Auctions ‘swift’ to sell

SYDNEY

Ray White NSW state auctioneer Perry Edmondson-Clark (pictured above) said both auction volumes and buyer numbers were strong.

“With stock levels up more than 20 per cent compared to last year, and incredibly strong clearance rates, the data would suggest that the buyers are there to absorb the high volume of stock,” Mr Edmondson-Clark said.

“If this continues, does this mean we are in for the next boom? Does the increase in stock put pressure on prices? Without a crystal ball, we will never know.

“One thing is for sure: the market is performing incredibly strongly at the moment right across New South Wales.

“So if you’re sitting there contemplating either buying or selling, now is the time capitalise on the strong environment we currently have you are

“With a small window of time to sell prior to Easter, list now, list auction, and get the best possible price in the market.”

10 Marjorie Street, Roseville

• Sold under the hammer for $4.9 million

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

• Two registered bidders, two active

Ms Cao said bidding started at $4.5 million.

“We had an investor bidding over the phone and a young family who had been renting,” Ms Cao said.

“We had strong bidding until the end with the family (pictured above) landing the winning the bid.

“The market has been really good so far this year, very active.

“The sellers were a young family upsizing, but staying in the area.”

32 Eglinton Rd, Glebe

• Sold under the hammer for $3.08 million - $380,000 over reserve

• Lead agent: Matthew Carvalho - 0404 006 744

• Ray White Surry Hills

• Six registered bidders, four active.

• Auctioneer: Tim Snell, Ray White NSW CEO

Mr Carvalho said the underbidders were first home buyers, while the remaining bidders were downsizers.

“Bidding started at $2.5 million,” he said.

“Winning bid went to a young buyer whose parents were bidding on his behalf while he was overseas.

“We’ve sold everything under the hammer so far this year.

“It feels like there's some confidence returning and not as much stock coming on as people thought there might be, especially in our market.”

20 Ourringo St, Budgewoi

• Sold under the hammer for $930,000

• Lead agent: Samantha Stokes - 0401 873 887

• Ray White Thompson Partners

• 15 registered bidders, five registered

• Auctioneer: Josh Logan-Pye, Ray White

Ms Stokes said the property had received a lot of interest with 100 groups through the open homes throughout the campaign.

“The buyers were a couple whose son will live in the home with future plans to renovate or knockdown and rebuild,” Ms Stokes said.

“It was largely Sydney-based bidders who either had family up here or had holiday here as kids, they predominantly wanted to knock down and rebuild.

“The area is very aspirational. There's only 400 homes here so not much trades here.

“The house is about 70 years old, so it's one of the last original cottages in the area. It’s about 120m from the beach.”

MELBOURNE

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said auctions saw plenty of action this weekend.

“Despite Melbourne being swept up in Tay Tay euphoria, real estate was alive and kicking this week as confident buyers were ‘swift’ to get back into the market,” Mr Tyrrell said.

“Auction volume increased across the state as did buyer activity. In fact, open home attendance has jumped nearly 18 percent compared to the same period last year, indicating buyers are out and about.

“Ray White Victoria had 186 auctions for the week as the volume of new listings continues to build.

“Even with a surge in new properties to market, demand remains strong as the clearance rate pushes north of 78 per cent for the week.”

1/58 Willesden Road Hughesdale

• Sold under the hammer for $1.365 million - $320,000 over reserve

• Lead agent/auctioneer: Jonathan Eaves - 0411 051 571

• Ray White Oakleigh

• 25 registered bidders, seven active

“I had a bigger crowd than Taylor Swift at the auction today, I’d say there were more than 300 people in the crowd,” Mr Eaves said.

“It had a lot of interest from young families, either wanting to downgrade their mortgage and still have four bedrooms but on a smaller block, or wanting to upsize from a one or two bedroom home.

“However, the winning bid ended up going to a downsizer who had family in the area.

“Being fully renovated was the main attraction, it was a really tasteful renovation.

“It ticked a lot of boxes for people. Its position in Hughesdale is really good, you could walk to Hughesdale train station and Oakleigh train station.

“The area has picked up a lot for young families.”

Mr Eaves said it was the second time he had sold a home for the vendors.

“I sold their first home which had become an investment property, and this was their second home and had been their family home for some time, but now they’re looking to upsize as their son grows up.”

82 Thompson St, Williamstown

• Sold under the hammer for $1.296 million.

• Lead agent/auctioneer: Joanne Royston - 0402 996 622

• Ray White Williamstown

• Five bidders

The winning bid went to a young couple buying their second home (pictured above left with the vendors on the right).

“Most of our interested buyers were young couples wanting to be close to the beach in South Williamstown,” Ms Royston said.

“This price point in South Williamston is really rare, hence the strong competition.

“The home had been in the same family since 1945, it was passed down to the children and they had all lived in it at one time, but the family had no use for it anymore and decided to sell.

“This is our second weekend of auctions for the year, and there is certainly some competitive bidding but still a small amount of hesitation.

“The holding and potential lowering of interest rates is sure to boost confidence throughout the year ahead.”

