Australasia’s leading auction group had 479 auctions scheduled to go under the hammer today, recording a preliminary auction day clearance rate of 78 per cent.

With strong auction activity in full swing, there was an average of 4.8 registered bidders and 3.2 active bidders attending Ray White auctions.

Those that took their properties to auction today, achieved a final result 11 per cent more than the highest offer prior.

The top auction sale was in the Sydney suburb of Lindfield. Ray White Upper North Shore’s Jessica Cao sold 35 Eton Road, Lindfield under the hammer for $4.26 million.

Meanwhile, the auction with the most registered bidders was also in Sydney. Jimmy Sceats of Ray White Umina Beach recorded 26 registered bidders at their 2/21 Clifford Street, Umina Beach auction, which sold for $745,000 achieving a sale price of $145,000 above reserve.

SYDNEY

Ray White New South Wales State Auctioneer Perry Edmondson-Clark said the rainy weather didn’t hold back Sydney buyers today as the first week of March continues to see consistent bidding activity aross Ray White auctions.

“Our preliminary data shows an average of 6.2 registered bidders aross 158 scheduled auctions across the state today.

“We continue to see, in certain markets, an increased level of stock put pressure on prices as buyers have more options. However, buyers are certainly still out in force, with A-Grade properties contining to be the first choice.

“People considering selling their home should consider their auction day prices in a more balanced market. The importance of auctions couldn’t be more clear, as buyers need to see other buyers participating or they will be reluctant within their limited budgets.”

35 Eton Road, Lindfield

Sold under the hammer for $4.26 million (reserve $4.2 million)
Three registered bidders, three active
Lead agent: Jessica Cao - 0466 877 260
Ray White Upper North Shore

Ms Cao said the buyer surprised everyone at this auction today, when they jumped in with their bid just before the hammer was about to go down, after they’d only seen the house for the first time this morning.

“It’s a beautiful story, passing the home on from one family to another, after the previous owners of the home for 32 years decided to downsize having raised their four children to adults, now selling it to a young local family planning to raise their children in this home,” Ms Cao said.

After going head to head at auction today, the underbidders were another family looking to downsize on this well kept flat block, unfortunately missing out by $10,000.

10 Roscoe Street, Bondi Beach

Sold under the hammer for $4.2 million (reserve $4 million)
Eight registered bidders, six active
Lead agent: Clay Brodie - 0451 965 119
Ray White Elizabeth Bay
Auctioneer: Tim Snell, Ray White

After a slow climb to the finish line, from a starting bid of $2.9 million, it was the intense and consistent bidding from six bidders battling it out until the hammer dropped, $200,000 over reserve.

It was an emotional sale for 10 Roscoe Street, a home that had been in the family for more than 35 years. The seller was over the moon with the result, selling the property on behalf of her mother.

A local father and son duo managed to secure this well-sought after Bondi Beach home, now planning to carry out some light renovations to the home’s original condition, with future intentions to move in.

“At the moment we’re seeing huge buyer numbers, with lots of people visiting through our properties. However, we’re also seeing a fair bit more stock in the market too, so it feels like an even market, where the opportunity is there for buyers and there’s still the right amount of competition for sellers,” Mr Brodie said.

18 Ponyara Road, Beverly Hills

Sold under the hammer for $1.78 million (reserve $1.75 million)
10 registered bidders, four active
Lead agent: Haydon Sacilotto - 0409 786 221
Ray White Oatley

Mr Sacilotto said the property, which had been in the family for over 50 years, had plenty of history behind it, with the land first granted to James Oatley, watch maker and English settler. The grandfather of the homeowner had built the home with his bare hands.

“There was celebration and happiness all around the auction today with great results for everyone involved,” Mr Sacilotto mentioned.

“The lucky buyers were a couple, moving into the Beverly Hills area from Rhodes who had also sold their property within the week. With their wedding date booked for March next year, they were happy to purchase their first family home.

“We’ve noticed slightly more stock has begun to hit the market, with quality homes being listed. It’s the biggest change compared to last year that we’ve seen. Despite the interest rates, buyers are still moving with confidence and are attending Australians all around.

“There’s definitely more quality properties, in desired locations, popping up, and it doesn’t matter what the market is doing, good property always achieves good results.”

MELBOURNE

Ray White Victoria chief auctioneer Jeremy Tyrell said that the weather wasn't the only thing heating up this week across Victoria as auction numbers continue to soar.

