Auction bidders and buyers were greeted with sunshine, higher temperatures and higher auction volume today.
Australasia’s largest real estate group reported a healthy preliminary national clearance rate of 70 per cent.
There was a sense of optimism from agents and auctioneers across every capital city today, with many indicating the spring selling season was well and truly underway, albeit a bit later than previous years.
The top sale of the day was for the home of Ray White New South Wales CEO Andrew McCulloch, who said that the result was an indication of market strength. 342 Annandale Street, Annandale sold under the hammer for $3.5 million.
“Our decision to list our home and take it through to auction today, is a reflection of our confidence in this current market,” Mr McCulloch said.
Sydney saw a bounce back this week, recording a preliminary clearance rate of 79 per cent and huge bidder numbers, with 44A Woods Road, Sefton attracting 24 registered bidders.
Adelaide came in with the highest clearance rate at 81 per cent, and achieved on average 5.6 registered bidders per auction today.
SYDNEY
Ray White New South Wales chief auctioneer Alex Pattaro said the Sydney market matched the weather this weekend, with strong competitive bidding shining all over the harbour city.
“Our average number of registered bidders continues to increase, as do the active bidders across our auctions,” Mr Pattaro said.
“The market sentiment is much better than what it has previously been, making it a great time to transact. Buyers now expect rates to continue moving north and have factored this into their decision to either buy or wait.
“Stock volume is down compared to last year, however with the bidding activity we are seeing, now could be the prime time to obtain the best result,” he said.
Sold under the hammer for $1.830 million (reserve $1.7 million)
Six registered bidders, four active
Ray White Surry Hills - Ercan Ersan - 0423 941 112
Auctioneer: James Keenan, Ray White
The winning bidders of this three-bedroom house on 250 sqm was an over the moon young family (pictured above) who had been searching for their dream home for months.
“The seller has been here for 24 years and she decided to relocate to Adelaide to be closer to family. She is absolutely thrilled that we achieved so far above her expectations,” Mr Ersan said.
“The house was on a deep block which allowed for both a garden and a garage, which you rarely get both of in this area.”
“The market has shifted slightly since this time last year, which has allowed a new range of buyers to come and compete on properties like this.”
342 Annandale Street, Annandale
Sold under the hammer for $3.5 million
Four registered bidders, three active
Ray White Surry Hills - Matthew Carvalho - 0404 006 744
Auctioneer: Tim Snell, Ray White
The sellers of this landmark Victorian style manor was Ray White New South Wales CEO Andrew McCulloch and his wife Cass, who were absolutely thrilled with the outcome.
“Our decision to list our home and take it through to auction today, is a reflection of our confidence in this current market,” Mr McCulloch said.
Mr Carvalho echoed this sentiment, saying homes at the upper end of the market were performing exceptionally well due to scarcity of stock.
“The $1m-$2m market is a little more challenging as there is more choice for buyers in this price bracket,” Mr Carvalho said.
A young couple with a baby due early next year were the lucky winning bidders of the stunning four-bedroom home, upsizing from nearby Rozelle (pictured above).
“This is a heritage home and is a trophy asset in the area. It is freestanding and an opportunity that only comes up once in a generation,” Mr Carvalho finished.
7/9-11 Queens Ave, Rushcutters Bay
Sold under the hammer for $1.534 million
Eight registered bidders, six active
Ray White Elizabeth Bay - Renee Cross - 0413 764 566
Making the most of Sydney’s sunshine and the prestigious location, the auction of this small two-bedroom unit was conducted in Rushcutters Bay Park.
“The winning bidder was a lady from the inner west (pictured above) who is going to live in it and eventually do some renovations,” Ms Cross said.
“It was stunning weather for an outdoor auction, and conducting it in the park really showed the unit in its best light. It is north facing and in an iconic eastern suburbs location,”
“The unit had to be sold on auction day today, which attracted a lot of interest throughout the campaign and resulted in a great outcome.”
13 Wallace St, Marrickville (pictured above)
Sold under the hammer for $1.303 million
14 registered bidders, six active
Ray White Earlwood - Dean Vasil - 0420 555 965
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
The thrilling auction kicked off with an opening bid of $800,000.
