Ray White’s auction data continues to record an improvement in the property market, with a 13 per cent lift in the number of auctions scheduled to 528 and 234 of those today alone. The leading group’s preliminary weekly national clearance rate of 61 per cent was solid with 10,444 people attending auctions group-wide.
There was a slight easing in Sydney’s daily clearance rate today to 82 per cent with auctioneers reporting “much harder” conditions.
“Owners’ expectations have gone up and therefore the clearance rate has gone down. It was much harder out there today,” said Jason Andrew, Ray White NSW CEO.
Victoria experienced a subdued auction market this long weekend for the Spring Racing Carnival which saw only 41 auctions booked across the Ray White network today, a third of its normal volume. The agents sold 70 per cent of those for their owners.
One of the bright spots today in many ways was this flamboyant Versace inspired two bedroom inner west unit on two levels at 2410/98 Joynton Ave, Zetland which Ray White Surry Hills agent Jack McGhee today sold in front of a small crowd.
The bidding started at $900,000 and went to $970,000, before a young first home buyer from Meadowbank bought the property for $1.045 million.
“The owners are happy, they are so relieved that they can now build their dream home at Richmond where they have bought some land,” Mr McGhee said.
Mr McGhee’s vendors had styled their home as “a tribute to the iconic Gianni Versace”.
“My extravagant vendors created a totally unforgettable residence of timeless flair and contemporary indulgence.”
In Wahroonga, Ray White Upper North Shore Director David Walker had a cracking auction when he sold 1564 Pacific Hwy for $1.48 million in front of a huge crowd of more than 100 people in the backyard.
“It was always going to go nuts as we’d had 200 groups through in the four week campaign period,” Mr Walker said.
There were 13 registered bidders and five were active in the fast and furious auction conducted by auctioneer Jason Keen which lasted less than 10 minutes.
“The bidders came from all over Sydney. The opening bid was $1.3 million and it jumped to $1.35 million in two bids and was called on the market at $1.4 million and it was then fought out between two bidders until the winning bid of $1.48 million.
The deceased estate was bought by a local family who have experience in heritage restoration and plan to bring the home back to its former glory.
Ray White NSW Chief Auctioneer Alex Pattaro said the open for inspection rush and auction in attendance numbers remain in abundance today but “vendors need to be wary that buyers are vigilant and cautious as to how much they are prepared to pay for properties”.
“With only seven auction Saturdays to the close of the real estate year, vendors should still be suggesting auction,” he said.
“We are still seeing great results and vendors who are still on the market should think about converting to auction to maximise price and competition before the end of 2019.”
The top sale for the week across the entire Ray White Group took place mid-week in the Sydney suburb of Eastwood.
Some 45 registered bidders and more than 150 people lined the street as a tenanted retail asset, offered to the market for the first time in over 40 years sold for $7.25M at auction at 159 Rowe Street in Eastwood.
The property, that came with a 340sq m* building area and 303.5sq m* land area, offered dual street frontages onto Hillview Lane and Rowe Street.
The asset was marketed and sold by Ray White Commercial NSW – Western Sydney Associate Director Victor Sheu, Director Joseph Assaf and Managing Director Peter Vines.
Mr Sheu said the response throughout the campaign had been incredible with more than 200 enquiries from various avenues.
“This is the first time this family-held property had been offered to the market in over 40 years and we issued more than 60 contracts before auction day,” said Mr Sheu, the Western Sydney Asian market specialist.
Meanwhile, Ray White Victoria & Tasmania Chief Auctioneer Matt Condon said this week saw the traditional lull in auction volume for the Spring Racing Carnival, ahead of the Melbourne Cup on Tuesday.
“The lower volumes this long weekend have however created more competition per property for sellers. We have also recorded a significant increase in the number of people in the crowds as well as the number of bidders per auction. On the ground, it is great to see that when a property is announced on the market that a second wave of bidding ensues too. This week Ray White Victoria is expecting an exceptional auction day clearance rate.”
Ray White Craigieburn agent and auctioneer Daniel Diamantopoulos today sold 14 Medway Rd, Craigieburn for $560,000 with four active bidders.
“My vendor is stoked as that got $40,000 over reserve and they are moving into the next phase of their lives after 45 years in their home. It was also great to see a first home buyer out-muscle a builder and a developer in the auction too. It was a real cracker auction,” Mr Diamantopoulos said .
“It’s been a normal Saturday for me with lots of people at our opens and here’s hoping I have a win on Melbourne Cup day this week too.”
Ray White Queensland Chief Auctioneer Mitch Peereboom said it had been an outstanding day across the board for the group’s members.
“Ray White Aspley held it’s Super Saturday today and the count so far was six from nine have sold under the hammer from a $400,000 investment property to a home selling for $1.625 million.
“Buyers are not afraid to compete at auction and the market doesn’t feel like it is slowing down anytime between now and Christmas.”
Ray White Noosa agent Dave Williams had more than 100 people watch over this auction at Coolum Beach today where two homes were for sale at 1 & 2/32 Second Ave for the first time in more than 30 years.
A Brisbane family had built the two completely separate two bedroom homes on one title on a 617sqm block. For the family, one of the homes had always been their holiday home, while the other was always tenanted.
“I "I had 78 groups through during the campaign and they came from all over the Sunshine Coast, Brisbane and Melbourne,” Mr Williams said.
There were 14 registered bidders but only half bid as the opening bid of $720,000 knocked a few out.
“The bidding moved up in $10,000 Increments and went very quickly. In the end there were two bidders and the final price was $875,000.”
The buyer works in Coolum but lives in Mapleton, and so will be moving down to the beach to be closer to work and family.
“My vendors had three written offers prior and they are over the moon that they went to auction. I had a lot of young first home buyers who wanted to buy one and rent one out, same with some retirees who would live in one and generate an income in other. There was a lot of interest from investors as the beauty of it is the houses are on one title.”
Ray White South Australia Chief Auctioneer John Morris said it was a super week for auctions across South Australia with 43 auctions scheduled to run.
“I hope those auctions translate to us maintaining our 30 to 40 per cent auction listing market share. There’s definitely been a quite that have sold prior too.”
At corporate in-room event at the Adelaide Oval on Friday night, the busiest auction was 53 Ascot Ave, Dulwich through selling agent was Mannas Chan of Ray White Norwood.
Ray White SA Chief Auctioneer John Morris said there were eight registered bidders and five of them participated in the bidding.
The fully renovated impeccable1926 red brick bungalow sold for $925,000.
“Mannas did an outstanding job on both of his properties, getting multiple registered bidders on them both, proving that he is understanding and following the process and garnering great results. The venue was fantastic and there was great support from all of the participating offices and from corporate team in South Australia,” Mr Morris said.
Mr Chan said he had 67 groups through during the campaign and the eventual buyer was from Jamestown some 200km north of Adelaide.
“She had one private inspection and bought the house at the auction.”
Mr Chan also sold 34 Scarlet Ave, Munno Para for $420,000 after an active auction with
four registered bidders on-site today. It was bought as an investment property by a local.
But it was in Valley View that a three year search came to an end for a young male nurse who bought this family home on a large allotment at 42 Cornell Close.
Ray White Norwood agent Nick Borelli worked his magic during the campaign which saw a lot of first home buyers attracted to the three bedroom home in a good suburb known for its “good shopping, schools and good value”.
Mr Borelli had 10 registered bidders, and seven of them active in the hunt today.
“It was a perfect warm, sunny day in Adelaide and you can feel the positive moment in the air. Our open for inspection numbers are up and there’s the definite vibe of confidence around.”
The sellers are looking to upsize to acerage to have more space for their children
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