The auction action is well and truly underway for 2023 with Australasia’s largest real estate group, Ray White, scheduling 256 properties to go under the hammer today.
The group recorded a preliminary auction day clearance rate of 71 per cent, with an average of 4.9 registered bidders per auction.
Today, Ray White auctions attracted prices an average of 15.2 per cent higher than the highest offer prior.
South east Queensland was a hub for auctions this weekend, with the top sale of the day going to 1006/6 Wharf Street, Maroochydore selling for $3.25 million, a great result for the agent, Reuben Park.
On the Gold Coast, Ray White Burleigh Group, Ray White Broadbeach, and Ray White Robina teamed up to hold the Summer Auction event at The Star today, selling a whopping $24.4 million worth of property under the hammer.
There were 42 lots up for auction at the event, with the top sale of the day going to 28 Arthur Street, Mermaid Beach, which sold for $2.7 million - $450,000 over reserve. This property was left to the RSPCA by the late owner, with all funds from the sale going to the charity.
The event attracted a whopping 59 registered bidders, 45 active bidders, with 66 per cent of buyers being owner occupiers, while the other 34 per cent were investors.
A total of 71 per cent of buyers were locals while 29 per cent were from interstate.
Ray White Queensland chief auctioneer Gavin Croft said more than 300 people attended the Summer Auction event.
“The one thing we can take away from today was the quality and energy from the buyers,” he said.
“When they saw value or the property they wanted they put their hand up and tried to do everything they could to secure the property.
“More than half the properties sold, and others are in negotiations, but it was the extent of the bidding which helped sellers be able to see the marketplace and make decisions in regards to their particular sales.”
Ray White Burleigh Group director Tiger Malan said the success of auctions throughout the event was product dependent.
“Anything near water we had really good activity, but some of the investor stock was a bit tighter,” he said.
“For certain properties, the hum was like it was six months ago, and then you'd have a product with no bidding.
“There are some property types where I think prices will keep running, and other products which will see a downturn.”
BRISBANE
Sold under the hammer for $2.302 million - $52,000 over reserve
Ray White Ascot - Oliver Jonker
Six registered bidders, four active
Auctioneer: Phil Parker, Ray White
The winning bid went to a couple investors where the wife was at the auction in person and the husband was appearing over Skype from Egypt.
“The seller was Niranga Amarasinghe who was on the Bachelorette,” Mr Jonker said.
“He bought it alongside his parents (pictured above) last year to do it up and sell it. He finished the renos just before Christmas.
“They were very happy with the result.”
Sold under the hammer for $1.102 million
Ray White Aspley - Harpreet Singh
17 registered bidders, seven active
Auctioneer: Benson Spong, Ray White
The winning bid went to a family who are downsizing from an inner suburb. The sellers (pictured above) were a family who were upsizing and moving to the Sunshine Coast.
Mr Singh said the property attracted a lot of attention from a range of buyers.
“It's a single level home, which was completely renovated and nothing needed to be done. It ticked a lot of boxes for a lot of people,” he said.
“We had more than 125 groups through in four weeks.
“As an agent you must fall in love with the process and the result will follow.”
SYDNEY
Ray White NSW chief auctioneer Alex Pattaro said it was a positive first week back for Sydney sellers.
“There are an abundance of buyers active, with more buyers circulating the market than at the backend of last year,” Mr Pattaro said.
“With a lower amount of stock on the market, this makes it a great time for sellers to capitalise on the buyer activity, as we expect to see more stock reach the market over the coming weeks.”
32 &32a Rowley Street, Smithfield
Sold under the hammer for $1.5 million - $35,000 over reserve
Ray White Wetherill Park - Patrick Jerji
25 registered bidders, eight active
Auctioneer: Alex Pattaro, Ray White
With 208 enquiries and 128 groups through prior to auction, this property achieved a new suburb record for Smithfield, a great result for the vendors who were a couple of investors.
“The winning bid went to a family (pictured above) looking to live in the main house and rent out the granny flat. They hope to have family members move into the granny flat eventually,” Mr Jerji said.
“The registered buyers were half investors and half owner occupiers.
