Election day delivered some huge auction results, as scores of bidders showed up to auctions and open homes in between casting their vote at the polling booth today.
Although a record number of early votes were cast this election, many still braved the crowds to have a crack at their next property move, with a side of democracy sausage.
Ray White today had 239 auctions booked and Australasia’s largest real estate group reported a 61 per cent preliminary national clearance rate today.
Last federal election on May 18, 2019, Ray White scheduled 127 auctions and recorded a 55 per cent clearance rate nationally. On that day there were 2.8 average registered bidders and 2.1 active bidders on average at a Ray White auction. In comparison, today delivered 3.8 average registered bidders and 2.7 of them were active.
With the housing market a hot topic for today’s election, Ray White chief economist Nerida Conisbee said the best scheme for first home buyers was currently the First Home Loan Deposit Scheme where eligible buyers do not have to pay mortgage insurance to buy with a lower deposit.
“This scheme assists with the deposit but is cleaner in that, provided the first home buyer is able to pay off the loan, it does not require ongoing government involvement through the life of the first home buyer’s ownership of the property,” she said.
“Beyond that, housing supply is critical – long term, if there are enough homes for everyone, then rental rates and house prices are less likely to increase at rates which cause housing distress to buyers and renters.”
SYDNEY
Ray White chief auctioneer Alex Pattaro said the election hadn’t stopped buyers today, particularly in the prestige markets.
“People have known about the election for a few weeks, so I don't believe it has had any effect on auctions today,” he said.
“It is evident that the top tier properties are selling well and attracting the high bidder numbers, but properties need to tick all the boxes for the buyers to go their hardest and buy at a premium. I am noticing that when a property doesn't tick every box, buyers are on the fence and are more sensible with their bidding.”
29 Fowler Cres, South Coogee (pictured above)
Ray White Maroubra | South Coogee - Phillip Elmowy and Anthony Vella
Sold under the hammer for $5,480,000
12 registered bidders, with four active
Auctioneer: Alex Pattaro, Ray White NSW chief auctioneer
The sale of this 70s concrete brick home was an emotional one, having been in the same family for 48 years. Mr Elmowy said a group of siblings were selling on behalf of their father moving into aged care.
“People may think election day would negatively affect auctions, however this type of asset is fairly protected by market conditions and we drew in a great crowd,” he said.
“It is a rare location, a large parcel of land and is a great position amongst other quality homes.” The winning bidders of the six-bedroom home were a local young family with four children.
39 Robertson Road, Chester Hill (pictured above)
Ray White Bankstown - Louie Kazzi
11 registered bidders, with four active
Sold under the hammer for $1,125,500, over reserve by $25,500
Auctioneer: Tony Roumanous, Ray White
Selling agent Louie Kazzi said the opportunity presented a nice clean home, in a quiet cul de sac.
“Our winning bidders were a first home buyer couple with young children, so we are thrilled for them to have made their entrance into the property market,” Mr Kazzi said.
“We did notice it to be a little quiet around open homes today, but this auction bucked the trend, with crowds passing by and turning up for the first time to register on the day,”
“We are feeling a softening in the market after last year, particularly because more homes are now coming to market.”
MELBOURNE
Ray White Victoria chief auctioneer Matt Condon said there was a slight drop in the usual volume of auctions with 92 auctions scheduled for Ray White in Victoria today but high bidder numbers.
“The stunning weather in Melbourne today combined with the short supply of properties brought the crowds out in force, creating an exceptional auction atmosphere,” Mr Condon said.
“Based on preliminary data, we have seen an increase today in both registered and active bidders. We are also seeing bidding momentum, past the point of the property being called on the market, so we are expecting some fantastic results today,” he said.
Ray White Cheltenham - Trevor Bowen (pictured above with sellers)
Sold under the hammer for $1,670,000, above reserve by $95,000
Five registered bidders, all active
Auctioneer: Alex Pearson, Ray White
Mr Bowen said the auction was a thrilling one, with 25 bids firing extremely quickly between the five active bidders.
“The vendors have recently bought a pub down on the South Australian border for a lifestyle change, so they entrusted me with the sale of their longtime family home,” he said.
“The presentation of the home was immaculate; they painted the exterior and interior and put it in the best possible position for buyers.
“And most of all, they were realistic and wanted to meet the market, which allowed us to draw in a brilliant crowd today.
“Properties in this area are still holding really good value, which we have more of coming up in the next few weeks. We actually sold a house on the same street this week for the exact same price!”
Ray White Carnegie - Jin Ling and Matt Hurlston
Sold under the hammer for $1,705,000
Six registered bidders, all active
Auctioneer: Matt Hurlston, Ray White (pictured above with seller)
Jin Ling said the auction generated a huge crowd of onlookers and passers by.
“One of the bidders had never seen the property and just happened to be walking by and decided to have a crack,” he said.
The eventual winning bidder had only seen the property a few days ago, and missed out on another property at auction this morning.
“Everyone we expected to be there was there and we worked hard to drive traffic to this listing, so there were no concerns around the election day,” Mr Ling said.
Ray White Craigieburn - Trish Orrico (pictured above)
Sold under the hammer for $707,500
Two registered bidders, both active
Auctioneer: Trish Orrico, Ray White
“Our sellers moved to Sydney and rented it out, and the buyers were taken through the property via Facetime because they also live in Sydney,” Ms Orrico said.
