Fiery auctions ignite Year of the Dragon

Australasia’s leading auction group had 319 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 4.7 registered bidders and 2.9 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 Alexandria. Ray White Surry Hills’ Moira Verheijen sold 213 Lawrence Street, Alexandria under the hammer for $3,000,000.

Meanwhile, the auction with the most registered bidders was in Melbourne. Leigh Grixti of Ray White Deer Park with a shopping 23 registered bidders at their 14 Orchid Court, Hoppers Crossing auction, which sold for $712,500, achieving a sale price of $112,500 above reserve.

SYDNEY

Ray White New South Wales State Auctioneer Perry Edmondson-Clark said there was certainly a strong demand from buyers today, with our stock levels now matching that demand.

“If you are contemplating coming to the market, now is the time to capitalise. We recorded just shy of seven bidders per auction, averaged across NSW today, with competition created by auction certainly doing its job.

“Auction is the only sale method to guarantee the best possible price in the shortest possible time.”

64 River Avenue, Chatswood

• Sold under the hammer for $1.75 million (reserve $1.3 million)

• 13 registered bidders, five active

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

Ms Cao said it was a happy Chinese New Year indeed, with a fiery auction result to kick off the Year of the Dragon.

The lucky seller of this untouched cottage couldn’t believe the result under the hammer today, bringing in an additional $450,000 over the reserve price.

“It was an amazing result from a super competitive auction, after bidding increased by millions from $1.1 million all the way to the end result,” Ms Cao said.

“There was a cheeky opening bid of $100,000, however the auctioneer made it clear that we were selling a house today and did not accept the offer.”

The winning bid went to a developer with plans for a knockdown rebuild.

103 Arundel Street, Forest Lodge

• Sold under the hammer for $2.7 million

• Six registered bidders, three active

• Lead agent: Matthew Carvalho - 0404 006 744

• Ray White Surry Hills

• Auctioneer: Tim Snell, Ray White

Mr Carvalho had two auctions this morning, both brought forward as he was finding they had plenty of interest and didn’t want to lose the buyers’ attention.

"Auctions in the new year have started off strong with high engagement and interest on a lot of properties. We've had three auctions in the last 24 hours, all of which have sold above expectations,” Mr Carvalho said.

A couple bought Arundel Street as an investment property, planning to rent it out to their daughter and her friends while they attend the local university.

After trusting Mr Carvalho’s decision to bring the auction forward, the young family who sold the property are moving to the north shore to purchase a bigger home with a pool.

136 Wigram Road, Forest Lodge

• Sold under the hammer for $2.02 million

• Seven registered bidders, two active

• Lead agent: Matthew Carvalho - 0404 006 744

• Ray White Surry Hills

• Auctioneer: Tim Snell, Ray White

The sale of Wigram Road under the hammer might look familiar, as the young family who sold the property is again moving out of the area to buy a bigger home.

It was bought by a gentleman who works at the University of Sydney, after relocating from Melbourne.

"We tend to get a few academics in the area, because of the convenient distance from the university.”

After an opening bid at $1.8 million, it was a two-horse race between a young couple of first home buyers, bidding over the phone, and the gentlemen who bought it.

MELBOURNE

Ray White Victoria chief auctioneer Jeremy Tyrell said the Year of the Dragon welcomes prosperity, strength and good luck, which was perfectly aligned with everything real estate.

“Buyer confidence continues to grow with a hold on interest rates announced during the week, as well as a surge in new listings to market, offering a variety of choices.

“Add to that an announcement on tax relief for low-middle income earners and strong chatter about potential interest rate cuts in 2024, the outlook for real estate in the first quarter is very positive.

“For Ray White Victoria, there were 143 auctions scheduled last week with a clearance rate of 80 percent, an increase of 14.7 percent for the same period last year.

“Bidder numbers also jumped up to 2.8 on average for the week, which only confirms the depth of current buyer demand.

