Ray White closed out its summer selling season with a record breaking day with strong results across the country and an 84 per cent preliminary national clearance rate today. In fact, more than $1.3 billion worth of property has now changed hands at a Ray White auction in February alone. That’s more than three times the value of our total January auction sales.
The competition creators had 548 properties scheduled for auction this week, and 365 of those booked today alone. In Sydney alone, the clearance rate reached 88 per cent today in the harbour city propelled by intense buyer demand while listing volume remained steady week on week.
There was yet another increase in average registered bidders nationally to 7.2 per auction lot, up from 6.8 per lot last week with agents reporting huge crowds across Australia. There were even at least two auctions held in Adelaide today where more than 200 people arrived to watch properties across under the hammer.
Despite the rain in Sydney, buyers couldn't keep away, with a number of records smashed throughout the NSW capital. Ray White NSW Chief Auctioneer Alex Pattaro said summer’s last auction weekend finished with a bang. “We are seeing an extremely high number of bidders, who are coming out fast and strong from the get go,” Mr Pattaro said.
“Bidding strategies are aggressive, although sometimes not successful because of the sheer demand from other bidders,” he said.
“Family homes continue to outperform the market, with the top end of town also performing better week after week.
“I am also noticing a very strong city metro market, with those more affordable suburbs on the outer fringe of the city attracting a huge number of buyers,” Mr Pattaro said.
The highest sale of the day was when 31 Reina St, North Bondi (onlookers pictured above), sold for $6,100,000, an astonishing $800,000 above its reserve price.
Ray White Double Bay Associate Director Warren Ginsberg said the sale indicated a suburb record for a semi-detached home, by more than $1,000,000.
“We had 257 groups through this property throughout the campaign, and 15 registered bidders today, which tells you how much the prestige market is booming,” Mr Ginsberg said.
“As you can imagine, the vendors are beyond thrilled. They have bought a larger home in Rose Bay and are thrilled that we were able to achieve so far over the reserve.”
A young family from Bondi won the keys.
Prices continue to rise at a rapid rate in Sydney’s trendy inner west. A standout of the day was 158 Young St, Annandale selling for $2,305,000, a huge $255,000 above the reserve price. The renovated Victorian style terrace, set on a 157sqm block generated a lot of buzz and a massive crowd of bidders and onlookers.
Ray White Surry Hills Director Matthew Carvalho said he and his team had shown the home to 160 groups throughout the campaign, had issued 25 contracts and attracted 12 competitive bidders today.“It was a fantastic auction; bidding started at $2,000,000 and quickly sped past the reserve price, there is clearly a really strong appetite for good family homes like this one in the inner west,” Mr Carvahlo said.
The winning bidder Kate (pictured above), along with her two children were thrilled to finally win an auction after looking since June last year.
“I have missed out on a few properties, however now I really think it was meant to be,” she said.
Kate was drawn to the beautifully renovated home for its high ceilings, master suite and double street frontage.
“We also met a lot of the neighbours and wider community today who are absolutely lovely, which is just the cherry on top. We met the vendors too, who imaginably were very happy.”
The sellers, who are moving to Wollongong for a seachange, were over the moon with the result.
Ray White Maroubra | South Coogee agent Jason Malouf had a winning day, selling three from three properties, all substantially above reserve.
A two-bedroom seaside apartment at 2/19 Neptune St, Coogee (pictured above) sold for $1,600,000, changing hands for the first time in 40 years and selling for $300,000 above the reserve price.
“We saw 120 groups through this apartment and had 9 registered bidders turn up today,” Mr Malouf said.
“The vendor turned 100 years old in January. Both her and her children were blown away by the result.”
Mr Malouf and his team then went on to sell another nearby two-bedroom apartment at 9/15 Bona Vista Ave, Maroubra for $1,262,000, smashing the reserve price of $950,000.
“These auctions were some of the best I have ever seen; by the end, the energy on the lawn was indescribable and the vendor was in tears,” Mr Malouf said.
The Maroubra apartment attracted 14 registered bidders after over 110 groups came through the property throughout the campaign.
The Victorian market continues to show its strength, with hundreds of bidders turning up in force to auctions across Melbourne today.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the increase in auction volume this week had been met with strong buyer demand.
“Buyers arrived with a clear strategy in mind today, and were aggressively bidding and doing everything they could to secure their desired property,” Mr Condon said.
“Competition still remained strong, even once the properties were announced on the market and selling.”
In the city’s east, Ray White Forest Hill sales consultant Steven Yuen sold a single story brick family home 6 Alek Court, Forest Hill for $1,270,500, an enormous $270,500 above the $1 million reserve price.
“You can imagine how happy our vendor is today; we recently sold her a unit to downsize into, and it is incredible to be able to achieve this result for her,” Ray White Forest Hill Director Hugh Francis said.In a game of huge numbers, the campaign saw 267 inspections and 47 second inspections. On game day today at the auction, there was a crowd of over 150 people spilling out onto the street.
