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Ray White cleared 66 per cent of all its stock under the hammer in 2023, up from 63 per cent in 2022, while the group’s total auction sales clearance rate came in at a strong 73 per cent.
Bidder numbers across Ray White auctions in Australia rose from last year with 4.5 average registered bidders per auction and 2.8 bidders on average actively participating. The capital city with the highest number of registered bidders was Adelaide, recording 6.7 average registered bidders and 3.4 active bidders per auction.
Ray White South Australia chief auctioneer John Morris called an auction in Hampstead Gardens that attracted a huge crowd.
Sellers across the country also netted nearly 11 per cent more for their property if they held out until auction day and sold under the hammer in lieu of taking a prior offer.
There was a mix of different auction buyers throughout 2023, with just over 20 per cent identifying as an investor and a further 79 per cent being owner occupiers. The Gold Coast had the highest level of auction buying investors of any major auction market at 28 per cent.
Meanwhile, the rate of investors selling through auction rose slightly towards the end of the year equalling nearly 27 per cent. Brisbane had the highest rate of investors selling at 31.3 per cent, closely followed by the Gold Coast and Melbourne at 30.5 per cent and 29.6 per cent respectively. Owner occupying sellers represented nearly 70 per cent of auction vendors.
Buyers coming from interstate to buy at auction made up just under seven per cent of Ray White’s auction purchasers while just over 90 per cent were local buyers. International buyers sat at 1.8 per cent. The Gold Coast topped the list for most interstate buyers of a major market with 25.4 per cent coming from across the border.
Ray White’s top auction sale of the year was “Welbon” (pictured above) in Garah for $33 million in April. The 11,822.5ha property was sold by Ray White Rural Moree principal Ed Wisemantel at a midday in-room auction event.
Welbon, situated in the highly fertile north west slopes and plains of New South Wales, has had a long history in the Carrigan family with Alexander Carrigan purchasing the property which included 8,000 sheep, from the Scottish Land Co in 1923. Chris Carrigan increased the area in 1985 with the purchase of the adjoining Duravale and then part of Gilbunna in 1988 to bring it up to the total of 4,784.5ha (11,822.5ac).
Local grower Andrew Yates purchased Welbon from the Carrigan family. Five bidders registered for the auction, with three active bidders driving the value from its opening bid of $18 million up to the winning bid of $33 million, or almost $7,000 a hectare.
"The sale of Welbon by Chris and Helen Carrigan was a significant emotional milestone in their lives. The marketing campaign was seamless from start to finish, but it was hugely successful due to the vendors being totally on board with the marketing program,” Mr Wisemantel said.
“This was capped off by the amazing skills of our photographer John Pearson (based at Armidale) and finally the excellent auctioneering of my business partner Jason Humphries. All in all a very enjoyable and rewarding experience."
The top residential auction sale of the year was also in New South Wales. Selling 4/62 Wunulla Rd, Point Piper (picture above) for $15.7 million under the hammer, Ray White Double Bay principal and managing director Elliott Placks has kept Sydney at the top of the ladder.
The property was bought by “furniture king” and managing director of Scali Furniture, Anthony Scali for his children. The auction, which was conducted by Ray White auctioneer James Keenan, opened at $12 million with five of the seven bidders actively participating.
This no reserve auction in Logan, south of Brisbane (pictured above), not only topped the Ray White auction list for the highest number of bidders but it broke the Australian record books with 161 registered bidders vying for the derelict vandalised home.
Ray White Marsden agents Cory Boyd and Keron Petzer sold the property on behalf of their owner who lived interstate.
The property had been left vacant for a few years which led to vandalism and the house was in a state of total disrepair.
“We ran a no-reserve auction and we take marketing properties very seriously and always have our seller’s best interest at heart at all times,” said Avi Khan, founder of Ray White AKG and owner of Ray White Marsden.
“Our seller kept the faith with us as we had to be a bit creative to get the house out there. We had 45 interstate bidders registered to buy, and the only way to create competition is to go to auction.”
An investor from Parramatta in Sydney bought the property for $494,700 while bidding online. He plans to fix the home up and then rent it out.
The auction was run as a hybrid, with both online and in person bidding, with more than 500 people in the crowd at the corner block 19 Billabong Dr, Crestmead.
One local bidder lobbed in a cheeky $1 opening bid but he ended up being the underbidder, pipped at the post by the interstate investor.
“We were not trying to hide the fact of what the property is but simply to make the best of a bad situation to help our seller. Our seller was over the moon, and in tears, with the result,” Mr Khan said.
“This was a unique situation and such a unique property required unique marketing.
“Housing affordability is a serious problem and properties like these, when marketed to reach the correct audiences, give all buyers a chance.”
