Auctions soar on high buyer demand

The unseasonal heatwave across the country today brought with it hundreds of hot auction results, with huge bidder numbers and sale prices far above reserve.

Australasia’s largest real estate group reported a preliminary clearance rate of 64 per cent nationally, with an average of 4.5 registered bidders per auction. 2.7 of those bidders were actively bidding.

The standout city was a tie, with both Sydney and Melbourne coming in at 76 per cent preliminary clearance under the hammer.

The highest sale of the day came from the sunshine state, where Matt Lancashire from Ray White New Farm proved that the prestige market in Brisbane is well and truly thriving. The new build at 10 Ludlow Street, Hamilton sold under the hammer for $6.4 million, along with 14 more properties selling under the hammer at their in-room auction event.

Auctioneers and agents across the country had clear feedback to sellers today; take your property through an auction campaign and you will be rewarded with prices.

On average, sellers who sold on auction day today achieved 10.5 per cent more in their sale price than if they had taken the highest offer prior.

Ray White New South Wales chief auctioneer Alex Pattaro said that it was quite clear that Sydney property prices have reignited.

“We are seeing a positive uplift in prices across the entirety of the city. The average number of registered bidders is continuing to rise week to week, which is contributing to a very high clearance rate,” he said.

“Buyers are chomping at the bit to secure a home, which should be a green flag for sellers. We urge all sellers to capitalise on what we are seeing on days like today.”

16 Seaview St, Clovelly (pictured above)

• Sold under the hammer for $3.630 million - above reserve by $230,000

• 10 registered bidders, five active

• Lead agent: Nicholas Wise - 0410 121 533

• Ray White Eastern Beaches

• Auctioneer: James Hayashi, Ray White

Mr Wise said the winning bidder of this stunning Victorian style home with ocean views was a local young man who will eventually renovate the home. He registered only moments before the auction kicked off.

It was a deceased estate sale, with most of the family overseas in the United Kingdom, but the daughter based in Sydney was thrilled as the hammer dropped.

“We had really good numbers throughout the campaign with over 100 buyers inspecting the property and over 350 enquiries,” he said.

"The prestige market in my area is still holding strong. It is very price-sensitive however when interesting properties like this one come to market, there is always a lot of attention and engagement."

3 Lilla Place, Quakers Hill (seller pictured above)

• Sold under the hammer for $1.315 million - above reserve by $215,000

• 10 registered bidders, seven active

• Lead agent: Taylor Bredin - 0430 169 625

• Ray White Quakers Hill

• Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer

Mr Bredin said the lucky winning buyer was placing his bids on the phone as he was away on holiday. He had been searching for the right property for a few months.

“The sellers had owned the property for 20 years as an investment. They had it on the market last year for six months, unable to achieve the price they wanted. We set the reserve price today at $1.1 million, based on the feedback throughout the campaign,” he said

“The buyer will live in one part of the property and rent out the other part. It is a duplex but was on one title, which was appealing for buyers.”

5 Clifford Ave, Thornleigh (buyers and sellers pictured above)

• Sold under the hammer for $2.218 million - above reserve by $108,000

• Eight registered bidders, four active

• Lead agent: Nathan Leuzzi - 0412 975 190

• Ray White Cherrybrook | Thornleigh | West Pennant Hills

Mr Leuzzi said that the bidding for this federation character home started at a healthy $1.7 million. The eventual winning bidder was a local family looking to upgrade to the area.

“Our seller was downsizing after living there for 20 years, and she will now be looking for a smaller home or apartment now that her children have moved on,” he said.

“This is a nice land holding; a huge flat block with a 100 year old character filled home. The location is brilliant, being a beautiful family area and quiet street, while still close to amenities.”

Ray White Victoria chief auctioneer Jeremy Tyrell said auction volume returned following the long weekend with 175 auctions scheduled, compared to 125 for the previous week.

“While the weather was unseasonably unstable, the auction market continued to deliver consistent levels of activity as the preliminary auction day clearance rate hit 68 per cent,” he said.

“With the AFL season kicking off this week, it’s still game on for the real estate sector, as buyer activity remained strong with 89 per cent of auctions conducted receiving bids, and 2.7 active bidders on average across all auctions. These are positive signs amid strong activity.”

8 Burroughs Road, Balwyn (buyers pictured above)

• Sold under the hammer for $3.190 million - above reserve by $100,000

• Six bidders

• Lead agent: Peter Liu - 0410 380 606

• Ray White Clayton

• Auctioneer: Jonathan Eaves - Ray White

Mr Liu said he had more than 150 people come through the property, with most buyers being attracted to the proximity to Balwyn High School. Suitably, the winning bidders were a young family.

“The sellers are building their own house in Mount Waverley. They bought this property for around $1.4 million about eight years ago, so they are thrilled that they have more than doubled their money,” he said.

“The high end market is still strong.”

