WHILE it was a long weekend in Queensland, Australian Capital Territory, New South Wales and South Australia, hoards of bidders still took to the streets to kick off what is shaping up to be a strong month of auctions.
Australasia’s largest real estate group reported a preliminary clearance rate of 68 per cent, with 195 Ray White auctions conducted nationally.
The average number of registered bidders sat at 3.6, while the number of actively participating bidders sat at 2.6.
The standout city of the day was Adelaide, coming in at an 84 per cent clearance rate and averaging 5.8 registered bidders per auction.
Many agents and auctioneers noted that volume was generally low, meaning that those who chose to take their properties to market have generally been rewarded with an influx of bidders while stock is tight.
Ray White data shows sellers who went all the way to game day today netted almost 11 per cent more on their auction sale price than if they had taken the highest offer prior.
Auctions create competition and energy across campaigns, particularly for agents who were converting from private treaty to auction.
MELBOURNE
Ray White Victoria Chief Auctioneer Matt Condon said a large percentage of sellers chose to push their auction date back a week, with the AFL Grand Final last weekend.
This created a significant spike in auction volume across the state with 210 auctions scheduled for Ray White Victoria.
“This increase in supply was met with an equal level of demand from buyers. Based on preliminary data from the Ray White group, this week has seen on average 3.9 confirmed bidders at auction. The exceptional Melbourne weather and large crowd sizes also created a great auction day atmosphere,” Mr Condon said.
“New and renovated properties that are ready to move into are proving to be very popular with buyers at the moment. Sellers that chose to meet the market today were rewarded with bidding, competition and ultimately a good result.”
22 Bowmore Street, Hughesdale (pictured above)
Sold under the hammer for $2,126,000
Six active bidders
Ray White Carnegie, Jin Ling - 0457 777 712
Auctioneer: Tom Grieve, Ray White
Lee and Sarah, the sellers of this architectural art deco home who documented their renovation journey on Instagram, were absolutely thrilled when the hammer fell in front of a 120-strong crowd.
“The photos don’t do justice to the crowd we had today, and the home itself was really one that had to be seen in person to appreciate the beauty,” selling agent Jin Ling said.
“Every single detail in this home had been considered, and the quality of craftsmanship was truly admirable. It was an absolute showcase property. We had over 250 groups come through to view it before the auction today and over 40 contracts requested throughout the campaign.”
Bidding started at a huge $1.8 million and the final winning bidders were a young couple who are getting married in February, shortly after they move in.
“The buyer is actually in the real estate industry and greatly appreciated and understood the property, and the justice that was done to its original art deco style,” Mr Ling said.
1/6 Valerie Street, Boronia (pictured above)
Sold under the hammer for $919,000 - above reserve by $129,000
16 registered bidders, 10 active
Ray White Wantirna, David Armstrong - 0421 583 438
This newly built townhouse was the last available in the development, being sold by the builder who lives interstate. The winning bidders were a young couple who purchased to live in.
“It was just a really beautiful home, it had some great qualities like a huge living space and an upstairs retreat which is a drawcard for families,” Mr Armstrong said.
“The market is evening out very well here in Melbourne. We went from ‘fear of missing out’ to ‘fear of paying too much’ and now we are at a happy medium for both buyers and sellers,” Mr Armstrong said.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said auction volume was slightly down in Brisbane, which was to be expected over a long weekend and school holidays.
“In my travels today all motorways heading to the coast were extremely busy, with many Queenslanders taking advantage of the long weekend,” Mr Croft said.
“While auction volumes were a little more subdued today, a lot of astute sellers brought their auctions forward to midweek, allowing buyers the chance to lock in their dream home before the long weekend.
“It was delightful to still see very good crowds and bidding on selected properties. Buyers are cognisant to future interest rate rises but are still bidding to their limits. I suspect clearance rates will remain hovering around 50 per cent as we continue to see some sellers slightly above the market compared to the buyers,” he said.
77 Simpsons Road, Bardon (sellers pictured above)
Sold under the hammer for $1,421,000
Six registered bidders, four active
Ray White Paddington, Judi O’Dea - 0417 009 635
Ms O’Dea said the huge renovator on the main road of Bardon attracted a big crowd of onlookers and exciting bidding amongst the three active bidders.
“The winning bidder in the end was a local Paddington-based developer who will restore the home beautifully, and he was up against two owner occupier bidders,” Ms O’Dea said.
“It is a traditional 1920s Queenslander and its potential for restoration is endless.”
