Auction wrap from around the grounds

Australasia’s largest auction house, Ray White Group, scheduled 303 auctions this week, with 188 on Saturday alone.

The group recorded a preliminary national clearance rate of 64 per cent and was complemented by a strong average of 4.6 registered bidders per auction and 3.1 average for active bidders.

Further preliminary results showed it was a stand-out day for NSW, with the state enjoying a clearance rate of 86.7 per cent, with a whopping 6.4 registered bidders per auction.

Ray White NSW CEO/Auctioneer Jason Andrew, who successfully called four out of five auctions today, said it was a terrific day for NSW as confidence continued to grow.

"You can feel the positivity on the ground and you get the sense the tide is really beginning to turn," Mr Andrew said.

"My advice to you is this. If you're considering putting your property on the market then there's never been a better time to do so.

"With low stock levels, competition for properties before the spring selling season is pushing prices up, which is ideal for a vendor.

"There's been a real transformation since the election because we wouldn't have seen results like today before May."

Ray White NSW Chief Auctioneer Alex Pattaro continued that sentiment by saying not even the cold and chilly breeze could keep people away from auctions or open homes today.

"Vendors who are selling now are really taking full advantage of the market with many Ray White auctions smashing reserve prices," Mr Pattaro said.

"Momentum continues to grow and we do feel the market is gaining traction week on week. I urge vendors to take full advantage of the competition out there and get amongst the market."

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There can be nowhere else to start than Kirribilli, where Ray White Lower North Shore Director David Gillan and General Manager Carlos Gonzalez oversaw the stunning $3,990,000 sale of 9/31-39 Elamang Avenue, (pictured above) a whopping $740,000 over the reserve price.

“There’s such high demand any time an apartment in Kirribilli comes available and that was highlighted by the 190 groups we had through during the campaign and the fact it smashed its reserve by a massive $740,000,” Mr Gillan said.

“Everyone wants to live there, and because of that, there is low stock in the area. It has everything from wonderful views, right on the waterfront and short walk to the shops.

“The buyers were a downsizing couple that had lived in Kirribilli for the best part of 50 years. They had recently sold in the area and are delighted to be back closer to the city.

“As part of an 18-unit block split into three buildings, the property still contains its original 1971 kitchen and bathroom, so there's still some renovation to be done.”

They say the best things come in small packages, and that really was the case with an incredible result in Sydney's smallest suburb of Wareemba, that has just 77 properties.

Ray White Woollahra Sales Agents Augusto Gerocarni and Josh Kalocsay, having turned down a highest pre-auction offer of $2,150,000, sold 26 Reginald Street (pictured above) for $2,905,000.

"This sale is the perfect example of why the auction method of sale works because we were able to achieve an extra $755,000 on game day for the vendor," Mr Gerocarni said.

"We had more than 20 registered bidders on the day and a buzzing crowd of over 100 people that watched on as more than 25 bids reigned in.

"The owners had lived in the home for more than 50 years and it offered buyers the potential to duplex on the large block, renovate or rebuild.

"The eventual lucky buyers were from Sydney and the vendor was of course ecstatic."

The success didn't end there, with Ray White Balmain Sales Agent Megan Smith and Principal Karl Howard orchestrating the $1,700,000 sale of 186 Darling Street, (pictured above) selling for $150,000 more than the reserve price.

“The street was literally filled on both sides as five of the 11 registered bidders battled it out for a property that needed work, but could be lived in from the get-go,” Ms Smith said.

“The successful buyer bought it as an investment in the short-term with a long-term vision of it being for their children. They plan on keeping the character of the property intact.

“We’ve seen a real pick-up of activity in recent weeks with buyer confidence still growing post-election and with access to finance becoming easier.

“That has culminated in an average of more than 30 groups through every property on a Saturday with Ray White Balmain.”

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Ray White Vic/Tas Chief Auctioneer Matthew Condon said it was another solid week of auction results across the state.

"Based on preliminary data, this week has seen yet another increase in the number of active bidders per auction," Mr Condon said.

