Super-charged auction market resets records

SUPER Saturday did not disappoint property sellers today with buyers out in force pushing the national clearance rate to Ray White’s highest ever on record at 86 per cent across Australia.

The long awaited peak week of pre-Easter auctions saw the largest property group book 1050 auctions across Australasia this week, with 750 of those scheduled in Australia alone.

This was a record breaker by way of volume for our group and under the hammer clearance. The wider industry as a whole had a record 3800 auctions booked nationally this week.

Ray White Group Managing Director Dan White said records tumbled today, both in terms of auctions scheduled and also for the number sold. “There have been incredible scenes right around the country today but we don’t think these records will last long.”

Ray White New South Wales Chief Auctioneer Alex Pattaro said Super Saturday certainly lived up to the hype.

The network’s Sydney members cleared a whopping 96 per cent of their 153 auctions today across the beautiful harbour city. The preliminary data shows there were nine registered bidders per auction in the NSW capital too.

“We saw huge numbers of buyers at our auctions and open for inspections. There were strong registered bidders at auction competitions today. Auctions reinforce that our sellers are obtaining the best price and outcome for their properties on auction day,” Mr Pattaro said.

“Sellers obtain a far better price at auction, then during the auction campaign. The strength in competition on the auction day is there. We expect to see more stock come to market after Easter so sellers need to be aware that the market and prices we are seeing now is the best in decades.

“Buying and selling within the same market, always seems to be the sweet spot.”

In the blue chip eastern suburbs, Ray White Woollahra | Paddington Selling Principal Randall Kemp today sold 209 Edgecliff Rd, Woollahra under the hammer for $6 million.

The six bedroom family home with a prestigious address is a landmark home in the dress circle suburb. There were 14 registered bidders keen on the rare opportunity to occupy a home in the elite Woollahra precinct.

“The reserve was $4.5 million, and we sold for $6 million under the hammer. I’m speechless. The local buyers are happy. There is definitely a sense of buyers having a fear of missing out as they know prices are rising. There’s not a lot of stock to pick from in this area and at that level either which makes it a competitive market,” said Randall Kemp, owner of Ray White Woollahra | Paddington.

A suburb record was set today when successful builder Emilio Mrkras and his wife Alanah who sold their family home at 28A Wilson St, Belmore for $1.91 million.

Ray White Earlwood Principal Dean Vasil and Sales Agent Kieran Gianoudis smashed the previous record for an attached duplex of $1.650 million which was set only a week ago.

Mr Mrakas, who owns the company Ebuilt Carpentry & Building, said he was over the moon with the result.

“Just think, it was only one year ago that all the analysts were predicting prices were going to fall by 30 per cent and that people were panicking. And look what really happened! I will tell anyone that the only way to sell is at auction. There’s never been a better time to sell,” he said.

“This is my family home and we’ll miss it but it’s time to move onto the next project.”

The buyer came from “around the corner in Campsie” and she had to battle head to head with another family.

“I could not believe how many people came for the auction. It was like a football match,” Mr Mrakas said.

“I couldn't be happier with the way Dean and Kieran ran the campaign.”

Mr Gianoudis said there were six registered bidders, and four of them were active.

“What a buzz. That was a great auction in front of a huge crowd of 150 people. We have already had at least three calls from prospective sellers.”

During the five week campaign, the team met 100 buyers at their open homes.

In the Upper North Shore, a staggering 27 registered buyers arrived all determined to own 10 Walpole Place, Wahroonga which sold for $2.989 million, some $489,000 over reserve.

Award-winning agent Ray White Upper North Shore Principal David Walker said the buyer comes from Putney and plans to rebuild on he 1017sqm site in the quiet cul de sac.

“There were at least 200 people in the crowd, and we had 27 registered bidders.” The owners of 20 years were local investors.

Elsewhere in the blue chip suburb, the magnificent 1582sqm block of land at 67 Kintore St, Wahroonga sold for $3.8 million under the hammer.

Mr Walker said the property had been owned by one family for 70 years. “This is the most tightly held street in Wahroonga. Houses rarely change hands in this street,” he said of the house which sold $600,000 over reserve.

The 1945 built solid full brick home was built by the newly married couple and loved as their lifelong family home.

There were 10 registered bidders and the auction started at $2.6 million. The winning buyer lives two streets away and has plans to rebuild on the site.

“There is simply more buyer demand than sellers. People still believe we have not seen the end of the price growth. What seems expensive today will seem cheap tomorrow.”

In Kogarah Bay, some 21 registered bidders battled it out for the keys to 26 Payten St.

The four bedroom Californian bungalow style home - which had been owned by the same family for 20 years - today sold for $1.976 million to a local family, after sailing through its reserve of $1.550 million.

Ray White Rockdale Principal Con Economos said the buyers were from the Lower North Shore, moving to be closer to their adult children.

“The sellers are over the moon. This market is incredible. We have more buyers than sellers.The brand new two storey house across the road sold three weeks ago via private treaty for $2.2 million and it’s got 40 per cent more land, beautiful landscaping and a new pool. It just shows you that auctions work,” Mr Economos said.

