Auction wrap from around the grounds

RAY WHITE GROUP had a massive 672 auctions scheduled across Australasia this week, 328 of which were set to take place, with preliminary data showing a 71.4 per cent clearance rate.

Early data showed the leading group attracted over 10,600 people to their auctions this week, with average registered bidders today sitting at 3.8 and number of active bidders sitting at 2.9.

Melbourne, Sydney and Brisbane all enjoyed strong preliminary clearance rates today of 80 per cent, 75 per cent and 75 per cent respectively.

Ray White New South Wales Chief Auctioneer Alex Pattaro said as the edge of the spring rush was approaching, auction clearance rates remained red hot.

"Our preliminary data shows strong clearance rates today and that's a clear sign of strength within the market," Mr Pattaro said.

"The spotlight has to be back on the Inner West of Sydney. Buyers are bidding with confidence and prices are being achieved well above expectations."

The top preliminary sale of the day was in Manly where Ray White Freshwater Senior Property Consultant Jacquelynn Watson and Sales Assistant Andre de Ruyter managed the $3,116,000 sale of 12 Iluka Avenue (above) - a massive $366,000 over the reserve price.

“It was an incredible auction - we put on a Kombi van with free coffee and water for everyone and that attracted over 200 people - it was a real party-like atmosphere,” Ms Watson said.

“The highest offer we had prior to auction was $2,450,000, and the bidding actually started $100,000 above that prior offer, we then went on to receive over 80 more bids before the hammer fell.

“We had more than 200 people through the opens - everyone from builders and trades people through to families and downsizers - and it was a local family who were the lucky winning bidders.

“This wonderful home combines the classic scale and characteristics of its 1940's origins with superb potential and the beachside location made it a wonderful offering.”

Over reserve sales were the order of the day and it continued in North Ryde where Ray White Gladesville Sales Executive Barrie Brown attracted a huge 25 registered bidders to auction day as 18 Cook Street sold for $1,703,000 - $303,000 over reserve.

“This was an exceptional auction. The opening bid was $50,000 above the reserve price and when an opening bid was called for, six paddles went up, such was the competition,” Mr Brown said.

“We had more than 80 groups through during the opens and we had interest from all ages and all demographics coming through. It was a young couple who were the winning bidders.

“We actually reduced the campaign from five weeks to three weeks because we had already issued 20 contracts in the first week and the reduction meant the buyer could be in before Christmas.

“It’s fair to say our region is back. Our office in particular had a really good day and you can tell the recovery is full steam ahead because both houses and units are selling well.”

The Sydney success of the day continued as Ray White Concord Director - Sales Manager Matt Roffe led the $2,250,000 sale of 59 Davidson Court (above) - over the reserve price.

“We had more than 90 groups through during the campaign with the main interest from families, and it was a local family who were the winning bidders on the day,” Mr Roffe said.

“The market is looking pretty strong as we head towards Christmas and we’re certainly seeing an uplift in activity as people want to be settled heading into the new year.

“We’re still seeing strong numbers being booked in for four-week campaigns so auctions can take place this side of Christmas which is unusual for this time of year.

“The home itself was renovated 10 years ago to a good standard, is in a good move-in ready condition and the pool coming into the real summer heat was definitely a draw card.”

Ray White Victoria/Tasmania Chief Auctioneer Matt Condon said it had been another exceptional week of auctions in Victoria.

"Preliminary data is revealing an increase in both the average crowd size and the number of active bidders per auction," Mr Condon said.

"Bidders are starting the auction at a high level in the hope of knocking out their competition as well as actively competing, even after properties are called on the market."

And in Melbourne, clearance rates were skyrocketing as were were sale prices, as Ray White Blackburn Director Peter Schenck and Sales Executive Trista Lee sold 19 Alandale Road for $1,630,000 - a huge $130,000 over the reserve price.

“This property was sold three years ago for around $1,530,000 so the fact it’s sold again today for $1,630,000 is a real indication that the market is well and truly recovering,” Mr Schenck said.