“They were on the phone bidding today; they are going to move down in 12 months and rent it out in the meantime,”
“We are still getting big crowds today in this beautiful weather, which was actually too sunny for me to see while I was calling the auction!”
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said election day had caused some agents to consider bringing forward or pushing out auctions, however many sellers who proceeded were nicely rewarded.
“Sellers are cognisant of the fact that it is election day, and quite a few opted to accept good offers prior to their auctions today,” Mr Croft said.
“Volume has been slightly down this week, with buyers and sellers showing some composure and caution, however it is looking like a strong week ahead after the election is out of the way.”
79 Montpelier St, Grange (pictured above)
Ray White Ascot, Damon Warat and Ray White Wilston, Alistair Macmillan
Sold under the hammer for $5,750,000
Five registered bidders
Auctioneer: Phil Parker, Ray White
The landmark estate in Brisbane’s inner northern suburbs broke a suburb record today, being the first home to sell for over $5,000,000 in Grange.
Ray White Ascot principal Damon Warat said while the weather was terrible, the atmosphere inside the house was electric.
“We had over 80 people in the home and after a cheeky $3 million opening bid, the $500,000 increments between three keen parties pushed the price right up,” Mr Warat said.
“I actually listed this property in 2014 and a neighbour wandered by the home while we were having the photography done.
“Before we even listed the property online, the neighbour bought the house right then and there for $3.85 million. He and his family recently purchased a home from me in Hamilton for $9 million, handing it over to the next local family who won the auction today.”
2 Meath St, Gordon Park (pictured above)
Ray White Wilston - Holly Bowden
Sold under the hammer for $2,550,000
11 registered bidders, with five active
Auctioneer: David Treloar, Ray White
Ms Bowden said the newly built home in sought after Gordon Park attracted a full house of bidders and onlookers.
“The winning buyers were a family from Windsor, looking for that open plan living and dining, as they just had their third child six weeks ago. This home is the perfect layout for a growing family, and the developers (pictured below) always do a brilliant job of scouting great opportunities around Brisbane,” she said.
Ms Bowden said it was a record price for a new-build in Gordon Park, which has been very tightly held. It is the perfect family suburb with a close knit community.
ADELAIDE
Ray White SA/NT chief auctioneer John Morris said bidders were certainly not holding back at auctions this week.
“If this morning’s auctions were anything to go by, the election is not making a mark on the auctions so far in South Australia,” Mr Morris said.
“There has been bidding at 95 per cent of auctions all week, with 6.7 average registered bidders at auction,
“And of course, the yellow hammers are still knocking down more homes than any other real estate group this weekend.”
11 Greenstead Street, Mawson Lakes
Ray White Salisbury - Justin Irving and Damanjeet Singh
Sold under the hammer for $1,090,000
Seven registered bidders, with three active
Auctioneer: John Morris, Ray White
Selling agent Mr Irving said the sellers of the property were emotional about leaving the home but had bought an acreage property in the Adelaide Hills.
“The winning bidder was a business owner from Tasmania, who bought the property for family members immigrating to Australia.
“If anything, the election today helped our auction gain momentum, being only a couple of hundred metres from a polling centre and attracting a crowd,” Mr Irving said.
5 Sienna Avenue, Warradale (pictured above)
Ray White Glenelg - Christopher jenman and Nick Beneke
Sold under the hammer for $1,070,000
11 registered bidders, with two active
Auctioneer: Rod Smitheram, Ray White
Selling agent Christopher Jenman said the winning bidder knew exactly what he was doing, putting a strong foot forward right from the start and knocking out most other parties.
“They were a lovely local family who secured the home today, and I am looking forward to listing their current house on the market this week,” he said.
“People were out and about anyway because of the election, so we had a great crowd and atmosphere, with the sellers in tears after the fantastic result.”
Ray White Norwood - Jann Wilksch
Sold under the hammer for $460,000
One registered bidder (pictured above)
Auctioneer: John Morris, Ray White
In a heartwarming story to close the election day auctions, the buyer of this spacious and humble brick home, actually grew up there herself.
“Gemma was taken home to this house when she was born, and has now bought it back from the owners who her family sold it to in 2014,” Auctioneer John Morris said.
“As you can imagine it is a very special sale for her and her partner who was watching on facetime.”
Each month, Ray White chief economist Nerida Conisbee produces a market analysis document that looks at what's happening across Australia's property market. In the current edition, Ms Conisbee takes a look at regional Australian property markets. Since the start of the pandemic, they’ve been particularly strong performers and very low interest rates have been only part of what’s driven them.
If you bought pretty much anywhere at the start of the pandemic and sold now, you’d have likely been the beneficiary of a particularly high capital gain on your property. But with house prices now starting to soften, is house flipping still going to yield the same return? She also takes a look at how profitable it’s been over the last decade.
DOWNLOAD A PDF VERSION OF RAY WHITE NOW HERE.
DOWNLOAD HIGH RES IMAGES AND GRAPHS HERE.
DOWNLOAD TODAY’S AUCTION IMAGES AND AUDIO.
Media Contact:
Nina Clarke
Ray White Group
0448 841 606
nclarke@raywhite.com
