Auctions close out EOFY with a bang

It was a cracking weekend of auctions at Ray White, as the financial year wraps up, with Australasia’s largest real estate group scheduling 386 properties to go under the hammer today, recording a preliminary clearance rate of 73.5 per cent.

Despite the dreary weather seen across many of our nation’s capitals today, it seems the rain couldn’t keep buyers away, as Ray White auctions across Australia recorded an average of 4.6 registered bidders and 2.8 active bidders.

Auction continues to outperform other methods of sale, with properties which sold under the hammer today receiving premiums an average of 10.5 per cent higher than the highest offer received prior to auction.

The top result of the day was recorded in Brisbane and went to Ray White Logan City agent Simon Au who sold 110 Nemies Rd, Runcorn under the hammer for $5 million.

Adelaide was home to the auction with the highest number of registered bidders, with Ray White Walkerville agents Liam McDevitt and Jessica Earle recording 24 bidders at their auction at 9 Hawkes Crescent, Salisbury East.

SYDNEY

Ray White NSW state auctioneer Perry Edmondson-Clark said it was “another weekend of continuous volume for the Ray White Group in NSW with 270 scheduled auctions.”

“Early data is showing a slight reduction in buyers numbers with our registered bidding numbers dropping slightly this week,” Mr Edmondson-Clark said.

“We won’t know until next week whether this is buyers holding out for a Reserve Bank decision or just fewer buyers per auction due to higher availability and choice.

“Auction prices remain the market’s best, and sellers are reminded that competition at auction guarantees them the best possible price from the market.”

85 Monash Road, Menai

• Sold under the hammer for $2.52 million

• Lead agent: Matt Debreczeni - 0407 204 599

• Ray White Sutherland Shire

• Eight registered bidders, four active

• Auctioneer: Tim Snell, Ray White NSW CEO

“The winning bid went to a couple who were looking for a bit of a lifestyle property with room for the kids and grandkids with the basketball court, and there was plenty of garage space for their motorbikes,” Mr Debreczeni said.

“The buyers actually lived in the area two years ago, and they’ve moved back as they wanted to be closer to their kids as well.

“It’s a really unique property for the area. The house was six years old with a good sized yard and pool. This kind of property doesn’t come up super often.”

27 Scott Street, Belfield

• Sold under the hammer for $1.74 million - $174,000 over reserve

• Lead agent: Rick Pignetti - 0439 398 959

• Ray White Five Dock | Concord

• Seven registered bidders, five active

Mr Pignetti said the home had been in the sellers’ family for more than 60 years. He said the home attracted interest from a range of buyers.

“It was on the high end of the street on one of the top three streets in Belfield,” Mr Pignetti said.

“It was an original bungalow and attracted buyers who could knockdown, build and flip; entry level buyers wanting to renovate and live in it, or buyers who wanted to knock it down to build their dream home. It ticked boxes for a range of buyers.

“The buyers were a young family with three kids wanting to knock it down and build their dream home.”

VICTORIA

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said the cool weather hadn’t dampened buyers’ appetite for real estate.

“The winter school holidays have kicked off in Victoria with many Victorians escaping the cold in search of warmer weather,” he said.

“The appetite for real estate however remains hot, as auction volume bucks seasonal trends with 242 auctions scheduled across the state for the Ray White network, an increase of 37 per cent for the same period last year.

“Despite increased speculation around a potential hike in interest rates due to a jump in inflation, buyers remained active as there was little impact to the overall clearance rate at 73 per cent.”

9 Rosella Rd, Parkdale (buyers and sellers pictured above)

• Sold under the hammer $3.01 million

• Lead agent: Lauren Chambers - 0421 450 654

• Ray White Cheltenham

• Four bidders

Ms Chambers said all bidders on the day were families.

“The winning bid went to a young family with two kids, they had already been living locally,” Ms Chambers said.

“It was the sellers’ family home which they built 6.5 years ago, they were selling in order to downsize.”

52 Berkeley St, Huntingdale

• Sold under the hammer for $1.321 million - $170,000 over reserve

• Lead agent: Peter Liu - 0410 380 606

• Ray White Clayton

• Auctioneer: Robert Cincotta, Ray White

• Five registered bidders, four active

“The owner bought the property in 2000 for around $200,000. It was their family home. They are moving to Murrumbeena,” Mr Liu said.

“The winning bid went to a family, the buyer said she had been saving for 13 years with no holiday to buy a house.”