“We’re seeing that the end of the year is a real driver for people buying property and we actually had interest from various demographics, including expats.

“There’s still a lack of stock in our area and the buyer, who was from Balwyn, actually turned up and bought the property on the day. It’s been a long time since that has happened.”

Over reserve sales were contagious and it continued in Vermont where Ray White Forest Hill Sales Consultant Shaun Perumal orchestrated the sale of 6 Littlejohn Court (above) for $1,401,000 - $81,000 over reserve.

“The real estate market is really healthy for us right now and the current climate is what we’ve been waiting around 18 months for,” Mr Perumal said.

“We had seven registered bidders on the day, with five of them active, and that drove the price up from the opening $1,200,000 bid, past its reserve to the final sale price.

“Interest rate drops from the banks have brought buyers back out of the woodwork and I expect the momentum created from that to continue up towards Christmas.

“A family bought the property and they loved the size, the multiple living zones and the amazing view you get from the master bedroom.”

Ray White Queensland Chief Auctioneer Mitch Peereboom said it was an outsanding day of auctions in the Sunshine State with the heat not deterring buyers from coming out in force.

"What I took from today was no matter the price point and in the different market places, the auctions were performing across the board," Mr Peereboom said.

"If we look at the different market segments, they are all performing really well, with auction being the stand-out choice for method of sale from our sellers."

And that success was evident for Ray White Capalaba Sales Executives Jesse Mitchell and Lawrence Acaster - who sold 51 Lyndon Road Ferntree Park (above) for $1,075,000 - and that was tens of thousands over the reserve price.

“This was a beautiful home that was built 31 years ago and has been renovated twice since then and the lucky buyers were a couple that won with a $2,000 knockout bid,” Mr Mitchell said.

“They had been looking for the right home for six months and everything about it appealed to them. The sellers had a large shed out the back that can easily be converted into a guest house.

“We were fortunate not to see a real market correction happen in our area and after the Federal Election and interest rate cuts we are as busy as ever.”

Success was the order of the day and it carried on in Greenslopes where Ray White Ashgrove Sales Agent Tamara Lee sold 27 Hunter Street (above) for $686,000 - $36,000 over reserve.

“This particular property was incredibly popular with first time buyers recognising it was a rare opportunity to purchase an entry-level home in ever-popular Greenslopes,” Ms Lee said.

“It was an Eastern European older lady first time buyer who had her whole family to help her celebrate when the hammer fell - it was her first Australian purchase and a lovely story.

“Things are really ramping up as we move towards Christmas, with buyers realising they want to get deals done before the end of the new year to give themselves a great start to 2020.

“For this one, we had seven registered bidders with five actively competing, and it took more than 20 bids to drive the price past reserve up to the final bid of $686,000.”

Ray White South Australia Chief Auctioneer John Morris said it was a busy week for auctions in Adelaide with 20 scheduled today and a major in-room event of 15 earlier in the week.

"We've seen strong bidder registrations and activity which has seen a shift in price expectations which should see campaign clearance rates rise," Mr Morris said.

"This is one of the last weekends where bidders can buy and settle before Christmas so we hope to see this reflected in strong clearance rates to finish off 2019."

And thanks to the work of Ray White Port Adelaide Principal Nick Psarros and Sales Associate Rick Schultz, there will be new owner-occupiers at 8 First Avenue (above) in Cheltenham, as they successfully bought this home for $435,000 - $15,000 over reserve.

“We had an incredible response to this property with 29 groups through the very first open home, with most of the interest coming from first home buyers,” Mr Psarros said.

“It was in fact a first home buyer who purchased the property and they loved the character features and the lovely garden that had fruit trees and a cute vegetable patch.

“Right now, we’re seeing good houses that are well-priced and well-presented gaining the most attention, and the A-grade properties are currently selling well.”

Media Centre: For audio commentary from Ray White New South Wales, Victoria, Queensland and South Australia Chief Auctioneers, CLICK HERE.