“The highest offer prior we had going into today was $1.55 million, so that was the reserve. The owners received 21 per cent more by going to auction. If you are not going to auction, and all the way to game day, then you are leaving money on the table.”

Elsewhere, Ray White Touma Group Sales Agent Con Fotaras said it was such a rare opportunity to find a city-fringe terrace like 107 Cleveland St, Darlington.

In front of a crowd of 50 people in the backyard, there were nine registered bidders, and two of those bidders arrived mid-way through the auction and had to scramble to get a bidder paddle and registration sorted.

“The buyers came from all over Sydney, and the winning bidder who arrived mid-way through the auction lives in the Hills district. It’s a great investment property. We also had a bidder on the phone from Kiama who was keen to buy it sight unseen.” Bidding opened at $900,000 and moved quickly to sell under the hammer for $1.260 million.

Ray White Petersham Selling Principal Nicholas Arena said it was a cracking auction at 2 The Avenue, Petersham today which attracted nine registered bidders and four active bidders.

It was a huge crowd and the opening bid was $1.8 million and the young family (pictured above) eventually won the keys for $2.350 million.

Meanwhile, this beautifully renovated Turramurra cottage at 204 Bobbin Head Road today sold for $2.655 million after two bidders went head to head at the auction which seemed to attract the whole suburb to watch.

The character home has been extremely popular with buyers after 152 groups inspecting the house over the three week campaign.

Ray White Upper North Shore Partner and selling agent Matt Bolin said the bidding opened at $2.1 million from one of the nine registered bidders.

“It was an intense auction. In the end a young family from the inner city secured the home for $2.655 million. The buyers live in the inner city but the wife grew up two streets away.” The result was in excess of $400,000 over reserve.

The sellers, a successful local plumber, Scott Darling and his photographer wife Claire, are now looking to move to acreage.

Markets across Melbourne continue to outperform week after week, with a preliminary clearance rate of 85 per cent, leading to hundreds of homes exchanging hands across the city.

This week has produced the largest number of auctions across Victoria the Ray White Group have ever conducted, with more than 250 scheduled.

Despite the increase in auction numbers and changeable Melbourne weather, buyers remained well and truly out in force.

Ray White Victoria CEO Stephen Dullens said preliminary results show the average Ray White auction had more than three active bidders, similar to previous weeks, despite the significant increase in auction numbers.

“We’ve seen well and truly smashed reserve prices as buyer demand continues to surge.“

Ray White Carnegie’s Josh Hommelhoff had arguably the biggest day of his career, with two of his listings selling under the hammer in the morning, before turning up to watch the auction of his own home in the afternoon.

A freestanding art deco home on a subdivided block at 1/6 Blyth Street in Murrumbeena sold for $1,285,000, smashing the reserve price by $215,000. Mr Hommelhoff said 180 groups came through the property during open homes, and 7 registered bidders turned up on the day.

“Murrumbeena and Carnegie are really hot suburbs at the moment, and a tidy family home like this is always going to perform well,” he said.

The winning bidder was a young local man and this was his first home purchase.

Mr Hommelhoff then took off his agent hat for the afternoon, switching positions and becoming the vendor, nervously awaiting the result of his own home’s auction at 9 Summit Avenue, Hampton East.

He entrusted his own team at Ray White Carnegie to manage the sale, with Tom Grieve acting as agent and auctioneer. The 6 registered bidders pushed up the price, with the hammer falling at $1,601,000, indicating a huge $200,000 above the reserve.

“We are absolutely stunned and elated with the result today… it is still sinking in,” Mr Hommelhoff said. The winning bidders were a couple who eventually plan to use the space for their grandchildren.

Mr Hommelhoff and his wife Katie (pictured) will now be searching for a new home for their young family, with a big backyard being first on the wishlist as a result of the covid lockdowns.

“We are 100% glad we took it all the way through to auction day. We are big on processes in our office, and clearly we practice what we preach!”

Ray White Cheltenham principal Kevin Chokshi had a hatrick of sales today, all in the suburb of Cheltenham and all selling for approximately $200,000 above reserve and all to local families.

First of the day was 45 Luxmoore Street, an original single-story brick home selling for $1,410,000 indicating a huge $210,000 above the set reserve price. The 6 registered bidders drove up the price, leaving the vendors who had called it home for over 40 years, over the moon.

Mr Chokshi then went on to sell 18 Tenham Grove for $1,315,000 to a local family who plan to keep it as an investment for the time being, and will eventually renovate and move in. The vendors were thrilled with the price, which was $190,000 above the reserve.

The final impressive sale of the day was 109 Benkel Avenue, where a large parkside family home sold for $1,427,000 as the 5 bidders fought it out, pushing it far and above its reserve price for $227,000.

The buyers and sellers of 109 Benkel Street Cheltenham together.

Mr Chokshi said his team were in very good spirits after the day of auctions.

“The market is just absolutely on fire. All three winning bidders today from these auctions today were young families. There is a lot of hype around developers pricing our families, however we really don’t think that is the case,” Mr Chokshi said (pictured below).

