Auction market fires ahead

Ray White NSW | ACT head of auctions Perry Edmondson-Clark said school holidays didn’t seem to slow things down at all across Sydney today.

“We recorded 107 scheduled auctions for the group today and 243 for the week. Volume has remained consistently high and above average for this time of year,” Mr Edmondson-Clark said.

“Results remain strong across all markets with less than five per cent of auctions currently recording no registered bidders.

“Our clearance remains strong despite speculation around a potential rate rise. There is no shortage of buyers fighting for property so now is a great time to transact.”

202/4 Stuart Cres, Drummoyne

• Sold for $3.07 million

• Three registered and active bidders

• Agents: Mario Carbone and Jessica Carbone

• Ray White Drummoyne

“It was really good, we had three very engaged bidders. It started off at $2.65 million then went up in $50,000 increments until it got to $3 million and we negotiated with the highest bidder from there to the sale price,” Mr Carbone said (pictured at top with the winning bidder’s buyer’s agent).

“The buyer was a local downsizer and the seller was the developer who built the complex. All three bidders were downsizers.

“The developer thought about everything for downsizers. It’s a brand new build, really well done and in a great location that’s central to everything - it’s got that new car appeal but the view was definitely the showstopper."

19 Cromdale St, Mortdale

• Sold for $2.035 million - $85,000 above reserve

• Six registered and three active bidders

• Agents: Fraser Glen and Haydon Sacilotto

• Ray White Georges River | St George | Oatley

“The auction started at $1.6 million then with the second bid went straight up to $1.9 million and it was just mainly two buyers bouncing back and forth with the bidding,” Mr Glen said.

“The house is modern, you can move in straight away and just enjoy it. The sellers have done a great renovation but are now looking for something with a bit more space.

“It’s a great location in the sought after Oatley West Public School catchment with a peaceful and leafy space at the rear of the house so it was popular with families.

“The buyers (pictured above) were a young family with two kids who are moving closer to family in the area.”

177 Young St, Annandale

• Sold for $1.940 million - sold above reserve

• Five registered and three active bidders

• Agent: Tina O’Connor

• Ray White Inner West Group

“The buyers were a young couple in their 30s. We had three people bidding and it was almost about to sell at $1.92 million but they came in at the last minute with a final $20,000 bid, it was their first and only bid,” Ms O’Connor said.

“Throughout the campaign I predominantly had young couples showing interest. They loved that despite the small block, the house packed in a lot with three bedrooms, two bathrooms and a carpark so buyers felt it was a good bang for their buck. It was only renovated in 2016 and it’s aged well.”

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said Melbourne's winter real estate market keeps bubbling along despite a drop in auction volume midway through the school holidays.

“For the 174 scheduled auctions, buyers remained active with an average of 2.2 bidders participating across the market and an overall clearance rate for the week of nearly 70 per cent.

“Even though Melbourne experienced an icy snap and sub-zero temperatures this week, the real estate market is still toasty warm.”

51 Burnell St, Brunswick West

• Sold for $1.29 million - $100,000 above reserve

• Six registered and two active bidders

• Agents: Jamil Allouche (auctioneer) and Belinda Rabar

• Ray White Brunswick

“The auction started at $1.15 million and then quickly got to the reserve. The auction was pretty fierce, we had six confirmed bidders there but only two could get involved,” Mr Allouche said (pictured below with the seller).

“The buyers were an older couple moving from the eastern suburbs, they were looking for something that was convenient to get into the city.

“But the buyer demographic was a mix and more of a younger crowd. The underbidders were a young family and the other bidders were all either young families or young couples.

“The house is in a convenient spot, it’s a cute place with good bones. It does need some work but it’s easy work to get it up to speed.”

24 Ayr St, Blackburn South

• Sold for $1.426 million

• Four registered and active bidders

• Agents: Jichen Quan (auctioneer) and Andy Zhang

• Ray White Burwood

“The bidding started at $1.2 million and the auction came to a complete pause around $1.3 million, then after some negotiations it took off to the eventual sale price - it was a stunning second half,” Mr Quan said.

“The house is in a good location which was a big drawcard. We had about 40 groups go through the home, they were mainly family home buyers and then a small number of investors.”

Ray White Queensland chief auctioneer Gavin Croft said it was a strong day in Brisbane today with some great outcomes at auction both across the north and south side of the city.

“It was really exciting to see the energy at the auctions that unfolded today and crowds were particularly strong,” Mr Croft said.

“There were a number of auctions selling well above reserve, giving a good indication of what we’re seeing in the Brisbane market at the moment. But the important thing to note right now is those stock levels are starting to change.

“There is a wonderful number of auctions coming through to give buyers more choice and we may see a more balanced market in the months ahead. But right now, the lack of choice is really favouring sellers.”

Ray White Mt Gravatt auction event

The Ray White Mt Gravatt office held a hugely successful in-room auction event today, clearing 18 of the 21 lots up for grabs.

There were a massive 527 registered bidders who attended the event at the Mansfield State High School auditorium. By the end of the day, they sold more than $19 million in property.

The standout sales of the day were 90 Wishart Rd, Upper Mount Gravatt which sold for $1.75 million through sales agents Andrew Boman and Morgan Tickner, while 16 Enderby St, Mount Gravatt East set a postcode record price for a three bedroom, one bathroom home, selling for $1.405 million.

Ray White Mt Gravatt principal and auctioneer Grant Boman said the lack of supply in the market was evident after the event attracted more than 500 eager buyers.

“We had a real selection of properties on offer, we had land through to one bedroom apartments, family homes and everything in between - it was a festival of properties,” Mr Boman said.

“There were many first home buyers and investors present but the largest chunk of buyers were families looking to secure a family home and a position within one of the city’s most sought after school catchments.

“We’re finding there is a real lack of supply at the moment, especially for good quality properties, there is not enough on offer to meet the demand.”

26a Rainworth Rd, Bardon (pictured above)

• Sold for $2.265 million

• Nine registered and four active bidders

• Agents: Max Hadgelias and George Hadgelias

• Ray White Paddington

• Auctioneer: Phil Parker, Ray White

“The auction was very competitive with the opening bid above reserve,” Mr Hadgelias said.

“The buyer was a local looking for something for their mum. The fact that it was all on one level really appealed to her.

“We had a mix of buyers throughout the campaign but mainly it was young families who wanted to be close to some of the good schools and parks in the area.”

5 William Close, Doolandella

• Sold for $1.09 million

• Six bidders

• Agent: Simon Au

• Ray White Sunnybank

• Auctioneer: Gavin Croft, Ray White

“I had good bidding at the auction, it started at $900,000 and went up rapidly from there. I received a lot of interest from families looking to upsize, including the local family who eventually purchased the property,” Mr Au said.

“Property prices in the area are now rising past $1 million, this house was bought for just over $500,000 only a few years ago.”