“This week saw the third highest volume of auction activity in the past twelve months, with 280 auctions scheduled for the Ray White network and it's not even Spring!

“That said, the lead up to Easter in the first quarter of any year has now become the new Spring market, as numbers are set to increase even further over the coming weeks.

“The great news for sellers amidst this increase in listing numbers and auction activity is that buyer demand is strong. Two major in room auction events during the week out west of Melbourne had a total of 34 auctions combined and clearance rates in excess of 80 per cent. The competition at both events was electric.

“This trend of buyer activity and competition continued into the weekend with clearance rates at 79.4 per cent for the Ray White Group.

“Overall, the real estate market is experiencing a beautiful balance of supply and demand.”

11 Huron Close, Rowville

Sold under the hammer for $1.151 million (reserve $1 million)
Seven bidders
Lead agent: Jack Rickard - 0425 350 047
Ray White Ferntree Gully
Auctioneer: Jeremy Tyrrell, Ray White

Mr Rickard said there were a mixed bag of buyers out with their bidder paddles today, after a few first time bidders went up against a couple of single bid callers and auction veterans.

“It was an emotional auction for our homeowners, with a bitter sweet moment after we achieved a great result for the sale of their parents’ home.

“The home is in a good pocket of Rowville, and it helped that the owners were realistic and sensible throughout the whole campaign. When working with great seller expectations, and presenting the home really well, the owners are generally rewarded with the best results, due to bringing the competition to auctions. The highest feedback prior to auction was in the low to mid $900,000 range, so they were glad they had pushed the property to auction.

“The final bid went to a local who simply showed up on the day, and wasn’t leaving without securing the property. They placed a last minute bid, and went up against the underbidder who had been eager from the start.”

18 Cox Street, Cheltenham

Sold under the hammer for $1.41 million
Three bidders
Lead agent/auctioneer: Angela Limanis - 0414 664 374
Ray White Cheltenham

After a drizzly Melbourne morning, the rain decided to hold off for auction hour, drawing in a big crowd with an organised coffee van keeping everyone in good spirits.

Ms Limanis said this was a beautiful home, which the owners bought in its original state and did a tremendous job in renovating it, making it a well-sought after purchase.

“The previous owners were quite brave, having purchased their new property prior to selling their home, however it paid off on auction day.With the $1,410,000 final sale price under the hammer, the sellers were happy with the sale significantly over their expectations,” Ms Limanis said.

“Besides the three bidders, some other people in attendance didn’t get a chance to bid anything, after being priced out from the start.

“The lucky buyers were a young couple from Port Melbourne, expecting their first baby in July. After looking for many months and seeing them at many open for inspections their time finally came. Their aggressive bidding took them all the way to the end, as they knew they weren't leaving without this new home.

I’d say one in three or four of our buyers come from the Inner City, because they move to Cheltenham to gain so much more value for money, with the CBD not too far away.”

66 Tatman Drive, Altona Meadows

Sold under the hammer for $1.9 million (reserve $1.35 million)
Nine registered bidders, four active
Lead agent: Chris Inglis - 0400 078 716
Ray White Altona
Auctioneer: Richard Anile, Ray White

A new suburb record was smashed out of the meadows today, with the final sale price overshadowing the previous $1.56 million record.

“Our sellers couldn’t be happier with going ahead to auction day, after the best offer prior to today was $1.4 million. The intensity of the auction method with bidders going head to head is what drives these results for our property owners,” Mr Inglis said.

“The winning bid was secured by a local retired couple, upgrading their lifestyle from the other side of Altona North. They had previously sold their property with us and decided to come along to purchase their new home.

“We’re seeing a lot of interest from young families as more stock and buyers are both hitting the market. This campaign saw 100 groups through inspections, which just goes to show the sheer scale of buyers looking to purchase right now.”

12 Kepler Street, Mernda

Sold under the hammer for $630,000 (reserve $540,000)
Four bidders
Lead agent/auctioneer: Aaron Geary - 0433 269 665
Ray White Mernda

“It was a huge result for our homeowner today, who was ecstatic when her property sold under the hammer for $90,000 above reserve,” Mr Geary said.

“Despite a lot of interest from first home buyers in the area, it was actually an out of town downsizer looking to move in who purchase the home today. Two bidders dropped off straight away, and it was left to a bettle between our lucky buyer and an online bidder hoping for the same result.”