“This home was completely uninhabitable and in derelict condition, but we managed to attract large amounts of interest throughout the campaign,” Mr Vasil said.
“We had record views online and email enquiry was through the roof! It is a great sign as we feel buyers in today’s market have accepted recent rate rises and are factoring them in when buying.”
Mr Vasil said a home in need of repair may eventually turn out to be the best decisions a buyer can make.
“A textbook auction campaign contributed to higher than usual registrations for this market and we are astonished at the end result we were able to generate for our sellers.”
The buyer was a local property investor whose plans for the home are currently unknown.
MELBOURNE
Despite the festivities of the spring racing carnival, the auction action certainly didn’t slow down in Melbourne. Ray White Victoria and Tasmania CEO Stephen Dullens explained the large number of auctions this week capped off a busy month.
“This week across Ray White Victoria we’ve seen 170 scheduled auctions, again showing the health of the market,” Mr Dullens said.
“With customers enjoying the increase in auction activity and listings coming to market, buyers continue to seek quality property that is rewarding vendors who are priced well, with strong competition being seen.”
The busy weekend has capped off what has been a huge month of auctions.
“With well over 700 auctions scheduled across Ray White Victoria during October, this weekend caps off what has been a busy month.
“With the number of auction weekends rapidly reducing, buyers remain out in force looking to secure their property purchase prior to Christmas.
“We’re looking forward to seeing what the balance of 2022 brings.”
2/5 Leonard St, Balwyn (pictured above)
Sold under the hammer for $1.545 million (price range $1.280 - $1.4 million)
Two active bidders
Ray White Balwyn - Helen Yan and Brad Cooper 0418 344 733
Auctioneer: Jeremy Tyrrell, Ray White
Mr Cooper said the Deepdene neighbourhood in Melbourne was very small, exclusive and well located to shops, cafes and schools.
The winning bidders of the townhouse were a young family, with the single-level living and low maintenance lifestyle being a major drawcard for both families and downsizers.
“We are finding the market extremely active - we have put seven deals together in the last five days,” Mr Cooper said.
9 Dobell Street, Blackburn South (pictured above)
Sold under the hammer for $2.310 million
Four active bidders
Ray White Burwood - Jichen Quan - 0404 616 929
Auctioneer: Jichen Quan, Ray White
The winning bidders of this grand home with city views were a young family who are going to move straight in.
“There was a big crowd at the auction; this is a really top product for the area, with only four properties selling for over $2 million this year,” Mr Quan said.
“It was a much anticipated auction, with over 70 groups throughout the campaign coming to look and mostly families vying for the home.”
30 Summit Road, Burwood (pictured above)
Sold under the hammer for $1.79 million
Six active bidders
Ray White Oakleigh - Nick Strilakos - 0403 510 712
Auctioneer: Andrew Freeman, Ray White
Mr Strilakos said the sale of this family home was a very special one, having grown up himself in the house next door.
“I have known the sellers since I was born; they have been here for many years and made the decision to downsize after they have become empty nesters,” he said.
“It was a very successful campaign, funnelling it through our shared office databases of investors, landlords and owner occupiers.”
“The combination of it being a four-bedroom home in a desirable location with subdivision potential contributed to its success.”
The buyers are a family who just sold in Surry Hills and have bought the home to live in.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said the leading group had well over 100 auctions scheduled across Brisbane this week.
“This is a big jump on volume, compared to the first six weeks of spring. Sellers are feeling that the market is settling, and therefore we are seeing a lot more people come to market now,a bit later in Spring than usual,” Mr Croft said.
“We are seeing registered bidders hovering between three to four per auction and clearance rates are around 50 to 60 per cent.
“It is very positive to see volume increasing. As stock was tight at the start of spring, it seems there is more action happening to finish the year strong.”
8 Accession St, Bardon (pictured above)
Sold under the hammer for $1.370 million
Seven registered bidders, four active bidders
Ray White Ashgrove - Adam Downes - 0418 872 022
Mr Downes said the sellers of this art deco style home in Brisbane’s inner north were absolutely over the moon, and their expectations of $1.25 million were well and truly exceeded.
