THE VOLUME of serious buyers continues to be the hallmark of the current property market with the Ray White Group recording 4.3 average registered bidders across every auction lot today.
The leading auction house cleared 68.2 per cent of all stock nationally today, with its agents in Sydney recording a preliminary auction day clearance rate of 69 per cent today, and 62 per cent in Melbourne.
We are operating in a textbook sellers market which by definition means we have a shortage of stock with a lot of active buyers.
Ray White New South Wales Chief Auctioneer Alex Pattaro said the property market in Sydney continued to grow in confidence with larger than average crowds rolling back in.
“On average, we saw 40 people attend auctions today, keeping to our social distancing requirements,” Mr Pattaro said.
“The number of bidders across Sydney remains ultra competitive, and we are recording on average six registrations per lot, with three active.
“Auction volume is also up an incredible 44 per cent across New South Wales compared to this weekend last year proving the Sydney market continues to grow in confidence and we are anticipating stronger weeks ahead.”
Ray White Upper North Shore sales agent Coco Cui Roskam achieved the top sale under the hammer for the leading group today when 7 Wirra Close, St Ives changed hands for $2.36 million.
Six bidders registered to buy this gracious family home in a blue ribbon location and the winning buyer is a local from the Upper North Shore.
“We sold under the hammer so my vendors are happy. There’s a lot of buyers looking for bargains right now and they are really conscious about not paying too much but the fact is prices haven’t contracted at all,” the agent said.
“We don’t know what the future holds, we can only say what is happening now.
“And now we are busy with inquiry. We had lots of groups come through this home, it was very popular.” The sellers are relocating to the country for work.
Meanwhile on a beautifully clear and sunny day in Sydney, the dynamic duo of Ray White Erskineville Director Ercan Ersan and Auctioneer James Keenan entertained the crowd at 4/11-33 Maddisson St, Redfern which sold for $1.510 million.
With six registered bidders, the auction opened up at $1.370 million and moved quickly up to sell under the hammer to a local buyer.
Soon after the auction pros signed up another 16 registered bidders who were vying for C80/240 Wyndham St, Alexandria which ended up selling for $1.115 million to a young couple. Mr Keenan enthralled the crowd with his commanding voice. The bidding was fast and furious from its $800,000 open.
Ray White NSW Chief Auctioneer Alex Pattaro today sold 715/14A Anthony Road, West Ryde for $851,000 with two registered bidders active in the public auction.
The three bedroom apartment in a pet-friendly building above Coles opened at $825,000 and sold for $851,000 to a local investor from Eastwood.
In western Sydney, Ray White Wetherill Park agent Matthew Bell today sold 4 Reeves Crescent, Bonnyrigg for $750,000 after a whopping 15 registered bidders signed up to bid.
“There were a lot of local families and first home buyers interested in trying to buy up to $650,000 to avoid stamp duty but competition kicked in and a young couple from Cabramatta bought it for $750,000. I had taken roughly 70 groups through during the campaign and issued 12 contracts,” Mr Bell said.
“Stock is still very tight but the buyers are obviously here and now. I have a lot of vendors sitting on the fence about listing now as I believe the market is good now, and we don’t know what’s going to happen once JobKeeper ends.”
Ray White Auctioneer James Kerley (pictured above) said there was intense interest from the locals for the much-loved free-standing family home. “It was very sought after as it’s got a huge yard and covered area out the back.”
“This auction had a lot of good energy. It’s a great house with nothing to do except just move in.”
Ray White Victoria | Tasmania Chief Auctioneer Matthew Condon said that Ray White Victoria has seen an increase in auction volume this week, recording the highest amount of scheduled auctions in the past 10 weeks.
“Based on preliminary data from the Ray White Group this week has seen an increase in the average amount of registered and active bidders per auction,” Mr Condon said.
“It was also interesting to see that a number of buyers attended auctions who hadn’t organised their finance by auction day and were hoping these properties passed in.
“More often than not the properties were selling under the hammer so this is a timely reminder for buyers that having everything ready by auction day will give you the best possible chance of securing your desired property.
“Ray White Victoria is continuing to use technology to deliver exceptional results with this weekend seeing auctions conducted both online and onsite.
