Record results to kickstart winter

The first weekend of winter did not bring a cooling to the auction market as some may have predicted, but in fact produced one of the highest clearance rates of 2024.

Australasia’s largest real estate group reported a preliminary clearance rate of 79 per cent nationally, and an auction volume of 408.

There were an average of 4.2 registered bidders per auction, which is exactly on par with the same week in 2023.

Adelaide was the standout, reporting a 100 per cent clearance rate today of 14 auctions, followed by Sydney coming in at 87 per cent clearance of 29 auctions.

Both anecdotally and in the data, agents remarked that prices on auction day were above and beyond the highest offers received prior. Overall, sellers achieved 12 per cent more on auction day.

The highest sale of the day was in Sydney, where 31 Burns Crescent, Chiswick sold for a huge $13.3 million under the hammer. It was a changing of the guard between two local families, and Ray White NSW chief auctioneer Alex Pattaro said that calling the auction was a career highlight.

In an unbelievable finish to the day, 1 Columbia Street, Paralowrie in Adelaide sold under the hammer for $720,000 ($280,100 above reserve), with an enormous 58 registered bidders. Nine of those bidders were active, with Ray White South Australia chief auctioneer John Morris commenting on the electric bidding atmosphere.

SYDNEY

Ray White New South Wales state auctioneer Perry Edmondson-Clark said there was certainly no sign of the wet weather washing away the buyers today in the harbour city.

“Today was a very strong start to the winter trading months for the Ray White group in New South Wales,” he said.

“All segments of the market had strong bidding activity and strong registration numbers. We recorded successful auction results across every portion of the market, including a sale under the hammer today for $13,300,000 in Chiswick right down to one bedroom units in Blacktown.”

“We urge sellers not to wait for spring if you are considering coming on the market; meet the rush and take advantage of the strong winter trading conditions we are expecting to continue.”

31 Burns Crescent, Chiswick

• Sold under the hammer for $13.3 million

• Lead agent: Mario Carbone - 0415 457 417

• Two registered bidders, both active

• Ray White Drummoyne

• Auctioneer: Alex Pattaro, Ray White

The highest auction sale of the day nationally was of a luxurious waterfront home, taken to auction by Mario and Jess Carbone.

Mr Carbone said the privacy, position and direct access to the water made the home truly special.

“As soon as you walk down this driveway, you realise that this is somewhere you want to live,” he said.

“Our sellers lived here for 10 years raising their children and are now downsizing, and they were particularly touched that it went to a new young family who reminded them of themselves. It was a beautiful and fairly emotional auction; the stars aligned for everyone,” he said.

Ray White auctioneer Alex Pattaro said it was the biggest result of his career.

“The bidding started at $11 million and jumped to $12 million in only two bids. The bidding was electric, and it is auctions like these that make me truly love my job,” Mr Pattaro said.

“The luxury property market in Sydney continues to perform very well, particularly for waterfront homes like this one.”

5/118 Harrow Road, Auburn

• Sold under the hammer for $905,000 ($75,000 above reserve)

• Lead agent - Spiro Mavridis - 0401 426 636

• 10 registered bidders, two active

• Ray White Zoom Group (Burwood)

• Auctioneer: Perry Edmondson-Clark, Ray White

Agent Spiro Mavridis said that the auction was wrapped up in only three bids.“The buyer opened at $750,000 and the next bid was a huge leap to $900,000 which quickly knocked out almost everyone,” he said. “We knew that this would be a strong auction. We are finding that properties under $1 million in the Inner West are absolutely hot, and because it was a three-bedroom townhouse, it appealed to a mix of buyers.”

The winning bidders were first home buyers, a young family with a child. The seller was an investor. “Every single property that we have listed under the $1 million mark at the moment are investors selling to reduce their debt,” Mr Mavridis said.

576 Forest Rd, Bexley (pictured above)

• Sold under the hammer for $1.65 million ($400,000 above reserve)

• Lead agent: Nicholas Economos - 0409 553 555

• 12 registered bidders, six active

• Ray White Rockdale

• Auctioneer: Alex Pattaro, Ray White

Marketing agent Nicholas Economos said the fully original character home was on a large, level block, making it a popular property for renovators and developers.