22 Rob Roy St, Glen Waverley

• Sold under the hammer for $2.75 million

• Lead agent: Darryl Wickham - 0410 554 779

• Ray White Glen Waverley

• 12 registered bidders, eight active

• Auctioneer: Andrew Davies, Ray White

Mr Wickham said the property had around 100 groups through the open homes prior to auction day.

“Most bidders were family buyers looking to go into the Glen Waverley secondary zone as well as being attracted to the well-built home,” he said.

“The buyers couple who loved the single-storey aspect and loved that it had been custom built.

“The sellers had the home built 22 years ago and were downsizing.

“The market has been hit and miss. Good homes like this in a good school zone and good location are doing well, but other homes that might need some work are getting left behind a bit.”

23 Annandale Dr, Mernda

• Sold under the hammer for $682,000 - $52,000 over reserve

• Lead agent/auctioneer: John Metaxas - 0412 840 040

• Ray White Mernda

• Five registered, four active bidders

Mr Metaxas (pictured above) said the property saw 60 groups through the open homes, with most interest coming from young couples.

“The winning bid went to a young couple of owner occupiers who were bidding over the phone from Sydney.

“The market is really good and interest rates are holding steady which has helped a lot.

“There are heaps of listings coming on. Some properties like this have really good numbers through the open homes, properties in this price range are doing really well.”

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said Brisbane was still seeing an imbalance between the number of buyers and the number of properties on the market.

“So far today I’ve personally had a 100 per cent clearance rate and an average of eight registered bidders per auction,” Mr Croft said.

“Interestingly the first three auctions of the day were secured by overseas buyers. There was also some competition from interstate buyers, with some investors emerging, making it a bit tougher for those local buyers to compete and win.

“We’re seeing wonderful depth of the buyer pool across an array of price segments at the moment, but supply and demand continue to be out of equilibrium with limited numbers of listings.

“An average of eight registered bidders per auction speaks volumes as to what we’re seeing in the marketplace.

“Sellers are being rewarded in the current market, but it will not last forever, so astute sellers are taking advantage of those conditions as we speak.”

3 Burns Cl, Eight Mile Plains

• Sold under the hammer for $1.761 million

• Lead agent: George Yang - 0488 199 888

• Ray White Sunnybank Hills

• 22 registered bidders, 10 active

• Auctioneer: Phil Broom, Ray White

The sellers (pictured above) were a couple downsizing.

“The buyers were a family who saw the home during the first week of the campaign, I knew they loved it straight away,” Mr Yang said.

“They had been looking to build but hadn’t found the right block, and when they saw this home they changed direction.

“It’s a really well finished house with nice custom features. For a 15 year old home it looked new. It was so well maintained, people could move straight in away.”

27 Luke Street, Wavell Heights

• Sold under the hammer for $1.255 million

• Lead agent: Anthony Clark - 0417 776 943

• Ray White Nundah

• Six registered, three active

Mr Clark said the buyers were a local family who owned another home at Wavell Heights.

“The winning bid went to a local family who plan to do a major renovation at their property at Wavell Heights and live in Luke Street in the meantime, then they plan to knock down and rebuild at the Luke Street property,” he said.

“The sellers were a couple who had lived in the home for more than 20 years and had rented it out for two years. They’re relocating to Perth to be around their family.”

10 Terrace Street, Paddington

• Sold under the hammer for $1.65 million

• Lead agent: Judi O’Dea - 0417 009 635

• Ray White Paddington

• Four registered bidders, three active

• Auctioneer: Phil Parker, Ray White

After bidding started at $1.3 million, a local investor from Bardon landed the winning bid.

Ms O’Dea said what made 10 Terrace Street particularly attractive was its proximity to Olympic Games venues.

“I am thrilled to see the level of interest and competition for this property, she said.

“The strong bidding activity reflects the desirability of Paddington as a prime investment location, and I am confident that the buyer has made a wise choice."

ADELAIDE

Ray White South Australia and Northern Territory chief auctioneer John Morris said the Adelaide Fringe Festival had kicked off this weekend, bringing people from all over the world to the city.

“The Adelaide Fringe Festival might be the largest event of its kind in the Southern Hemisphere, but Ray White is the largest real estate company in Australasia and we are dominating in and around Adelaide,” Mr Morris said.

“We’ve had unbelievable numbers with 40 per cent of all auctions in South Australia this week flying a yellow flag.

“The numbers are just astounding with the Adelaide real estate market consistently seeing an above 70 per cent auction day clearance rate throughout 2024 so far.

“Ray White has consistently held above 80 per cent, year-to-date 83.6 per cent of properties scheduled to go under the hammer have sold.

“This week, 86.4 per cent of properties scheduled to go to auction have sold.

“This week we have seen an average of 5.3 registered bidders per auction, but today we saw an average of 11 registered bidders per auction.

“It’s a really strong market continuing to go ahead in South Australia.

“I hope I’ll get time to go to all the Fringe shows, but maybe not because the auctions are going through the roof!”