Sold under the hammer for $1.27 million - $20,000 over reserve
Ray White Wetherill Park - Marcus Biasetto
13 registered bidders, six active
Auctioneer: James Kerley
After owning the property as an investment for 30 years, the seller decided to take this property to market, attracting 13 registered bidders.
“The winning bid went to two young couples who bought the property together. They’re owner occupiers, but most bidders were investors,” Mr Biasetto said.
“It had dual street access, it had a granny flat which could provide a second income, and it’s across the road from the train station.”
Sold under the hammer for $881,500
Ray White Quakers Hill - Josh Tesolin
Two registered bidders, two active
Auctioneer: Tim Snell, Ray White
The buyers were a family of owner occupiers.
The sellers (pictured above) were a couple of investors.
Ray White NSW CEO and auctioneer Tim Snell said the auction had been brought forward.
“There was active interest in the property between bidders,” he said.
“We did pause for negotiations but managed to get the deal done under the hammer, a great result for both parties.”
MELBOURNE
Ray White Victoria chief auctioneer Jeremy Tyrrell said Melbourne showed positive signs all round as auction volume returned for the first time in 2023 with 151 auctions scheduled across Victoria for the week.
“Preliminary results show a clearance rate of 65 per cent, the strongest in the past three months, while bidder attendance and activity was almost as hot as the weather,” Mr Tyrrell said.
“Nearly nine out of 10 auctions conducted had active bidding, whilst registered/confirmed bidders were at 4.1 on average, again the highest bidder activity seen in months.
“A good sign for sellers before the RBA meets this coming Tuesday, the market is clearly active but driven by value.”
Sold under the hammer for $1.51 million - $260,000 over reserve
Ray White Glen Waverley - Fang Lu
Seven registered bidders, six active
Auctioneer: Danny Zhang, Ray White
The winning bid went to a family who were buying their first home (pictured above), while the sellers were investors who live in NSW.
“The bidders were 90 per cent families. It was the school zone which people were attracted to,” Mr Lu said.
“We’ve had a lot of people through this particular property, 175 unique groups.
“There is a lack of stock at the moment which is driving people out to bid.”
Sold under the hammer for $1.135 million - $15,000 over reserve
Ray White Blackburn - Allan Smith
Four registered bidders, four active
Auctioneer: Allan Smith, Ray White
The vendors were long term clients of Mr Smith who had bought and sold a number of properties through him. This property was an investment property for them.
“The buyers were neighbours who lived two doors down the street. They bought it with their kids as an investment,” Mr Smith said.
“The market is holding up because there’s not enough stock on the market.
“We’re in the eastern growth corridor which is where people want to be so the supply and demand is still really strong and we’re still getting good prices.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said it was a strong weekend of auctions across the state.
“It’s the first proper weekend for auctions in South Australia for 2023 and of the 104 auctions going ahead across the state this week, 44 of them were Ray White auctions, yet again dominating the market,” he said.
“Bidder numbers are looking very high, sitting at an average of about five so far in 2023, and we’ve had an average of 75 per cent of auctions sold under the hammer at auction on the day.
“Personally, today I’ve sold 80 per cent of the properties which have gone to auction, with an average of about seven registered bidders.
“It’s still looking like a very strong market in South Australia, and it looks like 2023 will be a bit like 2022 if this weekend is anything to go by.”
Sold under the hammer for $600,000 - $30,000 over reserve
Ray White Norwood - Linda Clemente
Eight registered bidders, six active
Auctioneer: John Morris, Ray White (pictured above)
The winning bid went to a first home buyer who is going to rent it out before moving. The sellers were a young couple having their second child who are moving onto a larger home.
“Buyers have been a little bit more conservative to start the year, but quality properties like this one are still in demand.
“The location was the key for this home, it was facing a lake, an amazing first home.”
Sold under the hammer for 1.231 million - $131,000 over reserve
Ray White Glenelg - Nick Beneke
13 registered bidders, six active
Auctioneer: Rod Smitheram, Ray White
The winning bid went to a family who will live in the house initially before knocking it down to build their dream home. The sellers were a couple who were downsizing.
“It appealed to every buyer demographic, it's a really nice spot on a nice street so it appealed to families, but had a large street frontage so it also suited builders and developers,” Mr Beneke said.