The lucky winning bidders were a young local family (pictured above), attracted to the neat property due to its proximity to great schools, shops and amenities.“All the factors aligned with this campaign to make it so successful, coupled with the current lack of stock and huge amount of buyers looking,” Mr Francis said.Around the corner, a single level brick home at 36 Faulkner St, Forest Hill, sold for $1,140,000, smashing the reserve price by $170,000.
Ray White Berwick Director Eric Zhang said the buyers were a young family looking to get into the popular area.
“The fierce bidding went on for so long that our Ray White Auctioneer Jeremy Tyrrell (pictured below) joked that everyone might have to cancel their lunch dates!” Mr Zhang said.
Another standout sale from the suburbs of Melbourne was at 15 Marama St, Blackburn South, selling for $1,363,000, indicating $273,000 above the reserve price.
Ray White Ringwood agent Reuben Nadarajah said the nine registered bidders quickly diminished to two as they went head to head.
“The vibe at this auction was phenomenal. I believe the added excitement from the crowd resulted in the fierce bidding,” Mr Nadarajah said.
“We saw interest from investors, families, singles and downsizers who all wanted a slice of this postcode.”
The vendors (pictured below), bidding on behalf of their mother, were overwhelmed by the huge result for their family home for many years.
In the Sunshine State, fierce competition over stock led to plenty of huge results for buyers and sellers particularly in Brisbane.Ray White Queensland Chief Auctioneer Mitch Peereboom said there was no sign of the market slowing down across all price ranges, with plenty of buyers willing to compete.“If you are looking at coming to the marketplace, we can speak with so much confidence when we say that we have buyers that are wanting to buy now. There is not as much stock as what they are used to, and they are ravenous,” Mr Peereboom said.
At a Ray White auction event in Bulimba (pictured above), four out of the six homes on the order of sale sold under the hammer, with a standout 12 Princess St, Camp Hill selling for $931,000, above the set reserve price and attracting nine registered bidders.
The vendors were Brisbane Lions AFR player Ryan Lester, his wife Emi and their son Romeo. Ray White Metro North Principal David Treloar said all parties were thrilled with the result.
“We saw 151 groups through the home over a two week campaign. All of our auction campaigns at the moment are only running for two weeks, because of the insatiable demand from buyers,” Mr Treloar said.
“We are seeing interest from local, interstate and international buyers. The under bidder of this property was an expat from Hong Kong, who inspected the home via Facetime yesterday,” he said.
At the same auction event, Ray White New Farm agent Nicholas Given had another success with 53 Samuel St, Camp Hill selling for $736,000. The auction saw eight registered bidders, mostly young first home buyers looking to get into the sought after suburb.“The young couple who won the auction are first home buyers, and are absolutely stoked with finally having cracked the property market,” Mr Given said.“My advice to buyers is to put your best foot forward when competing at an auction; embrace the competition and give it your best shot early on,” he said.
On the ever popular Gold Coast, Jackson Paradise from Ray White Prestige had a huge result at 1181/1-17 Lennie Ave, Main Beach (pictured above), topping out the highest sale in the state at $3,700,000.
Mr Paradise said the four-bedroom sub penthouse attracted very spirited competition from the 8 registered bidders.
“The buyers were a couple from Sydney who flew up to see the property yesterday, and today they have a new holiday home!” Mr Paradise said.
“We are seeing a huge amount of interest in the Gold Coast prestige market, both from holiday home buyers and relocators.”
Meanwhile in South Australia, Ray White South Australia and Northern Territory Chief Auctioneer John Morris said in the leading group Ray White had more than 56 per cent of auction market share in the state in January.
“This month will be about the same; we are estimating that we will have around 40 per cent of market share across the state, and 80 per cent auction day clearance rate for Ray White.”
“It has been a fantastic weekend, and a gorgeous day to be an auctioneer,” Mr Morris said.
The overwhelming standout of the day in Adelaide was a waterfront house with development potential at 13 Tiranna Way, West Lakes (pictured above), which sold for $1,475,000 in front of a huge crowd of 200, and smashing the reserve price by a huge $525,000.
Ray White Henley Beach Principal Anthony Fahey said some 36 registered bidders had arrived to compete.
“The vendors are quite overwhelmed with the result today. The home has been in the family for 46 years and the result was beyond their wildest expectations,” Mr Fahey said.
“This one has exclusive water views and a corner allotment. These factors coupled with a shortage of stock has resulted in a phenomenal sales price.”
“It was truly an auction for the books and one that I will never forget.”
Another cracker from Adelaide today was at 449 Salisbury Highway Parafield Gardens (pictured above), where Ray White Norwood Agent Ryan Stapleton sold a three bedroom home for $540,000.
“The auction went on for close to an hour and we have 17 registered bidders show up,” Mr Stapleton said.
The local buyer, Mohammed, said his family was very excited to move into their new home.
“We have been looking for a couple of months now, and we really liked how tidy and well maintained this home was,” Mohammed said.
“There were three other serious bidders and it really came down to the last couple of bids. I feel bad for the others who missed out, but just so excited for our new home!”
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Media contact
Nina Clarke
Ray White Group Media Team
nclarke@raywhite.com
0448 841 606