9 Braveheart Grove, Mernda

Sold under the hammer for $925,000
Three bidders
Lead agent/auctioneer: John Metaxas - 0412 840 040
Ray White Mernda

“Our cheerful sellers were celebrating after the sale of their Mernda home at auction today, planning to downsize and move closer to their families,” Mr Metaxas mentioned.

“It was an interstate buyer, from Sydney, who after an incredibly frustrating experience with a competitor last weekend, decided to consult with us on this listing. After working with them throughout the week, conducting video inspections and setting expectations, he dialled in to the auction and managed to secure their new property.”

11 Uganda Street, Burwood

Sold under the hammer for $1,95 million (reserve $1.85 million)
10 bidders
Lead agent: Hans Liu - 0430 595 592
Ray White Burwood

“We're finding more and more people are wanting to upsize and upgrade their current family homes,” Mr Liu stated.

“During the owners’ time living in the home for over 33 years, they knocked down and rebuilt the property 20 years ago and have been living in it ever since. They’ve now decided to downsize their space and relocate to a smaller unit.”

“After a competitive auction, the buyers who had been searching for properties with the Burwood team for a while finally secured their new home.”

22 Bowen Street, Hughesdale

Sold under the hammer for $1,940,000 (reserve $1,750,000)
Five registered bidders, three active
Lead agent: Jonathan Eaves - 0411 051 571
Ray White Oakleigh

Mr Eaves said the auction went really well for all parties today, despite some of the Melbourne weather we've seen.

"The owners of the home bought the property years ago, and lived there for quite some time. During the pandemic they got a job offer interstate, and decided to rent it out for a couple of years,” Mr Eaves explained.

“After keeping in contact with them, the decision was made to sell the property. They newly renovated their home six months before moving, not getting the chance to enjoy it, leaving a brand new interior for the next property owners to enjoy. The renovation was an appreciation of the older style of the home, which brought in plenty of interest to the campaign.

"Our lucky buyers sold around 18 months ago, and have been the bridesmaids a number of times during this period. After property searching for quite a while, and renting through that entire period, they decided this would be the one and gave it a good nudge. They were thrilled when the hammer dropped for them at the end of the day. We helped them through the process and they were over the moon and still in disbelief.

"We had a cheeky opening bid at $1.58 million however the eventual buyers weren't here to play games and jumped in at $1.75 million immediately after. The underbidders have been looking for around a year already, previously at properties that needed a lot more work than this one, but they wanted to give this one a bit more of a push, especially due to the uncertainty of tradies and the cost to build at the moment, however still only just missed out.”

1D Blenheim Street, Bentleigh East

Sold under the hammer for $1,364 million (reserve $1.28 million)
Four bidders
Lead agent: Peter Liu - 0410 380 606
Ray White Oakleigh

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said there was plenty of heat out there today in more ways than one, with not only the temperature but certainly in the auction arena today.

“We saw heated and spirited bidding right across a large volume of properties that were set to go to auction right across Brisbane today, while personally conducting 11 auctions throughout the course of today.

“The average registered bidders remains in that very consistent range, recording between six and seven registered bidders per auction. It really seems to be the theme that we’ve seen so far into 2024.

“I would like to highlight that there are large volumes of auction properties coming to the market in late March so we will start to see choice increasing for buyers in the short term future.

“At the moment the market is still in the sellers hands, but we may see that start to change. There’s some extraordinary depth across the market, in all price points, right across Brisbane. The south side continues to be a very hot marketplace, which I’m sure that will continue into the near future.”

62 Abbott Street. New Farm

Sold under the hammer for $2,290,000
14 registered bidders, six active
Lead agent: Nicholas Given - 0439 193 920
Ray White Clayfield
Auctioneer: Haesley Cush, Ray White

"It was an absolute screamer of an auction with 14 registered bidders and a crowd full of people who filled the street,” Mr Cush said.

"We even had the kids on deck, getting involved and scribbling down the numbers.”

Mr Given said the property was on the market for 15-20 minutes of bidding before dropping under the hammer.

The auction stalled around $2.1 million and looked like it was going to sell, until a new bidder popped up and placed a large bid at $50,000 which reignited competition.

The buyer is a young Brisbane professional, looking to renovate and enjoy the New Farm lifestyle, while it was a bittersweet sale for the sellers as the property had been in their family for more than 60 years.

