Competition builds with volume drop

Ray White’s auction volume may have dipped today with a long weekend in several states but buyers were still finding plenty of reasons to bid.

Australasia’s leading auction group had 237 properties scheduled to go under the hammer today resulting in a 66 per cent clearance rate. Across the country there was an average of 4.3 registered bidders and three active bidders attending Ray White auctions.

Sellers were also rewarded today, netting over 10 per cent more on average if they sold under the hammer versus taking a prior offer.

Today’s top auction sale was in the Melbourne suburb of Glen Waverley. Ray White Glen Waverley’s Rick Cheah and Ray White Mount Waverley’s Eric Liu sold 34 Glen Tower Drive for $4.01 million. The five bedroom property attracted seven active bidders and went to a local family.

Meanwhile, the auction with the most registered bidders was in Adelaide. Robbie Smith and  Joe Marriott of Ray White Unley | Colonel Light Gardens registered 21 buyers at their 11 Kiley Court, St Marys auction, which eventually sold for $770,000.

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said buyers remained out in force across Victoria and Tasmania this week.

“There’s a high volume of property being snapped up, despite the RBA’s recent cash rate announcement and fewer auctions due to the long weekend in Victoria,” Mr Tyrrell said.

“This week so far, Ray White Victoria has sold 70 per cent of the 125 properties scheduled for auction, adding continued confidence to the real estate sector. Additionally, we have seen bidding at 94 per cent of our auctions with 2.9 active bidders on average, the highest percentage of activity this year.

“While we can speculate as to the reasons for the continued high demand, the lowest vacancy rates on record in the rental market may be one of the reasons as to why buyer levels remain strong.”

51 Pakington St, Kew

• Sold for $2.26 million – $60,000 above reserve

• Two active bidders

• Lead agent: Helen Yan – 0404 078 588

• Ray White Balwyn

• Auctioneer: Brad Cooper, Ray White

“The buyers (pictured above) were a couple who will likely knock it down in the future,” Ray White Balwyn auctioneer Brad Cooper said.

“The fact that it was in a great location, close to all the shops in Kew village and good schools made it really popular, and it’s a good opportunity to build something as the house has no heritage overlay.”

1/39 Golf Rd, Oakleigh South

• Sold for $950,000

• Seven registered and five active bidders

• Lead agent: Leigh Kelepouris – 0422 283 480

• Ray White Oakleigh

• Auctioneer: Jonathon Eaves, Ray White (pictured above)

“Bidding came thick and fast, opening up at $820,000,” Mr Kelepouris said.

“The buyer (pictured below with the sellers) is downsizing, she sold her home in Hughesdale last year and has been looking for a long time. It’s the perfect downsizing home.

“We had a big mix of downsizers, investors and first home buyers interested in this home. The majority of bidders were first home buyers but the winning bidder and underbidder were downsizers.”

141 Thompsons Rd, Bulleen

• Sold for $955,000

• Five registered and active bidders

• Lead agent: Jarrod Tyler – 0498 290 585

• Ray White Manningham

• Auctioneer: Matthew Condon, Ray White

“We had a really mixed bag of buyers – a couple of local investors that could see the value in the home, one young first home buyer and an international downsizer,” Mr Tyler said.

“To enter the market under seven figures is nearly impossible in Melbourne. The price point was a major drawcard but they also loved that it had two living areas, really good potential and it was the first time it had been offered to the market.

“The winning bidders were an international, first home buyer couple who had been in Melbourne for a little while.”

Ray White Queensland chief auctioneer Gavin Croft said there was a very small window of opportunity that currently remained for sellers, particularly in Brisbane at the moment.

“With the low stock volumes that we’re seeing, it’s representing a wonderful opportunity right now for home sellers,” Mr Croft said.

“Stock volumes are on the rise though. Auction numbers are on the rise.

“In fact, post-Easter, we’ll start to see auction volume begin to return to the traditional numbers that we’ve seen. So that represents a very good opportunity for those who go to auction before Easter.

“High registered bidder numbers, wonderful participation and high clearance rates remain very much available for astute sellers who make the move to sell before Easter.”

24 Willis St, Gordon Park

• Sold for $1.831 million – $31,000 above reserve

• 11 registered bidders and six active bidders

• Lead agent: Holly Bowden – 0431 922 110

• Ray White Wilston

• Auctioneer: Phil Parker, Ray White

“A local family (pictured above) bought the house after selling their family home, which was only a five minute drive away, and then renting around the corner. They wanted to stay within the community,” Ms Bowden said.

“There was lots of bidding and a buyer who had just seen the house for the first time jumped into the bidding as soon as it was called on the market.

“Buyers loved the cul-de-sac, the size of the house and the spec of it – all the creature comforts were thought through. The master suite is massive, it’s like being on holiday in your own resort style room.

“The family room is also completely opposite to the master bedroom which means if the kids want to have people around then there’s lots of separation.”

27 McCawley St, Stafford (pictured above)

• Sold for $940,000 – $40,000 above reserve

• 14 registered bidders and seven active

• Lead agent: Cameron Clarke – 0408 517 136

• Ray White Wilston

• Auctioneer: Phil Parker, Ray White

“There was a lot of competition between three of the active bidders. They were neck and neck at the end,” Mr Clarke said.

“The winning bidder was a local investor who lives a couple of suburbs over. This is a long term holding for them and they are planning to move into it in the future after a large renovation.

“The big draw on this one was that you will only ever have two neighbours as it backs onto Sparkes Hill reserve, it’s incredibly private in addition to having uninterrupted views.”

Ray White South Australia chief auctioneer John Morris said last week the network had the lowest clearance rate for the year so far.

“We had only two thirds of properties under the Ray White banner selling on auction day with six registered bidders and 50 per cent of those participating,” Mr Morris said.

“But mad March does continue though this week with a preliminary clearance rate well in excess of 80 per cent and registered bidders for the week so far at 7.3 with 3.8 of those participating.

“We’ve seen the lowest amount of auctions for the year so far this weekend for the whole of the state but yet again, Ray White has the lion’s share of that and close to 40 per cent.”

63 Waratah Ave, Eyre

• Sold for $550,000 – $55,000 above reserve

• Nine registered bidders and three active bidders

• Lead agent/auctioneer: Liam McDevitt – 0430 501 122 (pictured above with the sellers)

• Ray White Walkerville

“This stunning 2018 built home attracted a lot of interest through the campaign. The area is still good value and only 30 mins down the expressway to the CBD. There’s no sign the market is slowing down,” Mr McDevitt said.

“The buyer lives in Melbourne but is migrating to South Australia. He wasn’t there today but had a friend bidding for him, while he was on the phone.

“The majority of the interest came from second home buyers and retirees. A couple of people had already sold and wanted to downsize into a good quality home.”

4 Casuarina Dr, Parafield Gardens

• Sold for $521,500 – $11,500 above reserve

• Six registered bidders and three active bidders

• Lead agent: Reece Pilgrim – 0437 776 409

• Ray White Norwood

• Auctioneer: Sam Grover, Ray White

“The auction started well with a reasonably high bid to kick it off. It started at $460,000 and we had three bidders active out of the six who were present so it was competitive,” Mr Pilgrim said.

“The owners had freshly renovated the house with a new kitchen and outdoor area. It’s also close to the Parafield Gardens school so a very handy location for families in the future.

“The buyers live locally and have purchased it as an investment.”