“The sellers loved this gorgeous house but after looking into renovating, they decided not to because of the current costs and shortages in construction,” he said.
The buyer was a gentleman, bidding on the phone from interstate and has plans to move in with his daughter.
“I am getting a huge number of buyers on all properties at the moment. If they aren’t selling at auction, we are getting strong offers after and they are usually sold within the week,” he said.
51 Village Way, Little Mountain (pictured above)
Sold under the hammer for $500,000 (reserve $460,000)
Eight registered bidders, all active
Ray White Pelican Waters - Rebecca Capper - 0414 454 835
Auctioneer: David Treloar, Ray White
The humble home in the Sunshine Coast hinterland area had been completely eaten internally by termites, making it for a very interesting auction.
“It was a fantastic auction, and we achieved more than $70,000 above the highest offer prior to auction,” Ms Capper said.
“It was perfect for a builder or a renovator who is a little bit handy! The foundations of the home were intact.”
The winning bidder was a young first home buyer gentleman, whose father is a builder and is going to help him renovate the home.
“The market is going well in our area; we have had bidding at all of our auctions today.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said that while bidder registrations are at the lowest they have been for 2022 in South Australia, those that are participating in bidding have remained consistent throughout the whole year.
“This has returned a very high clearance rate. Last week we sat at 85 per cent clearance and for those 15 per cent that sell under the hammer, they did sell very quickly afterwards,” Mr Morris said.
“The other fact that is quite astounding is that generally Ray White hold 30 per cent of auctions, this week we sat at a huge 40 per cent.”
“When CoreLogic reports their clearance rates, in almost every case, Ray White reports a higher clearance rate. When you go to auction with Ray White, you have a greater chance of selling under the hammer on the day,” he said.
23 Chopin Road, Somerton Park (pictured above)
Sold under the hammer for $1,095,000 (reserve was $950,000)
10 registered bidders, five active
Ray White Glenelg - Rod Smitheram - 0417 626 037
Auctioneer: Rod Smitheram, Ray White
“It was really about the land value with this one; the block cannot be subdivided but it is sitting on a generous piece of land in a great area,” Mr Smitheram said.
The winning bidders were a young couple who will live in it for a couple of years, before they rebuild their dream forever home.
The sellers have been there 36 years and they are downsizing to be closer to family.
“The market is performing relatively well. We have sold three from five at auction today. It is becoming a bit more price sensitive, with people going to their maximum of bidding and being cautious from there. There are still plenty of registered bidders and interest at auctions,” he said.
52 Ridgeway Drive, Flagstaff Hill (pictured above)
Sold under the hammer for $1.16 million (reserve $1.1 million)
Eight registered bidders, four active
Ray White Flagstaff Hill - James Leo - 0408 408 009
Auctioneer: Sam Grover, Ray White
Mr Leo said the campaign attracted an even mix of developers as well as owner occupiers.
“The winning bidder was a local property developer, and the underbidder was also a developer,” he said.
“The feedback was at high $900,000s throughout the campaign, so the seller who was interstate on holiday was absolutely thrilled with the result. The market here is strong, and we are seeing strong clearance rates week after week.”
10A Wootten street, Greenacres (pictured above)
Sold under the hammer for $715,000 (reserve $620,000)
10 registered bidders, six active
Ray White Norwood - Stefan Sicilano - 0403 171 489
Auctioneer: John Morris, Ray White South Australia chief auctioneer
Mr Morris said the winning bidder came in at the last minute but it was very competitive bidding all the way through.
“The sellers were a family relocating back to Sydney, and the buyer was a very happy first home buyer,” he said.
“Stefan is a machine when it comes to running an auction campaign; he truly knows how to attract bidders and create competition. Greenacres has recently been named the number one auction suburb in South Australia, and I believe Stefan is a large contributor to that.”
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Media Contact
Nina Clarke
Ray White Group
nclarke@raywhite.com
0448 841 606