"It's been a really strong day of auctions. As we closed out last month, we saw one of the strongest Februarys we’ve ever seen. As a group we recorded over 100 sales at $150 million. Excitingly we listed 130 properties, so all eyes are on the month ahead. After selling the majority of our properties with 21 auctions at our event last week, we're looking at 32 scheduled auctions for 16 March, shaping up to be even bigger,” Mr Cush said.

“If today is anything to go by, it just goes to show that intensity right through the market. This property today represents that people are eager and really do want to buy unrenovated properties. The real heat clearly still sits with units in the high end of the market.”

40 Annie St, Paddington

Sold under the hammer for $1,450,000
Six registered bidders, four active
Lead agent: Judi O’Dea - 0417 009 635
Ray White Paddington

There were six registered bidders, including one from Japan via the phone. The seller is moving to another suburb, while the buyer is an investor who will rent it out.

Ms O’Dea said the auction saw an impressive turnout of 30 people watching on.

“The property, in the heart of Paddington, captured the attention of both local and international prospective buyers alike. With its prime location and undeniable appeal, it's no surprise that the auction generated such fervent interest,” she said.

“The successful sale of 40 Annie Street underscores the enduring allure of Paddington's real estate market and serves as a testament to the unwavering demand for quality properties in desirable locations.”

ADELAIDE

Ray White South Australia Chief Auctioneer John Morris said that mad March is upon us in Adelaide, with so much going on that you’d be forgiven for thinking that everyone is taking a break from everything else. However, nothing could be further from the truth, as the frenzy is not limited to only the Fringe Festival.

“Anybody buying or selling in South Australia at the moment is finding themselves in a fantastic flourish of bidder paddles and banging gavels.

“Ray White retains the top spot with 40 per cent auction market share throughout February, showing us again that we are four times that of our nearest competitor. We are also 37 per cent up on auctions year on year.

“We finished last month with an average of nine registered bidders per auction with four of these participating. This resulted in 90 per cent of Ray White listed properties selling, yet again higher than the 82 per cent clearance rate that CoreLogic is reporting for the state.

“South Australia has consistently outperformed the other states across Australia over the past couple of years, across all areas of auction market share, clearance rate and bidder numbers. Ray White are the competition creators in the state, consistently outperforming all competition over the same time period.”

36 La Perouse Avenue, Flinders Park

Sold under the hammer for $1.266 million ($1.2 million)
Six registered bidders, six active
Lead agent: Peter Kiritsis - 0411 501 520
Ray White Woodville

“We had an extremely excited young family sell their home today, now able to upsize after a 20 per cent growth on their property purchase from two years ago,” Mr Kiritsis explained.

“We had buyers come in from three hours outside of Adelaide, who secured the property as their weekender away from the farm. We’d seen them at four other auctions previously, with offers placed since November, so it was great to finally sell them something so they could travel to their new Adelaide home away from home.

“The winning bid came after a heated auction, with all six bidders giving it a good crack and wanting the property for themselves. Unfortunately it seems like those with limited budgets, we’ll continue to see attending future auctions in hopes of finding their next home.”

21 Woodlea Drive, Aberfoyle Park

Sold under the hammer for $675,000 (reserve $658,000)
Six registered bidders, five active
Lead agent:Amy Rozek - 0437 522 021
Ray White Flagstaff Hill
Auctioneer: Sam Grover, Ray White

Ms Rozek said it was quite an interesting auction today, that happened quick and fast after starting with and opening bid of $400,000.

“It was down to two bidders in the end, who were casually chatting in between their bids. There were plenty of neighbours who joined the crowd of 60 people and stayed to watch the action, as it’s a very tight little community

“There were tears of happiness after the winning bid went to a young couple of first home buyers, who fell in love with the house after seeing it three weeks ago. It was a sweet moment, saying they couldn’t wait to live in it forever.

2A Conrad Street, Northfield

Sold under the hammer for $630,000
Six registered bidders, four active
Lead agent: Linda Clemente - 0409 099 046
Ray White Norwood
Auctioneer: George Kargiotis, Ray White

“It seems as though buyers are still trying to save every dollar they can, with a slow auction and bids made in small increments which eventually took us to the sale result.It’s a direct reflection on the current market,” Ms Clemente explained.

A first time buyer managed to secure their new home, after stretching their budget to walk away with the purchase.