“The buyer was a local father and son duo from Arncliffe who will likely renovate the home,” he said.

Having remained in the same family for around 100 years, the seller had recently moved into care and the family were managing the sale.

“The market is still really strong from our perspective. I haven’t felt any sort of change this year. Today’s result indicates the strength of the market,” Mr Economos said.

MELBOURNE

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said while it was the first day of winter, the market was heating up as auction volume continued to soar.

“This week there were 254 auctions scheduled for the Ray White network across Victoria, an increase from last week's total of 230 and the eighth consecutive week where auction volume exceeded 200,” he said.

“To put this into context, auction volume for the same period last year was consistently hovering around 150 auctions per week, with clearance rates averaging around seventy percent.”

“Even with the current surge in volume, buyer demand and competition at auction continues to show a healthy clearance rate of 75.2 per cent, with the average number of active bidders across all auctions hitting the three mark.”

“High supply and strong buyer demand is a great formula for a healthy real estate market.”

18 Eva Buhlert Close, Brunswick

• Sold under the hammer for $980,000 ($210,000 above reserve)

• Lead agent: Matthew Schroeder - 0421 792 063

• 10 bidders

• Ray White Brunswick

Agent Matthew Schroeder said that because it was a semi-detached townhouse in an amazing location with no body corporate fees, it drew in big crowds.

“Before the auction 78 groups went through the property and we had 39 contract requests. This property had all the makings of a good result,” he said.

The seller was an investor who bought the property 24 years ago as his superannuation plan. He has recently retired and decided it was time to sell up.

“The winning bidder was a woman who is relocating from New South Wales and was adamant that she wanted the property. The underbidder was a first home buyer.”

Mr Schroeder said that if the property was priced well, they would get the market’s attention and gain momentum.

“We are finding the auction and clearance rates really strong. Our year to date auction clearance rate is 75 per cent and we are seeing lots of buyers coming through open homes.”

37 Noordenne Avenue, Seaholme

• Sold under the hammer for $1.23 million ($100,000 above reserve)

• Lead agent: Chris Inglis - 0400 078 716

• Five bidders

• Ray White Altona

• Auctioneer: Richard Anile, Ray White

Agent Chris Inglis said the buyers were a young couple wanting to get closer to the water, moving over from Kensington.

“This couple wanted to be close to the dog beach and it was a lifestyle choice for them. Most of the buyers for this home were a young family demographic,” he said.

The sellers have moved to the Mornington Peninsula. They were thrilled with the result, after their hard work in renovating the home.

“The market is a bit up and down, you have to help buyers with a different strategy on how they can buy, and have to get creative in your marketing approach,” Mr Inglis said.

1/640 Huntingdale Road, Mount Waverley

• Sold under the hammer for $863,500

• Lead agent: Leigh Kelepouris - 0422 283 480

• Five bidders

• Ray White Oakleigh

Ray White Queensland chief auctioneer Gavin Croft said he continued to be astounded by the heat of the Brisbane auction market, and that sellers were being heavily rewarded when coming to market.

“Ray White in Brisbane recorded an extraordinary auction clearance over the last week of 95 per cent with an average of 8.1 registered bidders,” he said.

“These are unprecedented numbers and provide an enormous level of confidence for potential sellers looking to come to the market.

“The cooler weather looks like it is here to stay, but we anticipate the auction market to remain hot over the next couple of months in Queensland,” he said.

53 Nyanza Street, Woodridge

• Sold under the hammer for $1.35 million

• Lead agent: Roxanne Liu - 0421 825 557

• 21 registered bidders, six active

• Ray White AKG

Roxanne Liu said that the massive $1.35 million sale in Woodridge has shown that the Brisbane market has no signs of slowing down.

“Anytime there is a property with an upside to it, buyers are not afraid to compete. This property has potential for up to eight units to be constructed on it. The eventual buyer intends to hold on to the property initially and develop at a later point,” Ms Liu said.