“Overall Ray White Victoria is expecting a strong auction day clearance rate this week.”
In Victoria, onsite auction restrictions still sit at a maximum of 20 people – not including real estate staff – meaning many offices have chosen to use both onsite and online methods to accommodate bidders.
Ray White Glenroy Salesperson Erhan Kalistu made the decision to host the auction of 1/11 Thistle Court, Meadow Heights both online and onsite after strong enquiry led to an influx of registered bidders.
Mr Kalistu said he had a great turnout with nine registered bidders and sold the three bedroom home under the hammer for $411,000.
“The auction opened at $300,000 and was competitive all the way through,” Mr Kalistu said.
“The owners are really happy and can now move into the new home they are building.
“The winning bidder was a first home buyer who has been looking for a new home for more than a year so she is thrilled that she has finally secured her dream home.”
In Bayswater North, Ray White Ferntree Gully Sales Consultant Blayze Fatchen was hard pressed keeping up with bids on 2 Gumbow Close that sold for $705,000 – $20,000 over reserve.
“The auction was rapid, bidding started high and then went up in tens and fives. The buyers were a young first home buying couple from the area,” Mr Fatchen said.
“Considering the current climate, the campaign and auction went really well – we had 84 groups through in four weeks with buyers really loving the location and price point.”
Meanwhile sales agent Cathy Liu of Ray White Bundoora ran an online auction for 43 Ferguson St, Macleod which attracted a massive 24 registered bidders after 240 inspections. Pictured above is Ray White Bundoora Director Andrew Mizzi calling the auction.
Ms Liu said the auction was long with two bidders battling out with $500 bids before it sold for $90,000 above reserve at $780,000.
“There were four strong bidders before it dropped down to two, the winning bidder was a young first home buyer from Altona Meadows who is planning to completely renovate it,” Ms Liu said.
“Another underbidder was going to knock it down but the others were also planning to renovate it. I think that location is really attractive to young first home buyers so we expected a lot of interest from them.”
In Melbourne’s south-east, the Ray White Oakleigh had a win with 3/34 Heath Ave, Oakleigh selling under the hammer for $831,500 – $31,500 above reserve.
Selling agent and auctioneer Jonathon Eaves said all three bidders were active throughout the auction before it finally sold to a young local couple.
“All three were strongly committed buyers and all had inspected the property at least twice,” Mr Eaves said.
“We were initially planning to sell off market during which time we took 30 groups through and this interest gave our vendors the confidence to go to market. After this we had a further 60 inspections.”
Continuing the auction action on Saturday morning was Ray White Mount Waverley Area Manager Jay Warnak who sold 7 Northumberland Drive, Keysborough for $765,000.
Mr Warnak said the Keysborough auction exceeded expectations, managing to draw in seven registered bidders.
“We had solid but not overwhelming interest earlier in the week but come Thursday we had seven registered bidders with two already completing building inspections and organising finance,” Mr Warnak said.
“The winning bidders, who are locals, had inspected the property three times and we had a running joke that every time they turned up they were bringing bits of their furniture.
“It was a really good result, especially given there are several similar in the area being sold through private sales so the buyers had choice.
“The owners went with an auction method because they wanted to put a time limit on the sale, not just setting a benchmark and hoping someone walked past.
“The bottom line is that when they go to auction we are selling them within 30 days, it’s done and the buyers can move on to their next home wherever and whenever that may be.”
Not to be upstaged, Ray White Glen Waverley Area Manager Darryl Wickham sold 22 Cinerea Ave, Ferntree Gully for $723,000 while fellow Area Manager Calvin Huang netted $1.222 million for 20 Gyton Ave, Glen Waverley.
Winston Wei of Ray White Burwood also sold2/20-22 Hughes St, Burwood for $710,000 under the hammer.
Ray White Queensland Chief Auctioneer Mitch Peereboom said it’s been another great week of auctions for the state.
“We’re seeing strong clearance rates and a number of parties that are getting themselves into a position to bid,” Mr Peereboom said.
“Our average number of registered bidders is up on this time last week and we’re certainly seeing the strength in the marketplace continue as we return to some more normality with our auction restrictions lifting.
