, there’s still plenty of activity amongst buyers,” Mr Pattaro said.
“A grade homes continue to obtain the highest amount of bidding, however, when competition presents itself on auction day, buyers are likely to participate no matter the type of home.
“Competition remains important for on-the-market sellers and should be the preferred method of sale to ensure sellers’ time on market remains low.”
Sold under the hammer for $3.1 million - $600,000 above reserve
Nine registered bidders, three active
Ray White Eastern Beaches - Angus Gorrie
Auctioneer: James Hayashi, Ray White
The winning bid went to a couple of downsizers who saw the home for the first time just 15 minutes before the auction.
The sellers were also downsizers who bought a home in Maroubra.
“Opens were busy during the first week of spring selling season, we saw really strong numbers with an average of 10 buyers per open,” Mr Gorrie said.
“We had a great crowd with 60 people at the auction today.”
10/15-27 Hutchinson St, Surry Hills
Sold under the hammer for $770,000
Four registered bidders, two active
Ray White Surry Hills - Ercan Ersan
Auctioneer: James Keenan, Ray White
The seller was an investor from Victoria, with the winning bid going to a local first home buyer.
"I'm seeing more buyers at open homes and more registrations at auctions," Mr Ersan said.
"I'm seeing more buyers bidding with confidence, they're still cautious about overpaying, but if they see value they’re still happy to buy. I think we’ve seen the worst of it I think when it comes to the change we've been seeing. I think stock will begin to tighten and that will stabilise prices and there will be more competition at auctions."
MELBOURNE
Ray White Victoria and Tasmania chief auctioneer Matt Condon said auction volume remained consistent this week with 165 auctions scheduled for Ray White Victoria across the state.
“When looking at listing volume across Victoria, although the spring selling season has started it is evident that there is currently a shortage of properties available on the market.
“With this lower level of supply we have definitely noticed more competition at auction between buyers.
“Based on preliminary data from the Ray White Group, we have seen yet another increase in the average number of confirmed and active bidders at this week's auctions.
“It was also great to see buyers bidding fiercely today, with a number of properties selling well in excess of the reserve price.
“Despite all the noise surrounding the real estate landscape, it is important to note that if a buyer sees value in a property, they will bid and buy.”
Sold under the hammer for $1.2 million - $150,000 above reserve
Five registered bidders and five active bidders
Ray White Gladstone Park - Malek Younan
Mr Younan said the buyers were a local family who realised they actually knew the sellers, who were downsizing, on auction day (pictured above).
“The buyers used to be neighbours of the sellers and bought this home off them by coincidence,” he said.
“There’s a bit of heat in the market and the shortage of stock is driving that. People are getting used to the rate rises and feel that the market is still okay.
“The past two weeks we’ve had two record breaking results in two suburbs which has been great.”
2 Obrien Cres, Blackburn South
Sold under the hammer for $1.207 million - sold for $107,000 reserve
Seven registered bidders, and seven active
Ray White Burwood - Jichen Quan (pictured above)
Auctioneer: Jichen Quan
Mr Quan said there was great participation from bidders at the auction, with the winning bid going to a local couple who intend to live in the home.
“It is the bread and butter of real estate,” he said.
“The layout is practical, the land is decent, it’s a nice rectangular plot.
“Sometimes it's hard to find somewhere to tick so many boxes.
“It’s a fairly humble house but doesn’t need too much work, and people love to see quality houses like this hit the market.”
Sold under the hammer for $896,000 - $176,000 over reserve
14 registered bidders, eight active.
Ray White Ferntree Gully - Matthew George
Auctioneer: Jeremy Tyrrell, Ray White
Mr George said the sellers were ecstatic about the result, and were selling to move closer to the city.
“They bought the house when they planned to move down from Sydney for three years, and they stayed for 40. They must have loved Knoxfield,” he said.
“The buyer moved here from Hong Kong in January, they’re really happy, it’s a great home.”