75 Dimboola Rd, Broadmeadows

• Sold under the hammer for $516,000 (reserve $480,000)

• Six registered bidders, four active

• Lead agent/auctioneer: Daniel Nardella - 0423 488 822

• Ray White Mill Park

"We're still in the early days of 2024, however our first few auctions have performed really well,” Mr Nardella said.

"We're seeing open inspection numbers through the roof, with 56 groups through one of our recent open homes. The reason we're finding these inspection numbers are quite high is due to the buyer's confidence in the market, with interest rates staying consistent.

"Our participating bidders were a group of two investors and two first home buyers, battling it out under the hammer today."

The property eventually sold to a couple of investors who live well out of the area, and bought the property based on location and affordability. They plan to give the house a minor makeover and rent it out quite quickly.

The sellers of this well kept home were a family selling on behalf of their mum.

“The home has been with the family for 52 years, and is almost in its original condition inside, bringing quite a lot of interest to the property.”

67 Natural Drive, Craigieburn

• Sold under the hammer for $601,500 (reserve $570,000)

• 15 registered bidders, seven active

• Lead agent/auctioneer: Steph Shepherdson - 0400 451 400

• Ray White Craigieburn

“This small and affordable home attracted plenty of first home buyers with strong bidding activity in the crowd today,” Ms Shepherdson said.

“We’re finding a lot of interest since the rates were put on hold again, invigorating a lot of our first home buyers in and out of the area.”

The young couple who secured the winning bid had recently married and now bought their first home to move into together. They were previously living with parents in the suburbs, while saving up for their deposit.

The woman who sold the property today was ecstatically cheering from the hospital, as she tuned in via her husband’s phone after only delivering their second child two days ago.

“It’s been a great week for the family with a new baby and the sale of their home. Once they realised they got to the $600,000 mark, they were over the moon as it was a champagne price they didn’t think was possible.”

The woman initially bought the land and built the property when she was on her own. She then built the rest of her life from here, getting married and having their first little one grow up in this home. Now they’re moving further away onto bigger land, as they are in need of some more space.

“There are a lot more owners sitting on the fence deciding whether or not to sell. Now is the time to upgrade, before house prices start to rise again. As long as you buy and sell in the same market, that’s the ticket to upsizing.”

9/12 Hilda St, Cheltenham

• Sold under the hammer for $715,000 (reserve $660,000)

• Four bidders

• Lead agent/auctioneer: Kevin Chokshi - 0430 195 517

• Ray White Cheltenham

Mr Chokshi had three back-to-back auctions today, with all results blowing through the roof.

“Bidding came in hard and fast in this auction, after a vendor bid was placed at $550,000 the next bidder jumped up to $600,000 and it was a close battle from there,” Mr Chokshi said.

The seller was an older gentleman, who had his kids selling on his behalf, with a clean exchange to another local downsizer who bought the home.

14 Monaco Crescent, Beaumaris

• Sold under the hammer for $1.78 million

• Two bidders

• Lead agent/auctioneer: Kevin Chokshi - 0430 195 517

• Ray White Cheltenham

The interesting auction that followed in Beaumaris, was a property that had been in the homeowners family for over 50 years, bought by another young family including a world renowned athlete. The interest in the home was the big beautiful block of land in a lovely area and wanting to move closer to the water. As a champion sprinter, having the coach in the next suburb over was a bonus.

"There is really strong activity out at auctions right now. We’re letting everyone know that you don’t have to be a data analyst on this day to find out what happens when the interest rate doesn't increase. Buyers are jumping in before the prices go up,” Mr Chokshi said.

"We're also seeing massive stock increases, with our Ray White Cheltenham office expecting to list more than we’ve ever listed, currently looking at more than one property every day. The common advice is that with interest rates staying low and tax cuts coming in, buyers are able to borrow more money and come in strong to auctions."

8a Jellicoe St, Cheltenham

• Sold under the hammer for $1,268,000

• Two bidders

• Lead agent/auctioneer: Angela Limanis - 0414 664 374

• Ray White Cheltenham

This beautifully renovated home was owned by one family for over 20 years, and turned into a health conscious haven. This unique home was a large investment by the previous owner who renovated it to suit a healthy lifestyle, which was low on toxins and great for those with allergies. With a long list of inclusions from Italian hydronic heating to a reverse Osmosis water filter in the kitchen, everything was made clean and efficient.