“All these families have plans to build, renovate, and move into their forever home. It is really rewarding to be able to see these young families win the auctions.”

In the aptly named Sunshine State today, hammers dropped all over Brisbane with prices soaring above their reserves.

Ray White Queensland Chief Auctioneer Mitch Peereboom said the week had seen an incredible number of registered bidders.

“The market is not slowing down, in fact it is speeding up. Right now the sale prices that we are achieving through competition are massive,” Mr Peereboom said.

“Our main advice to vendors is to not sell to the first buyer that comes along; hold it out to auction, get buyers in competition with each other and get the best price.”

In Brisbane’s smallest suburb Gordon Park, 74 Gordon Street sold for $1,410,000 reaching a huge over $200,000 above the reserve price. The campaign saw 100 groups through the property and attracted 16 registered bidders.

Ray White Sherwood agent Douglas May said the seller Jake Miller and his family, who have relocated to Brunswick Heads to pursue their growing Kombucha business, were over the moon with the result.

“The buyers were also equally as thrilled; they are a lovely young family who have finally been able to get into the tightly held area,” Mr May said.

“The market is moving and changing every week and whilst we have a shortage of stock, we are starting to see more sellers come onto the market. The results speak for themselves.”

In nearby Grange, Ray White Wilston principal Alistair Macmillan sold 78 Carberry Street Grange for $1,500,000, smashing the reserve price as the 12 registered bidders fought it out.

“The highest sale price for an original queenslander on a block over 800sqm in Grange was $1.35m, so we are absolutely delighted to have smashed that record today,” Mr Macmillan said.

“The buzz around this auction was fantastic; there were close to 200 people in the backyard watching, and we had 100 groups come throughout the campaign.”

The winning bidders were a local family who lived in Wilston, and wanted to buy an original Queenslander home on a big block to renovate.

“This market is as good as it gets. While potential sellers are aware of how great a time it is to sell, there is some uncertainty around whether they will be able to buy elsewhere because of the current market heat.”

Alistair Macmillan with auctioneer Phil Parker

Happy Buyers

To top off an electric day in Brisbane, 37 Cavillon Street in Holland Park sold for $1,100,000, smashing the owner’s set reserve price of $900,000.

The campaign attracted a whopping 27 registered bidders who turned up on the day, with bidding starting at $630,000, jumping straight to $900,000, and then after 90 bids, the hammer was finally knocked down.

In an interesting turn of events, the winning bidder was an investor who had never seen the property before, only registering to bid three minutes before the auction started.

Geoff Sellars, Principal of Ray White Annerley, said the campaign had been so successful because of its accessible price range and potential.

“There was an incredible vibe, we had over 150 people there today and the crowd just went berserk!”

“We had an offer at $900,000 straight away but encouraged our buyers to stick to their guns and take it all the way through to auction day. We are finding this happening a lot, the owners would get good offers early but better results if they go to auction,” he said.

Big Crowd

Winning buyer with Geoff Sellars

Elsewhere, Ray White Ascot principal Dwight Ferguson managed the four week campaign at 34 Isedale St which sold under the hammer today for $1.9 million. There was a good contest between the nine registered bidders.

Seller and SkyNews host Peter Gleeson (pictured) and his family plan to move back to the Gold Coast now.

The house was built in 1920 and the family has renovated it extensively. “It ticks all the boxes and we have loved our time here but will miss the beach and we’re keen to move back to the Gold Coast,” Mr Gleeson said. The five bedroom double story home is equipped with not one but two huge home offices.

In Adelaide, John Morris said the clearance rate in Adelaide was sitting at 94% for last week and it was looking to be much the same this weekend.

“I feel like a broken record at the moment, constantly talking about breaking records in South Australia!” Mr Morris said.

“We are going to end March with around 35% market share for auctions, and while this has dropped slightly, it is because so many more auctions are coming to the market.”

“There are fantastic numbers out there on the streets, and I think it is just a taste of what's to come for the rest of the financial year,” Mr Morris said.

Ray White Norwood’s David Upadhyay sold an 880sqm home on a main road at 448 Grand Junction Road in Clearview for $415,000, making for very happy vendors and buyers.

“We had 8 registered bidders and the winning bidder was actually an investor phoning in from Sydney, who had never seen the property before!” Mr Upadhyay said.

“It is an excellent time to be selling here in Adelaide; we are getting increased interest from interstates, particularly buyers from Brisbane, Sydney and Melbourne.”

“From my own personal experience of living in Sydney for a few years, I understand how much more accessible Adelaide is. People find it cheaper, safe for migration, as well as yielding strong rental returns for investors.”

From the same auction powerhouse team at Ray White Norwood, Ryan Stapleton has another great result under the hammer at 111 Armstrong Avenue Parafield Gardens, which sold for $410,000.

“We had 12 registered bidders today, and the reserve was set for $390,000 with feedback throughout the mid $300s over the campaign. So the owners were thrilled!” Mr Stapleton said.

The buyer was a proxy bidder, who was bidding on behalf of family members located interstate and wanting to get into Adelaide

“We are getting lots of interest in Adelaide, from both investors and people who are migrating,” he said.