8 Erie Avenue, Rowville (pictured above)

• Sold under the hammer for $1.115 million - above reserve by $125,000

• Five registered bidders

• Lead agent: Nick Strilakos - 0403 510 712

• Ray White Oakleigh

• Auctioneer: Matt Condon, Ray White

Mr Strilakos said the auction of this four-bedroom family home attracted quite the crowd of onlookers.The home was in original condition, but was neat and tidy and in a beautiful family street. The opening bid was $880,000.

“The winning bidders were a family who just sold in Mount Waverley and were looking to upsize into this area with their two growing children,”

The sellers were downsizers, who were absolutely thrilled with the result.

“The market is a bit challenging if you are not working with buyers really well. If your product isn’t presented beautifully, you might find it tough as an agent,” Mr Strilakos said.

“Buyers are a bit nervous with interest rate rises, but if they see value, they will turn up and bid.”

29 Coonawarra Drive, Vermont South (pictured above)

• Sold under the hammer for $1.706 million - above reserve by $206,000

• Seven bidders

• Lead agent and auctioneer: Hugh Francis - 0401 265 338

• Ray White Forest Hill

Mr Francis said the success of this auction came down to how immaculately maintained the property was for so many years.

“It wasn’t a last minute fix-up, and buyers had genuine confidence in the condition,” he said.

The winning buyers were a family who has recently migrated to Australia from China; a husband, wife, two children and two grandparents.

“The sellers, Greg and Maryanne, have been there for 30 years and are looking to downsize now after their kids have moved out and started their own families. Moments after we finished the auction, they had properties up on their screen searching for their next home!”

Mr Francis said it was not unusual for homes to be selling more than $200,000 above reserve. “Quality homes are still getting big numbers, particularly with the low supply. The decent homes really stand out.”

Ray White Queensland chief auctioneer Gavin Croft said auction numbers in Brisbane had started to ramp up this week with a 25 per cent increase in numbers from the week before, with the same trajectory again for the following week.

“With this in mind, we expect a better equilibrium between buyer and seller demand over the next few weeks, with the start of 2023 often in the seller's favour with an average of four to five registered bidders per auction. The appetite to secure good real estate is still evident. High active bidders, clearance rates in excess of 50 per cent; we expect this to be the continued narrative in the short to medium term.”

Ray White New Farm and Bulimba auction event

One of Brisbane’s most prolific group of real estate offices held an auction event at The Calile Hotel in Brisbane’s Fortitude Valley today, where 21 properties went under the hammer.

The event recorded a clearance rate of 66 per cent, selling 14 of the 21 properties under the hammer for a combined $18,675,000.

Four other properties were sold prior to auction, bringing the total sales value of the event to $24,093,500.

The standout sale of the day and the highest sale nationally was of Soror at 10 Ludlow Street, Hamilton (pictured below), which sold under the hammer for a huge $6.4 million. The architectural masterpiece was developed by award winning Zephyr Industries. The Hamilton Hill home even has its own internal skateboard ramp.

Matt Lancashire said more than 100 groups of buyers inspected the property during its four-week campaign, representing a huge amount of interest for such a high end property.

“We had a huge amount of interstate and international interest in this one; everyone was attracted to the floorplan, the views, the garage. Of course a major drawcard was the fact it is a turnkey come; the construction cost to build something like this is astronomical.”

The winning bidder was a local buyer, with two others bidding fiercely from interstate on the phone.

Mr Lancashire said the prestige market was performing exceptionally well in Brisbane.

“We are seeing 1,500 people coming into south east Queensland every week at the moment. We are really feeling this, I would say 50 per cent of enquiry is local and 50 per cent is from interstate or international buyers,” he said.

More results from the event:

52 Albert Street, Holland Park West

• Sold under the hammer for $1.25 million

• Fiona Berkman - Ray White Bulimba

• Sold under the hammer for $2.1 million

• Brandon Wortley - Ray White Bulimba

151 Fifth Avenue, Balmoral

• Sold under the hammer for $1.85 million

• Zita Durand - Ray White Bulimba

8B Bevis Street, Bulimba

• Sold under the hammer for $1.6 million

• Scott Darwon - Ray White Bulimba

55 Jenolan Avenue, Bulimba

• Sold under the hammer for $2.25 million

• Dan Lazzaroni - Ray White Bulimba

6 Winton Crescent, Murrarie

• Sold under the hammer for $1.32 million

• Fiona Berkman - Ray White Bulimba

6 Engelmann Close, Carindale

• Sold under the hammer for $1.175 million

• Connor Varnham - Ray White New Farm

The home had been in the same family for 56 years, with three sisters taking care of the sale. The winning bidder was a developer who will look at splitting the block.

“This was an outstanding result for an unrenovated home in New Farm,” Mr Lancashire said.

50 Canberra Drive, Ashgrove (pictured above)

• Sold under the hammer for $2.6million - above reserve by $270,000

• Eight registered bidders, five active

• Lead agent: Adam Downes, 0418 872 022

• Ray White Ashgrove

Mr Downes said the winning bidders were in a character home at the moment, and wanted something that would be a little less maintenance. They also wanted to be close to Marist Brothers at Ashgrove.

“This is a 17 year old home, and a concrete solid construction. A lot of people really want a hassle-free home like this one,” he said.