15 Ranley Terrace, Paddington (pictured above)
Sold under the hammer for $3,700,000
Three registered bidders, two active
Ray White Paddington, Max Hadgelias - 0411 276 372
Mr Hadgelias said the character home with dual living potential attracted a lot of investor interest. The winning bidder was a local buyer who is going to retain the property.
“The major drawcard was the hilltop position and the huge block size particularly for Paddington,” he said.
“The sale was a deceased estate, so we were liaising with family members based in Sydney. It was bittersweet for the family however they decided it was the right time to sell.”
Mr Hadgelias said that despite the changing market, he is feeling comfortable with the amount of activity.
“Rather than dealing with 8-10 bidders like we were a year ago, we are dealing with two to three bidders. All you need are a handful of genuine bidders to achieve a great result, which rang true at today’s auction.”
34 Vale Street, Wilston (pictured above)
Sold under the hammer for $3,100,000
11 registered bidders, five active
Ray White Wilston, Alistair Macmillan - 0410 636 221
Auctioneer: Phil Parker, Ray White
Mr Macmillan said the auction of this stunning renovated family home was a thrilling one, with over 150 people in attendance.
“The auction paused momentarily at $2,900,000 and then quickly rose until the hammer fell,” he said.
“The seller had owned the home for 18 years, where they lovingly renovated it and raised their family. We sold them an original Queenslander a few years ago which they are currently renovating,” he said.
“The buyers were a young family with two children, who had been searching for their dream home for over two years. We are thrilled for everyone involved.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said 85 per cent of all Ray White auctions sold this week, with a huge 10 registered bidders as the average.
“In comparison, last week we had 70 per cent clearance with an average of six registered bidders.
“While the auction day clearance rate has dropped slightly, it is still comfortably above 70 per cent, which is down on last year but it is way up on the last normal market in 2019/20.
“Ray White in South Australia is holding 34 per cent of all auctions this week, which is three times more than our competition,” he said.
65 Churchill Road, Prospect (pictured above)
Sold under the hammer for $1,800,000
14 registered bidders, five active
Ray White Norwood, Ryan Stapleton - 0400 047 114
Auctioneer: George Kargiotis, Ray White
Mr Stapleton said the winning bidder of this villa and two bedroom unit complex was a property developer, with most interest in the campaign coming from investors and developers.
“It sold for around $400,000 above market feedback, which just shows how effective the auction method of sale is,” he said.
“Today’s result makes it clear that there is still money being spent, and that it is the job of the agent to attract as many bidders as possible on the day.”
28 Arunta Street, Greenacres (pictured above)
Sold under the hammer for $628,000
Two registered bidders, both active
Ray White Norwood, Stefan Siciliano - 0403 171 489
Auctioneer: John Morris, Ray White South Australia chief auctioneer
“This was a beautiful result for the seller, and it was more than $40,000 over price expectations,” Mr Morris said.
“The seller was in his 80s and he had moved closer to be closer to family. He couldn’t sing higher praises of Stefan both after the auction and throughout the campaign.”
The buyers were a local young family.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said the auction landscape was quiet in Sydney today, which was to be expected from a long weekend.
“After the first Saturday in October we have confidence that there are still plenty of buyers out and about,” he said.
“Willing buyers are still keen to bid, though sellers must take into consideration the market prices if they want to secure a sale.”
Sold under the hammer for $2,034,000 - above reserve by $34,000
Nine registered bidders, four active
Ray White Hurstville lead agent Michael Curtis - 0405 680 919
Mr Curtis said the auction was a fast but exciting one, with the winning bidder a local who will move in with his family (pictured above).
“The appeal of this home was that it was single level, five-bedroom and perfect for a family,” he said.
“The sellers were very happy with the result, having held the property as an investment for the past eight years,”
“The market is very property specific at the moment; decent homes with no building work required are performing well, particularly around the $1.5m-$2m mark.”
PERTH
60 Dunrossil Place, Wembley Downs
Sold under the hammer for $1,550,000
Five registered bidders, three active
Ray White Dalkeith | Claremont lead agent Peter Kasten - 0423 636 443
Auctioneer: Mark Whiteman, Ray White WA CEO
Mr Kasten said Wembley Downs was known for its great schooling options, making this home a sought after one for families.
Aptly, the winning bidders were a family with teenage children (pictured above with sellers).
“The sellers are a couple in their 90s, and they built the house back in the 1970s. They are thrilled with the result and to pass their beloved home onto another family,” Mr Kasten said.
“The neighbourhood is amazing; the street is actually very well known for its Christmas lights and people come to visit from all over Perth every year.”
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Media Contact
Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com
