Full steam ahead for incredible auction market

IT WAS full steam ahead for the incredible auction market today as bidders across the country went above and beyond to secure their desired property as the momentum seemed unstoppable.

Australasia's leading property group, Ray White, booked a strong preliminary clearance rate of 83.2 per cent with a number of incredible outcomes achieved for sellers across multiple states.

Innovative internal auction data from the country's top auction house showed that since the start of the year, more than eight in every 10 properties have sold via their auction campaigns, up a huge 12.65 per cent on the same dates last year.

Those outstanding numbers continued today with Sydney (90 per cent) and Melbourne (80.8 per cent) both recorded strong preliminary clearance rates.

Ray White NSW Chief Auctioneer Alex Pattaro said the auction process was helping sellers to maximise the competition, and ultimately, that maximised the final outcome.

“We continue to see great clearance rates, but sellers do need to be mindful that sale prices are well above where they were even six months ago,” Mr Pattaro said.

“My advice is that if the competition on auction day is above the feedback of the four-week campaign, then you should take the highest bid, rather than chasing a ‘dream price’ post-auction that may never come.

“With the market so buoyant, it’s still critical to ensure you choose an agent who will stick to the auction process to ensure you get the best price, as properties don’t sell themselves.”

The absolute stand-out, and preliminary highest sale of the day across the country, came courtesy of Ray White Upper North Shore Sales Agent Scott Phillips (pictured above left, with Sales Assistant Joel Harding, right) as he successfully sold 25 Coronga Crescent in Killara for $5.48 million.

“There was an incredible amount of interest across the five-week campaign with this superb property attracting more than 150 groups through the open homes,” Mr Phillips said.

“To get those numbers through a property at this price-point is testament to just how strong the high-end and luxury property market is right now.

“There were really consistent buyer numbers through the opens every Wednesday and every Saturday and that resulted in two competing registered bidders on the day.

“On the eve of the auction an offer was made, but the auction still went ahead as planned, and the sale price was significantly over that offer.”

There was then an incredible result in Canterbury as Ray White Petersham Directors Joseph Bitti and Nicholas Arena sold 30 Berna Street (above, being called by Ray White NSW Chief Auctioneer Alex Pattaro) for $1.981 million - a huge $331,000 over reserve.

“This was a terrific auction that was really well attended and attracted more than 15 registered bidders on the day - the result was sensational for our sellers,” Mr Bitti said.

“The house was a really good property that had been really well renovated and it would have sold well in any market, but of course, the heat in the market right now played a role in just how much interest there was and how many bidders there were.

“The buyers were a local couple from a couple of suburbs away who are about to have their first child - no doubt the historic low interest rates have helped them purchase today.”

“I’m very pleased with the result - it's well beyond the expectations I had - and that’s reflected in the reserve and the final result,” said the seller, who wanted to remain anonymous.

“I’m renovating another home so it was just time to move on from this place. There was quite a lot of work done to get it ready for sale and the strong property market is the reason that we decided to sell via auction.”

The success continued in the ACT as Ray White Canberra Sales Consultant and Auctioneer Peter Walker and Sales Consultant Kim Zarevac sold 53 Woolner Circuit (above) in Hawker for $2.085 million - a property that had seven active bidders competing.

“Although the sale price well exceeded the reserve, the reserve was set conservatively by the owners, and this reflected their commitment to ensuring the property appealed to young families wanting to move into the area,” Mr Walker said.

“We had more than 132 individual groups inspect the property and over 20 over those came back for multiple visits and that culminated in 10 registered bidders on the day.

“The sale prices of properties like this one are reflecting the huge demand for good homes on large blocks in good neighbourhoods - this area in particular fosters a really good community feel - and I’m sure the young family who purchased will be very happy here.”

Ray White VIC/TAS Chief Auctioneer Matt Condon said high levels of buyer demand continued to drive exceptional auction results right throughout Victoria.

“Today has seen properties right from entry-level all the way up to prestige experiencing a high average of registered and active bidders per auction,” Mr Condon said.

“On the ground, the rain held back all day bringing crowds out in force and creating a great auction atmosphere with bidders doing all they can to secure their desired property.

“Even once a property is announced as on the market and selling, we're continuing to see competition past that point.

“The high level of buyer demand and the favourable market conditions continue to create conditions that are conducive towards sellers achieving premium prices.”

There was a terrific result in Mulgrave as Ray White Glen Waverley Partner Marc Lum and Area Manager Ryan Zhu (pictured above, left, with the sellers) sold 3 Murdoch Avenue for $1.107 million - $192,000 over reserve.

“This was actually a record sale price for an original three-bedroom, one-bathroom property in the ‘Golden Triangle’ pocket of Mulgrave,” Mr Lum said.

“Interestingly, just two months ago, a similar property in a much better condition not too far away sold for $1 million, so this is an excellent result for our sellers.

“The highest offer we had received prior to auction was in the high $800s so this is the perfect example of why sellers should hold onto their property all the way to auction day.

“The home was bought by an investor and that’s a real trend we’re seeing at the moment. With money being so cheap at the moment, and with the historic low interest rates, there are a lot more investors buying property than they were a few months ago.”