The sellers are empty nesters who are currently building in West End.

“This area is holding strong with prices, due to lack of stock. Ashgrove has some of the lowest stock rates across Brisbane, but there are plenty of buyers around. We now have seven underbidders looking for something,” he said.

Ray White South Australia chief auctioneer John Morris said this weekend marked the end of the Adelaide Fringe Festival, the largest festival of its kind in the southern hemisphere, and the largest auction house under the southern star continues its dominance throughout the state this week.

“There is an auction frenzy in South Australia, marking one of the busiest Saturdays for 2023 so far. A huge 46.3 per cent of all auctions throughout the state today had a Ray White sign planted proudly in the front yard,” Mr Morris said.

“This year our average registered bidders have been hovering around seven, with approximately half of these bidders actively raising their paddles. This has resulted in a clearance rate above 75 per cent throughout the year.

“I have called around 85 auctions so far this year, and the clearance rate has been well in excess of 85 per cent. The incredibly strong market continues in South Australia this week."

18 High St, Burnside (pictured above)

• Sold under the hammer for $1.694 million - above reserve by $94,000

• 11 registered bidders, four active bidders

• Lead agent: Lead agent: Brandon Pilgrim - 0438 807 061

• Ray White Norwood

• Auctioneer: George Kargiotis, Ray White

Mr Pilgrim said the winning bidders were a young family. “People were attracted to the fact that this is a finished product and they don’t need to think about the cost of building or renovating,” he said.

“We sold three out of three properties today. Things are still selling, but it is just stable. As a buyer, you can still occasionally get a great buy, but sellers are also still being rewarded.”

The sellers of this home have bought another block and will be downsizing.

3 Holme Street, Para Hills (pictured above)

• Sold under the hammer for $592,500 - above reserve by $42,500

• 16 registered bidders, seven active

• Lead agent: Lukasz Jaworek - 0455 229 656

• Ray White Norwood

• Auctioneer: John Morris, Ray White SA/NT chief auctioneer

The bidding for this lowset brick home was ferocious starting at $400,000.

Mr Jaworek said that the final sale price was $62,500 above the highest offer prior, which just demonstrates the importance of taking a property through to auction.

“The winning bidders were the same people who gave us the highest offer prior. That just shows that in a competitive setting, they will go to their maximum amount,” he said.

The team saw over 60 groups in attendance over 3 weeks.

“The median in the area is just around the $520,000 mark. This is a rental property that is currently rented at $420 per week. There is so much more demand than there is supply; both from a buyers and a tenants point of view,” Mr Jaworek said.

The sellers were investors and the buyer was an investor as well. Half of the remaining bidders were first home buyers.

Ray White Western Australia CEO Mark Whiteman said he was noticing strong auction results across the entire state.

“We are seeing high bidder numbers across the board,” he said.

“I had four auctions today, and all had more than five registered bidders. The West Australian market is experiencing a shortage of properties for sale, which creates a high level of competition on auction day.”

7 Redcourt Road, Attadale (pictured above)

• Sold under the hammer for $1.25 million - above reserve by $50,000

• Five registered bidders, three active bidders

• Lead agent: Jack Shaw - 0466 898 054

• Ray White South Perth

• Auctioneer: Mark Whiteman, Ray White Western Australia CEO

Mr Shaw said the lucky winning bidders were a young first home buyer couple.

“The sellers bought it 10 months ago and kept it as an investment; they decided to sell it while they could get a great price,” he said.

“The lack of supply is keeping prices very firm, and even pushing them up. It really is a great time to be a seller.”

23 Viking Road, Dalkeith (buyers pictured above)

• Sold under the hammer for $2.52 million

• Three registered bidders, two active

• Lead agent: Vivien Yap - 0433 258 818

• Ray White Dalkeith | Claremont

• Auctioneer: Mark Whiteman, Ray White Western Australia CEO

Ms Yap said the way she met her lucky winning bidders of this property, was very unique.

“Back in October, we had a twilight viewing on Halloween on an empty block; we created a spooky house! This buyer came along to the spooky viewing and we have been talking to them ever since,” she said.

“They are a family with two children. We kept in touch and I kept them in the loop on houses I thought they might like.”

Ms Yap said auctions were the best way to create competitive tension.

“You have the opportunity to meet brand new buyers - they all can see the competition unfolding around them. The seller has total control and transparency via the auction method of sale.”

448 Cambridge Street, Floreat

• Sold under the hammer for $1.7 million

• 10 registered bidders, three active

• Lead agent: Vivien Yap - 0433 258 818

• Ray White Dalkeith | Claremont

• Auctioneer: Mark Whiteman, Ray White Western Australia CEO

“Right at the tail end of bidding as things were starting to simmer down, someone walked in and asked if they could quickly register. It was a woman who was on the phone to her husband while he was working in Alaska; they are currently renting nearby,” Ms Yap said.

“We suddenly got a $1.655 million bid from them and then it was a standoff between the two highest bidders! They won the auction just in the nick of time!”

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Media contact
Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com