39 Fischer St, Coburg

• Sold under the hammer for $1.14 million - $65,000 over reserve

• Lead agent/auctioneer: Raphael Calik-Houston - 0404 890 888

• Ray White Coburg

• Three bidders

Mr Calik-Houston said all three bidders were young couples. “It was pretty entry-level into Coburg but it was very clean and livable with some period pieces which people like as well.

“The seller had lived in the home before leasing it out, so it had been an investment for her in recent years. She was selling as she thought having an investment in Victoria wasn’t as viable anymore.”

26 Balagundi Drive, Lara

• Sold under the hammer for $865,000

• Lead agent: Matthew Wade-Taylor - 0430 006 345

• Ray White Lara

• Two bidders

“Bidding started off pretty low at $700,000 but eventually we got where we needed to be,” Mr Wade-Taylor said.

“The winning bid went to a couple who had just sold a house in Little River and wanted to move closer to town.

“This was the sellers’ (mother and daughter pictured above) family home which they'd owned for 20 years, and they decided to sell as they had moved up to Queensland to chase the sun. They were stoked with the result.”

14/42 Latrobe St, Mentone

• Sold under the hammer for $760,000

• Lead agent/auctioneer: Greg Brydon - 0431 799 938

• Ray White Cheltenham

• Six bidders, three active

Mr Brydon said bidding started at $600,000 on a vendor bid.

“The winning bidders were so eager to buy it they actually bid against themselves at one point! They were buying for their mother so she could live closer to them,” he said.

“The seller lived in the home but moved away for work so it’s been an investment for him recently, but he’s decided to sell due to the rising costs of owning an investment in Melbourne.”

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said there would always be interest in good property.

“For good property today there were certainly bidders out and about bidding strongly,” Mr Croft said.

“Brisbane continues to go from strength to strength in the auction space. As we round out the financial year, we can say auction numbers are 20 per cent up compared to last year.

“The market is strong and good property is selling well provided vendor expectations are meeting the market.”

110 Nemies Rd, Runcorn

Sold under the hammer for $5 million

• Lead agent: Simon Au - 0433 221 723

• Ray White Logan City

• 13 registered bidders, eight active

• Auctioneer: Phil Parker, Ray White

Mr Au said the home had been in the sellers’ family since 1969.

“We had 12 developers bidding but eventually it was sold to an owner occupier who wanted to renovate the home and live there,” Mr Au said.

“He had never been there before but came on the day and bought it. There was very competitive bidding.

“Last year the same size block sold for $3.4 million, so this is a suburb record.”

1 Perentie Street, Regents Park

• Sold under the hammer for $735,000

• Leag agent: Ryan Trama

• Ray White Marsden

• Three bidders

Mr Trama (pictured above with the buyer’s children) said it was lovely to help out the buyer and close off his last auction for the financial year with a great result for the ecstatic seller.

“The eventual buyer lives nearby and will be renting the property out to her sister,” he said.

“She had missed out on multiple properties previously, and is very excited to have secured a new home.”

Ray White Marsden principal Avi Khan said even with school holidays the market is performing strongly with another five auctions scheduled for the team tomorrow.

“There’s no right time to buy and sell anymore, buyers and sellers have confidence to buy and sell in any market.”

53 Plymouth St, Alderley

• Sold under the hammer for $2.1 million.

• Lead agent: Janine McDonald - 0419 720 683

• Ray White Alderley

• Seven registered bidders, two active

• Auctioneer: Benson Spong, Ray White

Ms McDonald said all interested buyers were families.

“It was bought by a lovely local family with two teenage sons who were upsizing. They had recently sold their last place,” she said.

“The sellers owned it for 20 years as their family home and are downsizing to the coast.”

ADELAIDE

Ray White South Australia and Northern Territory chief auctioneer John Morris said the rain couldn’t keep bidders away.

“The rain has not stopped in South Australia for the past 24 hours, but that’s not the only thing that’s raining down upon us, the bids are coming fast and furious,” he said.

“Bidder registrations are averaging about nine per auction, with four of those participating. This resulted in more than 90 per cent of stock going to auction this week selling under the hammer.

“We’ve had a record number of auctions this year, it’s an extremely strong market in South Australia with 43.4 per cent of all auctions this financial year having a yellow board in front of them. This final week of the financial year we’re closer to 50 per cent of all auctions being Ray White auctions.

“It’s an extremely resilient market and I can't see it changing anytime soon. We’ve finished the week with extreme strength, and next week we have record numbers again, so it’s looking like we’re going to start the financial year in the same way that we’ve finished it.”