"We also continue to see that when a property is announced on the market as selling, buyers are actively competing past that point in order to secure the property."

Not to be outdone by their NSW counterparts, Ray White Balwyn Senior Sales Executive I Auctioneer Bronwyn Lucas and Senior Sales Executive Bei Cheng had an excellent result in Surrey Hills in Victoria, with 3 James Street (pictured above) selling well over its reserve for $2,010,000.

“We had a huge crowd of around 150 people attend the auction on the day with four bidders competing for the property,” Ms Lucas said.

“There aren’t many properties like this at the moment in the premium end of Surrey Hills and the more than 80 groups through the opens highlights that.

“The bidding started at $1,400,000 and it took another 45 bids before the hammer finally fell on the sale price of $2,010,000.

“It was bought by a female developer who clearly knew the value of the property when bidding.”

The great results kept coming with Nunawading stepping up to the plate next. Ray White Ringwood Director and Auctioneer Chris Watson and Sales Consultant Cameron Bailey were the architects of an $892,500 sale at 2/13 Browns Road, (pictured above) $82,500 over reserve.

“This was a really great auction with six bidders looking to snap up what was a really nice new-build home,” Mr Watson said.

“Because of low levels of stock, the competition for properties is fierce so if you're thinking of putting your home on the market, there really is no better time than now.

“We’re seeing strong numbers at inspections and auctions with the numbers of buyers outstripping the number of sellers.

“We had interest from young professionals, downsizers and investors throughout the campaign for this one, with the buyers a young professional couple moving out of the city.”

Success was infectious and Highett wanted a piece of the action, with Ray White Cheltenham Sales Consultant and Auctioneer Angela Limanis overseeing the sale of 2/5 Maher Street, (pictured above) that sold well above the price guide of $645,000-$670,000.

“There has been a lack of stock in Highett for this type of property and the price guide was very desirable for first home buyers because of the value on offer,” Ms Limanis said.

“Bidders and buyers are starting to see that prices are now moving and are looking to get in ahead of the spring selling season.

“We’ve certainly seen a change since the election and with banks loosening their grip on finance, and that's highlighted in the fact we had 230 people through the opens, with five active bidders on the day.

“Now is the perfect time to be a seller because with a lack of stock in certain areas, the competition for properties is high.”

Peering over at their neighbours and wanting a piece of the action, Queensland also delivered.

Ray White QLD Chief Auctioneer Mitch Peereboom said the windy weather was no deterrent as bidders remained out in force.

"There were some excellent stand-out auctions today with the $1,000,000+ bracket preforming particularly well," Mr Peereboom said.

"Location is the backbone of every great real estate decision and buyers understand that their investment is for their future and see the opportunity provided within 5km of Brisbane CBD."

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The star of the day was in The Gap, where Ray White Paddington mother and son duo Angela Mastrapostolos and Harrison Mastrapostolos successfully sold 26 Moyry Street (pictured above) for $2,250,000, an auction that took so long Ms Mastrapostolos missed her next open home.

“This was a terrific auction with four active bidders battling it out as the price was driven up from $1,500,000 all the way to the sale price of $2,250,000,” Ms Mastrapostolos said.

“The buyers were a local family from Ashgrove who wanted a bigger yard for their kids - and they had stiff competition with groups coming back for third, fourth and fifth inspections.

“The property was just perfect in every way. It had wonderful city views, was north-east facing so captures the light beautifully, and was surrounded by lush greenery.

“It has a big block you can use every inch of and is an easy property to maintain.”

And last but by no means least, Ray White Wilston Principal - Auctioneer Alistair Macmillan led the $1,220,000 sale of 14 Lovedale Street (pictured above) in Wilston.

“The family that bought the property have recently migrated from Western Australia, were renting in Wilston and had been looking to buy a family home for a few months,” Mr Macmillan said.

“The highest offer we had prior to the auction was $1,050,000 so it proves that holding your nerve and making it to auction day has real benefits.

“We had four registered bidders battling it out on the day with all of the interest coming from local families that wanted to live within walking distance of Wilston State School and St Colombus State School.”