This week, the Ray White Group scheduled 601 auctions, this is the highest it’s been in seven weeks. Today, the leading auction group recorded a healthy preliminary clearance rate of 69 per cent, four registered bidders and 2.7 active bidders on average per auction.
The top auction sale of the day was in Sydney. Ray White Upper North Shore agent Coco Cui Roskam sold 3 Biara Pl, Turramurra for $5.42 million after four of the five registered bidders got involved. Ms Roskam sold the five bedroom property to a young family upsizing.
Agents from both Brisbane and Adelaide tied for the most bidders today. Judi O’Dea of Ray White Paddington registered 17 bidders at her 153 Taringa Parade, Indooroopilly auction. Meanwhile, Ray White Norwood’s Linda Clemente also had 17 bidders register for her auction at 9 Woodmere Ave, Paradise along with fellow agent Stefan Siciliano’s 20a Colac St, Greenacres auction.
Ray White New South Wales chief auctioneer Alex Pattaro said there’s plenty of positive energy circulating the Sydney market.
“Buyers are out and looking to secure a home. Though sellers are still required to come off their reserve prices in order to meet the market,” he said.
“Buyers are also increasing up to ten per cent on their pre-auction offers, particularly when competition presents itself.
“Auction is certainly the best method of sale to ensure a premium result within the shortest amount of time.”
There were no pauses in this auction which was won by a downsizer from the Upper North Shore (pictured above with the bidder paddle).
“The campaign was busy with 120 groups through and the auction was kicked off at $1.8m by the eventual purchaser,” Mr Carvalho said.
“The sellers were a couple who recently retired and moved to South Australia.
“Personally, I am seeing more activity on each property because of the reduced level of stock. There isn’t the same spring rush of sellers we’ve seen in previous years.”
“The buyers were a father and son, I believe they were investors looking to demolish the property,” Mr Polsek said.
“There was a mix of investors, owner occupiers looking to do it up and developers registered to bid.
“The draw card was the location, it’s a good, little cul-de-sac street and you can see the station from the street and it’s close to the village.”
“All the bidders were owner occupiers and the winning bidders were looking at upsizing,” Mr Walker said.
“The size and the architecture of the house were the big draw cards. It’s on a 1,494sqm block opposite a park and it’s a magnificent home.
“The price is a record for a residential property in Bruce.”
Ray White White Victoria chief auctioneer Matthew Condon said with next week being the AFL Grand Final long weekend, a number of sellers chose to bring their plans forward and schedule their auction for this weekend.
“This created a spike in auction volume across the state with 182 auctions scheduled for Ray White Victoria,” he said.
“The rain and cold weather created a decline in crowd sizes; however, it did not deter bidders from attending auctions to bid on their desired property.
“Based on preliminary data from the Ray White group, this week has seen a significant increase in the average number of confirmed bidders at auction.
“It’s important to remember that bidders will only actively bid and engage at auction when they see value. Sellers who chose to meet the market today were rewarded with bidding, competition and ultimately a good result.
“However, when a seller’s expectation around price was not in line with market expectations, those auctions struggled to gain momentum.”
“There were three pre-registered bidders and one person who had only seen the property today,” Ms Jones said.
“The bidders were mainly families with younger children and the lifestyle and location of the property were the draw cards.
“The buyers (pictured above) and the other bidders were locals who were familiar with the location. The buyers have a couple of children and bought it purely for the lifestyle, condition and presentation.”
“There was a huge crowd with 147 people gathered in the driveway, on the verandah and the double garage,” Mr Bowen said.
“It was bought by an investor (pictured above with a champagne bottle next to the sellers) who hadn’t seen it before today.”
“It was an investor who bought it and they plan to renovate the home before leasing it out. It was a family home for 65 years,” Mr Chokshi said.
“Spring is good, there’s still not a crazy amount of stock though. We’ve had a real mixed bag of results today, smaller properties are struggling but family homes are doing well.”
Ray White Queensland chief auctioneer Gavin Croft said Ray White Queensland is on the verge of 5,000 auctions already for the calendar year and at a time where spring is upon us.
“I think this is the first week where we’ve seen almost a spring-like feel, I guess starting with some warmer weather,” he said.
“Also auction volumes across Brisbane are up 55 per cent on last week and early indications are that average registered bidders as well as average active active bidders have remained firm.
“For me, I’ve observed stronger depth in the $2 million plus price bracket at the moment, with affordability being tightened at the lower end and I guess that’s off the back of interest rate rises.
“Despite this, the sub million dollar market it’s active, but FOMO is no longer part of the narrative, and therefore sellers are not seeing the dizzy heights of sales made some two and three months ago.
“They continue to transition their thinking to a new market and again, I’ve said this a few times before, agents are playing such a significant role in assisting them to make well informed, educated decisions on price as interest rates continue to be aggressively added to.”
Ray White New Farm and Ray White Bulimba auction event
“We had several stand out sales today. We started the day well with a sale of $880,000 under the hammer for 6 Habana St, The Gap,” Mr Cush said.
“This was followed by a top floor apartment of only seven at 7/7 Toorak Rd, New Farm. Bidding opened at around $1.4 million but quickly jumped up to $1.5 million and went on the market around $1.6 million, eventually selling under the hammer for $1.73 million.
“Another was a house at 37 Edmondstone St, South Brisbane, bidding opened in the $1 millions and at $2.1 million the seller made the decision to put the property on the market and that re-engaged competition. It eventually sold for $2.3 million.
“And another property at 19 Bowler St, Paddington sold well. Bidding opened at $1.5 million with the seller being rewarded with a sale price of $1.631 million.
“It was a really exciting day, we had six sell prior and five lots sell under the hammer with some great bidding.”
“It was up against two families and the family that won were literally the first people through the door the day it opened,” Ms O’Dea said.
“My seller (pictured above middle) has done a beautiful job presenting the property, it’s barely 12 years old and she said it’s like living in a resort home in Noosa. Her daughters are now finishing school and she’s planning on downsizing.
“The interest and number of bidders was like last year. I would say stop being so nervous and make sure you’re at auctions because we are selling at the moment!”
Ray White South Australia chief auctioneer John Morris said as usual Ray White is holding the lion’s share of auctions in and around the state – 32 per cent last week and 33 per cent this week.
“While the interest rate rise may have caused a momentary lapse in bidder registrations and auction day clearance rates, that seems to have all been forgotten about this week as we enter the weekend with a 100 per cent clearance rate and 8.5 registered bidders per auction,” he said.
“According to the Adelaide Advertiser, we’ve had the strongest quarter in seven years in South Australia so there’s a lot of stories of doom and gloom around Australia and New Zealand but we seem to have been completely forgotten about in Adelaide and long may it continue.”
9 Woodmere Ave, Paradise (pictured above)
While several bidders were interstate and local investors including the underbidder, it was a newlywed, first home buying couple who claimed the keys (pictured below). This was the sellers’ first family home but they have now bought something bigger in the same suburb.
“There’s low stock at the moment which is keeping prices in the area consistent. We’re not growing anymore but definitely still holding firm in this part of Adelaide,” Ms Clemente said.
“One bidder was from Melbourne but it was a young local family who ended up winning the home. The price is a Seaton suburb record for a residential property,” Mr Kiritsis said.
“The sellers (pictured below) were a young couple with four girls, they built this home as their forever home but realised four girls take up more space than they thought so they are going to do it all again and build something bigger.
“Spring hasn’t sprung yet in terms of listings, stock volume has tightened up.
“We have noticed a drop in open attendance numbers but have found the quality of those people still coming through are top tier buyers. They are decisive, finance-approved and ready to go.”
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