TODAY the Ray White Group had 650 scheduled auctions across Australia and New Zealand, 19 per cent higher than the same week last year, recording a 68 per cent preliminary campaign clearance rate.
Some 11,102 people attended a Ray White auction this week, with the number of average registered bidders easing to 3.2 bidders, compared to 3.3 bidders in the prior week.
The leading group’s auction data shows that across Australasia some 15 per cent of all auctions scheduled typically sell prior to their assigned date on average. That number has crept to as high as 30 per cent across the state of New South Wales recently.
But the number of Ray White auctions selling prior is particularly magnified in Sydney’s blue chip affluent suburbs which has doubled to a just over 40 per cent, compared to a year ago. See table below.
Ray White's Sydney preliminary campaign clearance today was 83 per cent.
Source: Ray White Auction Data. Sydney Blue Markets Only | Sold Priors | Residential Stock (Nov 9, 2019)
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Ray White NSW Chief Auctioneer Alex Pattaro said increased competition at auctions was leading to the rising number of buyers wanting to secure a property before "game day".
“We are continuing to see a high number of properties sell before auction at prices that are exceeding vendor and agent expectations," he said.
“One auction I was supposed to call in Earlwood at the end of this month sold this week for a great price of $1.7 million, some $250,000 over the owner’s expectations. This is a sign of the current market and indicates to the recent rush of activity,” Mr Pattaro said.
Meanwhile, in East Ryde today, Ray White Gladesville Principal Robert Cassidy sold 19 Elliott Ave (pictured above) for $1.635 million in front of 120 onlookers at auction.
Mr Cassidy said there were 12 registered bidders and four of them were active today.
“The 89-year-old homeowner has lived there for some 58 years and she sold it to a local family. Everyone is happy with the result,” Mr Cassidy said.
“The price guide and feedback going into the auction was $1.4 million but it truly was such a popular home on a large landholding and it was well presented that it had it all.”
The highest number of registered bidders across the group was in Yagoona where Ray White Bankstown agents David Tran and Jessie Dahdah sold 174 Cooper Rd for $960,000 with some 20 registered bidders vying for the home.
In front of a crowd of 50 people, their Bankstown principal, auctioneer and elite business owner, Tony Roumanous took the opening bid from one of the neighbours.
“We ran a four week campaign and we had 57 groups through and 20 bidders registered. In the end four bidders - all neighbours - battled it out. The locals love this area as it’s a prime spot only a few hundred metres from the local shops and the train station,” Mr Tran said.
“The buyer is an investor and the seller is over the moon as it sold for $180,000 over reserve which shows you how much the auction method works if you follow the process.”
The top sale for the group this week was in North Bondi where Ray White Double Bay agent Daryl Rosen sold 120 Hastings Pde for $5.825 million under the hammer of auctioneer James Keenan on Thursday night in front of 50 people.
There were eight registered bidders in the packed public auction room on New South Head Road, Double Bay who witnessed the sale of this awesome beach house in a highly coveted coastal setting.
The freestanding house north facing sits on a 474sqm parcel with an extra wide street frontage. The property also has a development approval to create 2 x 3 storey semis.
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In Melbourne, Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said it was great to see a big jump in activity today after the lull of the Spring Racing Carnival.
“Our data does show that we have seen a decline in the number of active bidders per auction however this is definitely a case of quality over quantity as buyers are quick to engage in each auction and bidding with confidence against their competition,” Mr Condon said.
“We also saw a slight decrease in the crowd sizes today due to the rain cross Victoria.” Ray White's preliminary campaign clearance today in Melbourne was 78.75 per cent.
In Melbourne, Ray White Cheltenham agent and gun auctioneer Angela Limanis has done it again.
This today single level unit today at 1/8-10 Stuart Av Cheltenham sold at auction with five bidders - a mix of first home buyers and downsizers - pushing the price significantly over reserve to $730,000.
More than 85 people attended the auction in the front yard and the bidder who opened up proceedings actually turned up today for the first time.
“There were strong bids to begin with increasing by $20ks and $30ks and we were on the market within 30 seconds of bidding,” Ms Limanis said.
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Ray White South Australia Chief Auctioneer John Morris said there were 30 auctions scheduled this week which was likely to see the network maintain it’s 30 per cent share of all auctions in Adelaide.
“Many auctions are coming together through negotiation, thanks to the process. The Adelaide Advertiser today reported that two thirds of all suburbs in SA have experienced growth in the past year and hopefully this will be reflected in the auction results next week.”
Mr Morris congratulated agent Ray White Norwood agent Jann Wilksch (pictured above with her sellers Chris and Megan Martin) who today sold 4 Mcarthur St, Park Vale for $890,000 at auction.
The owners are based in country Victoria and “thought they may come back to Adelaide” but their work keeps them there.
“It was a good auction and three of the four registered bidders were very active so it was a good outcome for Jann and her sellers.”
In Brisbane today, Ray White Wilston director Alistair Macmillian today sold 190 Edmondstone St, Wilston for $1.475 million under the hammer of auctioneer Phil Parker.
The Sydney-based owners flew into the river city today to see their rental property of 10 years sell to a local family with two young kids who were super keen on the area for its school catchment and parks.
“We had 67 inspections and all the buyers were young families who say that wanted to live in the best suburb in Australia,” Mr Macmillian said.
Of the six registered bidders, half were active. “Our team is very busy, we are so pumped as we’re getting au to 10 groups of buyers through our homes each time we open them and we have two opens every Saturday.”