The great results kept coming and there was another one in Forest Hill as Ray White Blackburn Director Peter Schenck - who also called the auction - and Sales Agent Allan Smith (below left) managed the $1.352 million sale of 1 Southern Court (above) - $152,000 over the reserve.

“This was a terrific example of why we still run our auctions in a hybrid format because we had real competition from the bidders online and the ones who were there in person,” Mr Schenck said.

“The market is red-hot right now - I’ve never seen it so strong. This sale was a record for a 1960s home in that estate - with properties like this one selling there for $1.2 million before Christmas. Incredibly, the land was purchased for just 1,500 pounds back in 1964.

“We had more than 65 people through the property during the campaign and the home was attracting young families, primarily, and it was a young family who were the winning bidders.”

“The Ray White team has been very supportive throughout. We have lived here for 48 years so we were not accustomed to how auctions worked, but we had a round-table yesterday, and they took us through how it would work,” said seller Brian Smith (above, right, with wife Sue, middle).

“We were apprehensive because of COVID-19 and all of the updating that we had done but that went away as the day wore on - I have to say Peter did a fantastic job for us.

“We spent months upgrading the property and making the style of the property more modern and the area around here really is great with Forest Hill Chase just 10 minutes away.

“We had a good chat with the buyers - who were a family - and they told us that when they first visited the property it had a great homely feel. We’re very happy that they have purchased.”

Ray White QLD Chief Auctioneer Mitch Peereboom (above) said clearance rates remained strong off the back of a 100 per cent clearance rate last weekend and that results hadn’t slowed down.

“Huge crowds have come out to check out the marketplace today and there were a number of people in those crowds that were holding paddles to bid,” Mr Peereboom said.

“The marketplace is particularly strong in the $800,000 to $1.5 million range. We know buyers have been selling and have then been looking to upgrade and that bracket is performing excellently.

“If you're in the marketplace and would like to consider coming to the market then have a chat to your agent about what your options are. But the big message we have is don’t sell to the first buyer that comes along, wait it out to get the best price.”

The day got off to a cracking start in the southern Brisbane suburb of Coopers Plains as Ray White Annerley Property Consultant Bevin Powell and Sales Associate Sam Menary sold 3 Appleyard Crescent (above) for $816,000 - an auction that attracted a massive 30 registered bidders.

“This was an amazing auction and it was actually an office record for the number of registered bidders - we literally only had one paddle left to hand out this morning,” Mr Powell said.

“We had more than 100 groups through during the campaign and every second or third group actively engaged with the property - it was attractive because it was a well-styled generic home.

“The property market is still hot right now, but having said that, I’m not sure we’ll have another auction like this one for a while. The winning bidder was an Asian buyer who purchased the property for their parents.”

“My goodness, I’m just so overwhelmed, I’m lost for words. I’m really happy with how Bevin helped me right from the start, all the way through to the end, I felt very secure with him throughout the selling process,” said seller Leanne Howes (pictured above, middle, with her daughter and son).

“It was Bevin who recommended I sell via auction - and having been in this house for 27 years and not selling much real estate in the past - I trusted his guidance and I enjoyed the journey.

“I was blown away by how many people were there on the day. I couldn’t believe it, I was just standing there watching all these cars and people turn up.

“There were so many people that the vacant lot on the corner was actually used as a car park. I felt like I was selling a multi-million-dollar property - it’s just an amazing feeling.”

The success continued for Ray White Sherwood Sales Executives Ted Hagemeijer (above right) and Douglas May (above left) as they sold 44 Thomas Street in Sherwood for $1.361 million.

“We had a massive 23 registered bidders for a property that was pretty unique in that it was a post-war home that was on two titles and could be removed, and that aspect made it particularly attractive to the market,” Mr Hagemeijer said.

“The amount of registered bidders is a strong indication of how well the market is performing right now with the sale outperforming the expectations of our sellers.

“The property attracted a mix of investors, developers, and builders - with the winning bidder being an investor after fighting off competition from one other party right at the end.”

Ray White SA Chief Auctioneer John Morris (above left) said it was a solid week of auctions in South Australia coming off the back of last week where the clearance rate sat at 77 per cent.

“It has been an absolutely fantastic week and month in South Australia, and as we look ahead to next Saturday and Sunday, my diary is packed out with auctions,” Mr Morris said.

“I’m actually having to turn bookings away at the moment because I just can’t fit them in on a Saturday or a Sunday.

“Auctions are coming in thick and fast on other days. Thursdays, Fridays, and even Tuesdays we’re having auctions in the late afternoons/early evenings which is unheard of in South Australia, but that’s what we’re having to do to fit them all in.”

The stand-out sale for South Australia came in Lockleys as Ray White Henley Beach Principal Anthony Fahey and Sales Agent Tom Royal sold 17 Clyde Avenue (above with the sellers, left, and their family, right) for $1.055 million.

“This was a terrific auction that attracted a whopping 25 bidders, with seven of those actively competing, as the property sold for $105,000 over its reserve price,” Mr Fahey said.

“What really appealed about the property was the fact it has potential for a subdivision of you could build your dream home here - the buyer is going to live there for a while as they assess their options as to what they will do with it in the future.

“The market here is red-hot right now. With the interest rates being so low, there's real demand to buy now as potential purchasers are seeing it as an ideal time to snap a property up.”