“On-site auctions are back, we’re able to have people in the room for in room auctions but it’s good to have those online elements as well, making sure that we can provide the experience for everybody.
“And certainly if you are looking at coming to the market right now you need to talk to your Ray White agent, see what’s happening in your marketplace, the activity we’re seeing is so encouraging.”
After a cameo appearance on Channel 10 during the week, 95 Ferndale St (pictured above) in Annerley sold under the hammer for $1.555 million through Ray White Annerley Selling Principal Geoff Sellars.
Mr Sellars said eight of the 11 registered bidders participated in the auction which got down to $1000 bids towards the end.
“It was really competitive, buyers were after the location and the beautifully renovated family home,” Mr Sellars said.
“Everyone who bid had been through the property multiple times to inspect but the winners were a local family who had been with us since day one of the process.”
The Ray White Ascot team held their auction in-room with two bidders attending and another tuning in over the phone for 5/25 Stevenson St, Ascot.
Sales Associate Shenal Yigitbas said the bidding opened at $300,000 and quickly moved up to $355,000 before the unit sold for $361,000.
“The auction moved quickly and we had two of the three bidders active,” Ms Yigitbas said
“The winning bidder was a first home buyer who saw it in the first week that it came out and has loved it ever since. She was over the moon and in tears when she was signing the contract.”
Buyer Emma Patterson can now call herself the owner of the two bedroom unit in Ascot . She’s both shocked and excited.
“It was my first time bidding at an auction which was definitely nerve wracking because I wasn’t sure what to expect but I went in with an open mind and it paid off,” Ms Patterson said.
“I began looking about three months ago and this was one of the first I inspected and I just kept coming back to it. I was fairly daunted about buying with everything going on but I started to get an idea that now is a good time to buy considering what’s happening and I decided to take advantage of the situation.”
“I’m stoked, it was a great auction and no one was expecting it to go this crazy so we are all really happy with the result,” Mr Miller said.
“The winning buyer bid over the phone and is a local who already owns property in the area.”
On the Gold Coast, Ray White Sovereign Island Sales Agent Matt Hill sold 10 Sepik Place, Runaway Bay for $1.48 million on-site to a builder from Manchester, England looking for a great location to build on.
The Gold Coast agent said there were 20 registered bidders onsite and three participating via phone to keep inline with State Government restrictions.
“It was competitive right till the end, the auctioneer was taking $5000 bids here and there but then the winning bidder went further with a $10,000 bid that sealed the deal,” Mr Hill said.
“We had 57 groups through private inspections and I have to say that it has been the busiest campaign I’ve had in my 13 years in real estate.
“Considering recent events it gives us a surprisingly optimistic outlook.
“Off the back of this sale, I would say to sellers that there is low stock and plenty of buyers still hitting the market so now is the time to capitalise on that.”
Ray White South Australia Chief Auctioneer John Morris said the network’s volume of auctions scheduled is increasing week on week.
“Yet again it is a sea of yellow with the auction numbers in South Australia with at least 50 per cent Ray White. The auction day clearance rate is 50 per cent with 67 per cent selling throughout the campaign,” Mr Morris said.
“All metrics are up. Average registered bidders today was 4.8 and average registered bidders is 2.2 and there have been zero auctions with no bidding this weekend.”
Ray White Norwood agent Mannas Chan today sold 22 Baroota Ave, Rostrevor for $745,000 at an online auction with five registered bidders.
“I sold it under the hammer and all five bidders were active in the auction. It’s a great result, the vendor is very happy and the buyer is a local, he’s happy too,” Mr Chan said.
Some 59 groups inspected the property during the marketing campaign, and there were five offers prior to the auction.
Ray White Glenelg Agent and Auctioneer Rod Smitheram today sold this “honest family home” at 10 Britton St, West Richmond for $510,000.
There were 13 registered bidders and five of them active in the auction.
The winning bidders are a local couple who are going to renovate the home and flip it.
“It was a great result and top auction. I had 140 groups through the house during the whole campaign. It started out strong with a whopping 53 groups who turned up for the first open for inspection,” Mr Smitheram said.