Auction action from around the grounds

At the magic two months til Christmas point in the property calendar, families who want to make a move before Santa turns up are feeling the pressure.

The Ray White Group data is proving what we all feel - that the market is particularly active and stock is at a premium. This week saw a whopping total number of Ray White auctions hit 569 across the Australasian territories and we had 10,413 buyers attend our auctions this week. Sydney recorded a preliminary auction clearance rate of 89 per cent today.

Today alone saw a total of 337 auctions, with the preliminary data reporting that the top price paid was for 8 William Streetin Balmain East. The three bedroom, waterside residence (with pontoon) sold for $4.5m and was listed with Karl Howard, principal of Ray White Balmain.

Mid week activity was high as well, with an architecturally interesting, circa 1895 home in Harrow St, Bexley, listed with Ray White Rockdale attracting a good crowd and a final price under the hammer of $1.667m, well above reserve and according to NSW Chief Auctioneer Alex Pattaro was seen as "an awesome result" for all concerned.

"Its been an exceptional week for Ray White," Mr Pattaro said. With growing activity and the calendar pressure Mr Pattaro suggests that perhaps those hoping to sell before Christmas should consider converting to auction to take full advantage of the competition for properties across NSW.

Ray White Victoria's Chief Auctioneer Matthew Condon has also seen heightened activity right across the board this week.

"This has been the biggest week of auctions in 2019, when looking at auction volume," said Mr Condon. Further commenting that "People are actively bidding with a view to settling and moving in before Christmas."

Adelaide's Chief Auctioneer John Morris agrees. 'There does seem to be a sense of urgency among the buyers," said Mr Morris, who feels that vendors too are feeling the push. It's bringing sellers into line with the market."

A real surprise outcome occurred early in the day with the auction of a free standing townhouse in Miles Street, Mascot. (above) Listed with Jada Li of Ray White Waterloo, the bright dual level, four bed, two bath home was in a spacious complex and had the always popular large balcony space.

There were six registered to bid, four of which took up the challenge. The opening bid was $1m, and when the home was declared to be on the market at $1.195m things got very heated.

"The bidding went nuts at that point," says Ray White Chief Auctioneer Alex Pattaro.
With haste and enthusiasm the final and winning bid was $1.326m, which was a most unexpected $276,000 above the guide.

On the block for the first time in 38 years today was an immaculately maintained four bedroom, three bathroom home in Cherrybrook.

Listed with Diane Whale of Ray White Cherrybrook, 87 Francis Greenway Drive attracted a strong final open this morning, before 80 people settled in to watch the auction action.

Ms Whale had 10 registered bidders among the crowd and finally, after a protracted bidding war the property was bought $1.635m, not far above the guide of between $1.5-$1.6m. The lucky buyers are a local family, looking forward to starting their new life in the large property.

"They had been looking for quite some time, so they're really happy," said Ms Whale.

A local family who have been looking since last year took the big leap today and purchased under the hammer in Russell Lea.

Fiona Hellams of Ray White Drummoyne had seen 60 groups through the lovely family home at 18 Lea Ave during the campaign, and was not surprise to 100 people in the crowd for todays auction.

"It's such a lovely home," said Ms Hellams. "And the view from the upstras bedroom, with the harbour bridge and the city skyline, it reminds you how close you are to the city,"

With a guide of $2m, and the first bid coming in at $2m, the scene was set for a good result.

Three bidders battled for the home, with the winner securing the four bedroom home at $2.31m, which was $160,000 above reserve.

"Everyone is really happy," concluded Ms Hellams.

Geoff Sellars of Ray White Annerley had the listing of the 'mortgagee in possession' property - three words that always spark extra interest in potential buyers, but this was also a gorgeous property.

Double height voids, fab kitchen, dual wine fridges, lots of really goods aspects. However bidders could see the home would benefit from a little bit of a refresh, which added some excitement.

He had 30 groups through and had 13 registered bidders this morning in front of a strong crows of 100 onlookers.

One hundred and thirty people packed in to watch the auction of 18 Sundowner Court, Mermaid Waters.

Agent and auctioneer Mitch Palmer of Ray White Broadbeach Waters says the lack of stock in the area is still pushing prices up, making the bidding at auctions really competitive, The auction today started with 16 registered bidders, with 9 actively participating.

The opening bid was placed by the eventual buyers, a rather 'cheeky' (as Mitch called it) bid of just $795,000.The competition raged for 20 action packed minutes, coming down to $500 bids toward the closing stages. And finally the first bidder walked away with the waterside trophy.

"He was from Sydney," said Mr Palmer, who has been keeping his own statistics about auction outcomes.
"My records show that 76% of first bidders, go on to win the property," said Mr Palmer, who also points out that Sydney buyers frequently outbid locals, as their perception of the market and value for money, is different to people in the loacl arena.

With a sale price of $1.254m, the vendors walked away with $200,000 more than their reserve.

In Melbourne now and the sympathetically renovated and picture-book pretty 21 Vincent Street, Coburg was a huge crowd pleaser today.

Agent and auctioneer from Ray White Brunswick Alex Ilyin said the atmosphere was set from the moment the coffee cart pulled up.

"It's a stately home, and well known in the area," said the auctioneer. A good crowd of 80 people were in attendance as what was to be a two horse race took off from the barrier with a $1.25m bid.

With a pre auction guide of between $1.28-$1.35m Mr Ilyin knew his work was cut out for him as he brought the numbers up to $1.28m, $1.29m, $1.3m and then came the $10k bids.

"Six times one of the bidders said he was all done. But he kept coming back," Mr Ilyin said.

Finally, at $200,000 above the reserve, at $1.53m the race was won.

Adam Sorrell, principal of Ray White Rowville conducted an intimate affair today as he shoe-horned 50 people into a three bedroom unit today, concerned that the weather was looking particularly iffy.

Luckily the lounge room has lashings of floor to ceiling glass, so everyone at least had a good view.

Five bidders were keen on 2/16 Mantung Crescent, and after an initial bid of $550,000 the numbers soon rose fast, when, 32 bids later, the property was sold for $742,500, $92,000 above reserve.

Mr Sorrell reports the buyers are a young couple, soon to be married, who will have this very elegant house as their first 'married' home.

And the Melbourne numbers keep soaring; 140 people attended the auction of 14/601 Elgar Road, Mont Albert North.

"Luckily the weather cleared in time and we did it outside," said Ray White Balwyn Agent Bronwyn Lucas.

"We'd had 144 groups through at opens," continued the agent."People were drawn to the dual entry way, easy access to Box Hill as well as Westfield Doncaster. Plus three bedroom apartments are not usual, so that was a further attraction."

After the first bid, according to the agent, it was a 'frenzy". The bidding was so fast and furious that keeping track became tricky.
"People were yelling over each other, for their next bid," said Ms Lucas. "It was like the old days."

In the end the apartment sold over reserve for $860,000.

In Adelaide and Ray White Woodville's Peter Kiritsis says the good result at his auction at 57 Victoria Street, Queenstown in Woodville points to the value now seen in Adelaide of separate Granny Flats.

"There's no way this property would have drawn so many people, or achieved this price without the separate accomodation," said Mr Kiritsis.

In front of a good sized Adelaide crowd of 35, three bidders took just 35 bids to close the deal at $555,000 which was well above reserve.