Ray White AKG Principal Avi Khan added that auctions are by far and wide the best method for a transparent buying process for all properties in any area.

“Woodridge is highly popular at the moment and this sale showed how to best sell properties to give all buyers a chance to compete,” Mr Khan said.

71 Chalfont Street, Salisbury

• Sold under the hammer for $1.325 million ($25,000 above reserve)

• Lead agent: Bevin Powell - 0405 650 609

• 15 registered bidders, six active

• Ray White Annerley

Agent Bevin Powell said he had a mix of first home buyers, investors and developers looking at this property, with most of the first home buyers being knocked out quickly in the bidding.

“The winning bidder was an investor, and the sellers were the family of a deceased estate sale and they are very happy with today’s outcome,” he said.

“The Brisbane market seems to just keep rising. I am seeing huge numbers of registered bidders in the last few months; there are a lot of people looking to buy.”

24 Bovey Street, Coopers Plains

• Sold under the hammer for $850,000

• Lead agent: Anton Silaen - 0402 384 367

• Nine registered bidders, four active

• Ray White Rochedale

• Auctioneer: Phil Parker, Ray White

Agent Anthon Silaen said the sellers wanted $800,000, so getting $50,000 extra was a dream price for them.

“Three of the bidders were actually the neighbours, and the final buyer owns the neighbouring properties and wants to subdivide and build rooming accommodation,” he said.

“The sellers have been living there for many years, and they have decided on a tree change and are moving to Toowoomba to become farmers.”

“The market is very hot in Brisbane at the moment, and the challenge is finding listings for all the buyers,” Mr Silaen finished.

ADELAIDE

Ray White South Australia chief auctioneer John Morris said that while the winter clouds were descending on Adelaide, the auctions were still blooming as though it was spring.

“Our scheduled auctions are up by 40 per cent. We have bidding on more than 95 per cent of all auctions,” he said.

“We have an average of around seven registered bidders per auction. We have not dipped below 80 per cent this whole year for auction clearance. This week our preliminary clearance rate is around 85 per cent.”

“We are still getting huge numbers and huge crowds at auction, and selling many properties well above reserve price,” Mr Morris finished.

1 Columbia Street, Paralowrie

• Sold under the hammer for $720,000 ($280,100 above reserve)

• Lead agent: Justin Irving - 0412 289 674

• 58 registered bidders, 9 active

• Ray White Salisbury

• Auctioneer: John Morris, Ray White

4 Jacaranda Boulevard, Glenside (pictured above)

• Sold under the hammer for $1.802 million ($202,000 above reserve)

• Lead agent: Marco Lai - 0433 733 368

• Two registered bidders, both active

• Ray White Adelaide City

• Auctioneer: John Morris, Ray White

Agent Marco Lai said that today’s result showed that you only need two invested bidders to create competition and yield a huge result on auction day.

“The winning was a downsizing couple who are moving closer to their family. They had a buyer's agent bidding with them today.” he said.

The chuffed sellers have been living there since they bought it off the plan in 2019 and are now moving interstate.

“This is an outstanding result, as feedback was around $1.5 million before the auction. We have a surplus of buyers at the moment, especially for low maintenance properties like this one,” he finished.

131 Bradley Grove, Mitchell Park

• Sold under the hammer for $1.3 million ($70,000 above reserve)

• Lead agent: Samuel Paton - 0401 757 819

• 10 registered bidders, six active

• Ray White Glenelg

• Auctioneer: Rod Smitheram, Ray White

Agent Samuel Paton said the home was a big, good quality build and the owners had presented it perfectly.

“The winning bidder was a young couple with kids, and had missed out on a few auctions over the last few weeks. It is always nice to get these people into homes and hand over the keys,” he said.

“The sellers were here for a few years and are moving interstate for work, so they needed to sell quickly. It was emotional watching them hand over their home to the next family.”

“We had another auction last week that shocked us with a huge result, it is hard to keep up with the demand of buyers.There is just literally not enough for sale at the moment, so competition is forcing the prices up,” Samuel finished.