Auction market powers on amid 'new normal’

RAY White’s midweek auction train continued full steam ahead across Australia last night, with many deals completed in the ‘new normal’ environment where agents have adapted quickly to social distancing, which hasn’t deterred determined buyers.

Agents, buyers and sellers alike were armed with hand sanitiser, disposable and in some cases digital paddles on phones, meaning auctions ran pretty much as usual.

Of the 73 auctions scheduled across the Ray White network last night, the preliminary clearance rates eased to 52 per cent with a slight jump in the average registered bidders to 3.9 bidders per auction, up 1.4 from last year.

Agents from the Glenroy office ensured every precaution was taken on the night as well as offering online bidding for those unable to attend. Principal Mete Karan said the measures were a major reason for their success.

“The night was really good, we had 76 online viewers and five active bidders, while on site we had a crowd of 80 people,” Mr Karan said.

“Overall it was a good night, we had active bidders across all seven properties which was great and everyone appeared comfortable, especially with the hygiene measures we put in place.

“The biggest take away for me and my team from last night is the auction method is the best method to stick to, to get sales across the line - particularly in an uncertain market.

“We want to send a message to the public that we’re sensitive towards people’s concerns.”

The standout sale of the night was 96 North St, Hadfield bought by a local Melbourne buyer who said it was really comforting to see the Glenroy office taking recent events seriously.

“The agent made it very comforting, he was going through it with me and was just professional and well spoken. They had the chairs spaced out and sanitiser available which made everyone really comfortable,” he said.

Ray White Lower North Shore recorded an amazing result for the week after selling 10 properties over the last five days including the five bedroom home at 25 Wyong Rd, Mosman.

Associate director Colin Craig assisted director Bernard Ryan throughout the auction campaign and said the great turnout showed that the auction market in the area isn’t slowing.

“We had four registered bidders with a really high opening bid from a phone bidder,” Mr Craig said.

“We opened up the auction to phone and online bidding for those not comfortable attending, which is just another example how the office is adapting to the new normal.

“On-site everyone was socially distanced and hand sanitiser was on offer which ensured the night still had a good atmosphere.”

In the Melbourne suburb of Mulgrave, Ray White Noble Park | Springvale sales associate Chris Utley sold 11 Lola St last night for well above reserve to one determined registered bidder of seven. Mr Utley said the positive sale was in-line with other results from the rest of the week, including all four homes on offer being successfully sold under the hammer.

“The auction went really well with a great crowd number and the property sold for $821,000 which was well above reserve,” he said.

“Originally the auction was going to be in-room however we changed it to an onsite auction and used all hygiene and social distancing measures to ensure people were comfortable.

“Everyone was really reassured and confident with the measures in place which translated to several new appraisals coming on the back of the sale.”

In the Australian Capital Territory, Ray White Canberra had a spectacular result selling all four homes through in-room auctions.

Ray White Canberra Director Ben Faulks said three out of the four properties sold well above reserve, with the stand-out sale of the night attracting 14 registered bidders.

“We had a three-bedroom unit that went for $522,000, all the way up to a four bedroom home which went for $836,000,” Mr Faulks said.

“One property tracked at 14 bidders which is really incredible, two others had five and we had one with just the one bidder, so we’re pretty pleased with those green shoots there.

“Hopefully we can keep up that momentum. We’ll certainly be working pretty hard with our buyers and sellers to seize the opportunity in the market at the moment.”

In the rural space, Ray White Emms Mooney have had an outstanding week, with preliminary data showing six of their 13 auctions scheduled for today selling prior.

The star of the show was 287 Mount Lewis Road in Canowindra that sold for $2,000,000 thanks to the hard work of Partner Josh Keefe and Sales Specialist Christopher Daley.

The six preliminary deals added up to just over $6,000,000 with buyers taking advantage before the hammer had a chance to drop.

The Ray White Group has 338 auctions scheduled tomorrow, of which 10 per cent have already sold prior.