2/14 Embankment Grove, Chelsea
Sold under the hammer for $611,000 - $21,000 over reserve
Four registered bidders, four active
Ray White Chelsea - Shane O’Sughrue
The winning bid went to a couple of owner-occupiers (buyer pictured above with agent Shane O’Sughrue).
Mr O’Sughrue said the seller was an investor who had been renting it out for over a decade, but wanted to sell in order to renovate her own home.
“It was a great result for a little unit and surpassed the vendor’s expectations,” he said.
“The market has picked up since the last quarter - it's becoming more of a normalised market with quality stock still selling well.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said buyers and sellers were gaining confidence in the market again.
“The most impressive thing is the volume of auctions that have bidding. Over the last 60 days more than 80 per cent of our auctions have had active bidding, and that should give sellers enormous confidence to go to auction,” Mr Croft said.
“We’re seeing the volume of auction sales are up, while proportionately the number of private treaty sales have come back.
“Sellers should know that auctions are the best method of sale.
“Private treaty days on market are continuing to expand out but we’re seeing auctions continue to hold.”
Sold under the hammer for $1.321 million
Five registered bidders, and two active
Ray White Paddington - Judi O’Dea
A well-performing investment property for the sellers for eight years, the home received fierce bidding from two competitive buyers.
“There was a buyers agent representing a local investor who was bidding against a couple who have lived in Paddington for years and were downsizing,” Ms O’Dea said.
“The downsizers landed the winning bid. They wanted a small one-level property and something in a lifestyle location where they could walk everywhere. They wanted low-maintenance and easy living.”
Sold under the hammer for $1.157 million
Five registered bidders, four active
Ray White Sunnybank Hills - Ben Leong
Auctioneer: Phill Broom
“The buyers were a family of four who lived on the neighbouring street and wanted to upsize,” Mr Leong said.
“The sellers were owner occupiers who are relocating to another suburb. The market is fairly strong, there's plenty of buyers turning out. I think buyers are trying to rush in, a lot of people are saying they need to buy now.”
ADELAIDE
Ray White South Australia and Northern Territory chief auctioneer John Morris said as we headed into spring, he wanted to reflect on the incredible winter had by the South Australian market.
“We had an average of 78 per cent clearance rate in South Australia throughout winter, and an average of six registered bidders per auction, with 50 per cent of those participating,” Mr Morris said.
“It’s looking like spring will stay the same with strong numbers continuing.
“Twenty-five per cent of South Australian auctions this week are flying the yellow flag, which climbs up to 34 per cent next week, which is usually where we sit.
“There was a price drop throughout August, for the first time since February 2020, of 0.12 per cent, but that has done little to dampen the spirit of the buyers.
“From what I’m seeing out in the field, there’s still plenty of buyers out there with lots of confidence in the real estate market.
“I would say if you are thinking of taking your property to auction, make sure you use the competition creators that are Ray White to auction your property.”
18 Moore Street, Somerton Park
Sold under the hammer for $1.075 million - $195,000 over reserve
10 registered bidders, six active
Ray White Norwood - Damien Fong
Auctioneer: John Morris (pictured above)
The winning bid went to a young couple who had moved from Melbourne and had been renting.
“It was a fantastic opportunity to add value to a family sized block in Somerton Park,” Mr Fong said.
“There was a massive turnout due to the great neighbourhood in the area.”
Sold under the hammer for sold for $709,000
Six registered bidders, four active
Ray White Grange - Petra Mells
Auctioneer: John Morris
“The seller was a lady who decided to move to a lifestyle village. She was there with her daughter and it was a very emotional sale,” Ms Mells said.
“The buyers used to live down the road before moving to a neighbouring suburb. They lived there five years ago.
“They saw it on the internet and decided to come and have a look since they already knew the street.
“They came to what they thought was an open home and saw it for the first time today. They registered for the auction and bought it as an investment.”