“It was a cracker of an auction. After a slow start to the bidding, it took only three minutes for two bidders to go head to head, battling it out from $1,125,000 to the final sale price of $1,268,000,” Ms Limanis said.

The lucky buyer purchased the property on behalf of his children, who live interstate and plan to relocate to Melbourne.

BRISBANE

59 Park St, Kelvin Grove

• Sold under the hammer for $2,265,000

• 11 registered bidders, six active bidders

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

• Ray White Paddington

The highly anticipated auction in Kelvin Grove exceeded all expectations, with a final sale price of $2,265,000 - well above the reserve.

This meticulously renovated property attracted a crowd of over 100 people, making it one of the most sought-after listings in the area.

The auction was not only a success in terms of the final price, but also provided moments of unexpected entertainment.

As the bidding heated up, one lady accidentally started the gas stove with her bag, eliciting laughter from the crowd.

The winning bid went to a gentleman who used a buyer’s agent to securethe keys.

201/180 Dornoch Tce, Highgate Hill

• Sold under the hammer for $2,480,000

• Six registered bidders, five active bidders

• Lead agent: Ben Percival - 0406 606 778

• Ray White New Farm

• Auctioneer: Haesley Cush

Auctioneer Haesley Cush said this executive style, prestige apartment in Highgate Hill ticks both boxes moving really well in the Brisbane property market right now; being in the top end of the market and an apartment.

There was plenty of strong interest in the property, with locals understanding the value of the property.

The sellers of this well sought after property had been trying to buy with Mr Percival over the last six months, but thought they would never leave this apartment. The couple ended up buying a stunning property in Queenstown, hoping to bounce between New Zealand and a smaller Brisbane home base.

“Out of the five active bidders, it was down to two in the bidding war, which unfolded between a local couple in the auction room and a buyer on the phone, calling in bright and early from Switzerland,” Mr Percival said.

The buyer was an Australian currently working in Switzerland, who sent their mother to inspect the property in the first week. With only a Facetime viewing with the agent the week after, the woman decided to register, and buy the property as an investment with plans to eventually return to Australia.

ADELAIDE

Ray White South Australia Chief Auctioneer John Morris said the Chinese New Year is upon us, and with that came predictions about what will happen in the upcoming months in the year ahead.

“Looking at 2024 so far, there truly are some incredible numbers. We’re seeing an average of at least seven registered bidders per auction, with more than 50 per cent of those participating in the bidding, resulting in an 80+ per cent clearance rate last week.

“This week, we’ve seen an increase in the clearance rates to 85 per cent, in the preliminary report.

“I’m not a fortune teller that can predict what’s going to happen in the future, but what I can tell from the numbers in regards to previous years, there are a lot of similarities between this year and the last, however it’s almost a mirror image as to what was happening at this time in 2022.

“Our strongest auction year on record in South Australia was in 2022, with more auctions called in the state than any other year. We saw higher clearance rates, higher bidder numbers and incredible results for everyone involved.

“This week we recorded 50 per cent of all auctions are being conducted by a Ray White agent, so who better to entrust the auction method with, than with the one who does it the most.”

2 Meadow Ave, Campbelltown

• Sold under the hammer for $767,000 (reserve $750,000)

• Eight registered bidders, four active bidders

• Lead agent: Brijesh Mishra - 0430 140 905

• Ray White Para Hills

• Auctioneer: John Morris, Ray White

The sale of this Meadow Avenue home was sold to none other than our very own Vanessa Bianco from Ray White Norwood. Mr Mishra said that Vanessa reached out to him only on Thursday, and within the next two days, bought the property under the hammer.

“It was a fantastic auction, achieving a sale price well above the expectations for our happy homeowners who were selling off their long-term investment,” Mr Mishra said.

“The market is doing really well at the moment, especially for those properties that are presented properly with the right campaign, we’re seeing some great traction and a high number of interest.”