RAY White New South Wales members defied the current market trend to produce a staggering 64 per cent clearance rate on Saturday.
Third party providers CoreLogic and Domain have reported lacklustre clearances for Sydney at 53 per cent and 45 per cent respectively compared 64 per cent as booked by Ray White NSW members.
Ray White’s live auction data provides deep insights into the market and the leading network had more than 16,600 people attend it’s 694 auctions scheduled across Australasia in the week to Saturday November 23.
The average crowd size was 30 people, with 2.3 registered bidders at every auction which was steady on last week.
Ray White Drummoyne principal Chris Wilkins sold 53 Dening St, Drummoyne for $5.8 million on Saturday. The four-bedroom home with a golf putting green on a 771sq m allotment drew five registered bidders and was the top sale of the week for Ray White's residential auction sales last week.
Three of the bidders were active in Drummoyne, firing off $100,000 and $200,000 knockout bids at the auction before the 2011-built home on a battle-axe block sold to a late-bidding, Drummoyne-based family.
The lower north shore and the eastern suburbs also produced upbeat auction results at the weekend, prompting some agents to claim the worst was over for Sydney’s prime housing markets.
Last Thursday night, there was also some very spirited bidding in Potts Point for a blue-chip penthouse in Elizabeth Bay which sold under the hammer for the first time in 50 years for $5.425M through marketing agents – Ray White Elizabeth Bay principal Ian Campbell and Ray White Elizabeth Bay agent Tristan Bassey.
Mr Campbell said there had been strong interest in 1/108 Elizabeth Bay Rd from expats in the UK and New Zealand for this three bedroom penthouse which ended up selling to local buyers at a price well in excess of its reserve.
“It appears buyers who don’t need finance are the ones in the best position to buy right now.”
Ray White’s auction data shows there were seven bidders but two active bidders who were vying for the property in front of 50 people at the public auction in Potts Point.
With Ray White NSW Blue CEO Jason Andrew working as auctioneer, the auction opened at $4.4M and quickly jumped in $50K and $25K increments until it was sold under auction conditions at $5.425M.
Mr Andrew said November had traditionally offered the best clearance and sales for Ray White for many years now as there was an “accountability deadline at the end of the year”.
“We have said it before but Ray White certainly sails best in light winds,” Mr Andrew said.
“Auctions are firmly in our DNA and we have been waiting for this type of market as we concentrate on the auction process more than most. We don’t promote auctions just to get a transaction, we do it because we know how to create competition for our vendors.”
Ray White data shows the largest number of bidders were out in force on Sunday when Ray White Ascot principal Dwight Ferguson and auctioneer Phil Parker auctioned two neighbouring properties in Fig Tree Pocket.
There was a staggering 13 registered bidders for both 148 Kenmore Road which sold for $665.000, and 150 Kenmore Road, which sold just after auction for $700.000.
“They were both owned by the same family who have moved to Graceville. Number 148 was designed by architect Donald Spencer and number 150 was designed by John Barton. We ran textbook auction campaigns here with good exposure with print marketing and presentation,” Mr Parker said.
“It’s great for our buyers and sellers as they will both settle prior to Christmas. The properties were beautifully presented with new paint and a furniture package. We see it over and over again if owners spend the money to get their home ready - a $10K spend on presentation will add at least $50K to the final sale price.
"Some agents just want to do the job then and there, but we take the time to help our sellers as we are in the customer service business.”
