A SMALL but determined group of Ray White members booked 135 properties to go to auction last Saturday across Australia to record some impressive individual results across the country with a preliminary national auction day clearance rate of 66 per cent for the leading group.
With more than 6500 people attending our auctions overall, we had 2.9 registered bidders per auction, which was actually a touch higher than normal.
Ray White Victoria & Tasmania Chief Auctioneer Matt Condon there was a lot of uncertainty leading up to last weekend regarding the real estate market and how it would perform on election day but it had been a great day after all.
“When out in the field and also looking at our data, our average active bidders per auction plus general open home attendance numbers are up right across the board,” he said.
“The preliminary auction day clearance rate for Victoria today is currently sitting at 73 per cent, so it’s actually been a great day all around,” Mr Condon said.
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Ray White NSW Chief Auctioneer Alex Pattaro said there was a lot of people out looking last weekend and open for inspection numbers reportedly a bit higher than normal in Sydney.
"With the election votes in and clarity around the government we are expecting to see an influx of confidence regarding the property market. Investors will regain confidence knowing negative gearing and capital gains taxes will not be affected so we are excited to see what the future may hold."
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Ray White Lane Cove principal Paul Nees said he didn't give the Federal Election a second thought when he booked the auction for the cute two bedroom post war double brick home at 8 Cumberland Ave, Lane Cove.
"I never believed the election would have any bearing on the outcome of this auction. We had nine registered bidders and three of them were very active," Mr Nees said of the on-site auction in front of 40 people with auctioneer Paul Menck.
"The property was called on the market at $1.30 million and sold for $1.480 million to a man who has family living next door. He has plans to rent it out and eventually move in to it.
"It's a great solid two bedroom post war home, which was built by the president of the Master Builders Association at the time."
Up on the glorious Sunshine Coast, nine registered bidders attended the auction of 1 McKenzie Drive, Maroochydore, with one buyer even driving some 200kms down from Hervey Bay.
Marketing agent Greg Clarke of Ray White Mooloolaba said the simple brick complex of three units was a very attractive opportunity for investors and sold for $835,000.
“These three units currently return more than $48,000 per year in income, and all the work is done. It’s a small complex of 3 x 2 bedroom units which are all fully renovated and ready to go,” he said.
“I had no hesitation in auctioning these units on election day. The buyer from nearby Buddina is ecstatic as they have been looking for a while, and they’ve bought before there’s any change in Government and will lock in the benefits of negative gearing.”
In Melbourne, Ray White Reservoir marketing agent Keb Nguyen (pictured here with his vendor) sold the five bedroom brick home at 60 Pickett St for $1.022 million, some $122,000 over reserve.
“We had 10 registered bidders - many of them were builders - keen on this big brick home which was it’s first time ever to market,” Mr Nguyen said.
‘The property sailed through its reserve of $900,000 and the buyer is going to redevelop the site and build a house for his children to live it That it’s going to be his project. The house is in a great location on a corner block at 912 sq m of land.
“It’s perfect for development and it’s close to the shops.”
In the capital today, Ray White Canberra marketing agent Mark Johnstone sold the four bedroom contemporary home at 20 Munjuwa St, Ngunnawal for $676,500, with two registered bidders.
“It was a staggered auction but we got there in the end with small increments,” Mr Johnstone said. The office has an enviable auctioneering track record, and each month the team outperforms all other agency’s results Canberra wide.
During the week in Adelaide, some 27 registered bidders from all over Australia contested an exciting zero reserve auction for 3/5 L'estrange Street, Glenside.
Ray White Adelaide Group marketing agent Jordan Ekers said some 20 registered bidders were in the room, while there were seven more online from Perth to Syney and Brisbane.
“Twelve of the bidders were very active after it kicked off at just $5000 but quickly moved to $350,000 and eventually sold for $607,500 to a local,” Mr Ekers said.
“I wish every auction I had could have zero reserve as the market always finds its level. Yes technically it would have sold for $1 but in all honestly it would never happen.
“In the end three bidders battled it out and the last one dropped out at $607,000 and the winning buyer secured the large three bedroom ‘homette’ with a $500 bid.”
This week the Ray White Group recorded what is likely to be the most expensive property sold at auction this week and the cheapest.
A picturesque block of land on the NSW South Coast sold for $11.3M mid-week while a termite riddled fibro house in Rockhampton, Queensland sold this week for $50,000, just prior to its auction.
The highest price achieved at auction this week was by the unstoppable Sydney sales agent, Craig Pontey of Ray White Double Bay, along with Ray White Gerringong principal Neil Campbell, who successfully auctioned off the most talked about property on the South Coast of NSW for a record price.
Fashion pioneer and Ingham chicken heir Robby Ingham and wife Sarah sold their infamous block called Ocean Pines for $11.3M last night at auction. It’s understood the picturesque coastal property smashed it’s reserve by more than $3M.
The lush parcel was auctioned at the Crooked River Winery in Gerringong on Wednesday night, less than two hours south of Sydney. There were four registered bidders, two of which were very active, and the winning buyer lived in Sydney’s eastern suburbs.
“It was an exciting auction. The auctioneer called it on the market at $8.5M,” Mr Pontey said. “It’s the highest price ever paid under the hammer on the South Coast.”
And up in Rockhampton, marketing agent Gavin Jenkins of Ray White Rockhampton City this week sold 234 Elphinstone St Koongal for $50,000 to a local builder who is going to fix up the high-set home before renting it out.
“This one was a family home and by that I mean it was home to a family of termites. There was not one piece of pine in the place that hadn’t been nibbled on,” Mr Jenkins said.
“A builder bought it for $50,000 and he will give it some TLC. It really needs a lot of work but he will make it livable again,” Mr Jenkins said.
The Ray White Group gets back up to speed next weekend with some 300+ auctions already scheduled to run.
