Mid-spring auctions reach fever pitch

Ray White NSW | ACT head of auctions Perry Edmondson-Clark said it was another 300+ auction week for the group across New South Wales and the Australian Capital Territory, and that there was certainly a strong uplift in availability of stock throughout the spring months of 2024.

“We aren’t seeing the clearance rate at that usual spring high, however it’s incredibly important to know that there are very serious buyers in the marketplace prepared to pay fair value. However, these series buyers want to be dealing with serious sellers, not just negotiating with an over-ambitious seller,” Mr Edmondson-Clark said.

“A-grade properties continue to attract the most attention, with over 80 per cent of our sellers still having competitive bidding and being given the opportunity to sell.

“If you are serious about a result, now is still a good time to come to the market as there are buyers ready to transact.”

3 Eden Avenue, South Turramurra

• Sold under the hammer for $3.210 million

• Five registered bidders, all active

• Lead agent: Liana Power - 0403 691 747

• Ray White Upper North Shore

Liana Power said all the bidders were pre-registered throughout the week, and all turned up with competitive spirits.

“The winning bidder was a local family from South Turramurra, they love the area and are upsizing,” Ms Power said.

“The sellers were moving to the Lower North Shore to be closer to their kids’ schooling.”

Ms Power said that the Upper North Shore is performing well, with neither buyers or sellers being particularly favoured over the other at the moment.

“There is a lot of stock, and a lot of old stock which makes for a bit more choice for buyers,” she said.

“We usually can ride out market fluctuations because of our private schooling system in the area; there are out of area buyers always looking here. South Turramurra doesn’t have a high turnover, and has very long term property holders.”

17 & 17A Rainbow Place, St Clair

• Sold under the hammer for $1.352 million

• 15 registered bidders, nine active

• Lead agent: Jake Borg - 0423 152 217

• Ray White Diamantidis Group

• Auctioneer: Alex Pattaro, Ray White

Jake Borg said they had 82 groups through the property during the quick three-week campaign.

“A house with a granny flat and in a corner position is an investor’s dream. We knew that this home would create enough competition for a huge auction, and that it would attract a lot of investors,” he said.

The winning bidder was an investor, who plans to do a bit of work to it before putting it on the rental market.

The seller was also an investor, and unfortunately the home had been trashed by the last tenants.

“There were holes in the wall and flooring destroyed; it wasn’t taken care of. Right before it was listed, there was a huge party at the home which caused some damage. The investor fixed up the damage and had a full clean done before we put it on the market,” Mr Borg said.

29 Belmore Avenue, Belmore

• Sold under the hammer for $1.7 million

• 11 registered bidders, six active

• Lead agent: Jordon Le Breux - 0414 585 364

• Ray White Bankstown

• Auctioneer: Tony Roumanous, Ray White

Jordon Le Breux said everyone was absolutely blown away with the result for this home. “It is not a development site and needs around $100-$200k worth of work required on it. Who said the market was cooling down?” he said.

The buyer was an investor who plans on renovating the property and potentially then renting it out.

“There is not much stock in Belmore at the moment. It has blown my mind that we achieved this result. The corner block, close to the station, was the appeal,” he said.

The family who were in attendance for this deceased estate sale, were overjoyed when the hammer fell.

10 Victoria Road, Punchbowl

• Sold under the hammer for $1.790 million (reserve was $1.65 million)

• 14 registered bidders, seven active

• Lead agent: John Yatman - 0423 344 868

• Ray White Punchbowl

• Auctioneer: Alex Pattaro, Ray White

John Yatman said the winning bidder was an investor, “We had some developers bidding too, interested in the corner block,” he said.

“The seller has held the property for 11 years and it has been empty for two years, he bought the home for around $620,000 in 2012 and decided it was the right time to sell.”

“The market is a bit hit and miss at the moment. A-grade stock is selling well, but B-grade stock is difficult. Some owners are having to adjust their prices, but overall most of our listings are selling,” Mr Yatman said.

Ray White Victoria chief auctioneer Jeremy Tyrrell said this week, the Ray White group across Victoria had 288 auctions scheduled.

“This is the highest number of auctions since March earlier this year and the second highest week for volume year to date, as sellers race to wrap up their sales before the Melbourne Cup long weekend and the upcoming festive season,” Mr Tyrrell said.

In what was dubbed 'Super Saturday' with more than 1,900 auctions across Melbourne, buyers were out and about enjoying near perfect spring weather.

“Competition at auction stepped up a notch on previous weeks with the clearance rate at 68.9 per cent (up 0.4 per cent year on year) and active bidder numbers climbing with 3.5 on average.”

“In summary, everything this week was on the up - the weather, auction volume, bidder numbers and clearance rates. All positive signs as we move into the 'pointy-end' of 2024,” Mr Tyrrell said.

52 Jells Road, Cheltenham

• Sold under the hammer for $1.802 million

• Three bidders

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

• Ray White Cheltenham

Angela Limanis said the sellers built this high-spec Metricon home six years ago and had decided to relocate to the Peninsula. They were absolutely thrilled to have achieved a result at the top end of the price guide.

“The winning bidder was a couple who lives locally with two young kids and needed to upsize to a bigger home. The huge living space and five bedrooms was a selling point,” Ms Limanis said.

“The market is a little patchy at the moment, it is quite price sensitive. I knew that if we could get two great bidders, we could have an amazing result. We are so glad that we took this one right through to auction day, rather than accepting an offer prior. It was really rewarding for everyone.”

9 Jessop Court, Gladstone Park

• Sold under the hammer for $855,000

• Six bidders

• Lead agent/auctioneer: Phillip Mercieca - 0402 419 827

• Ray White Gladstone Park

Phillip Mercieca said that the opening bid for this single-level renovated family home was $700,000.

“I sold this house to them 17 years ago, and they were first home buyers and a lovely couple. It was an 1970s untouched home. Over the years they started a beautiful family and did a lot of work to it,” Mr Mercieca said.

“They raised their kids here and they are ready to pass the baton over to the next generation. A 26-year-old first home buyer bought it.”

Mr Mercieca said that he hasn’t seen this much demand since the pandemic days.

“There is very little volume here, which is driving demand. Every auction we are running is seeing around 70-80 groups through in just a couple of weeks. We are even bringing auctions forward due to how much interest.”

1-3/18 Legon Road, Oakleigh South

• Unit 1 - sold under the hammer for $620,000

• Unit 2 - sold under the hammer for $560,000

• Unit 3 - sold under the hammer for $619,000

• 10 bidders in total

• Lead agent: Leigh Kelepouris - 0422 283 480

• Ray White Oakleigh

• Auctioneer: Jonathan Eaves, Ray White

Leigh Kelepouris ran three auctions back-to-back for these units all in the same block. The sellers were investors who built the properties in the late 80s and have held them ever since. They have since retired and decided it was time to sell up.

“All of our bidders were young first home buyer couples, so all three of the new owners are absolutely thrilled. One of the buyers bid on all three properties,” Mr Kelepouris said.

“A year ago, we gave the seller's advice to subdivide and sell them off individually, and they netted a lot more than if they were to sell in one line,” he said.

“The excitement was electric, and the sellers were so happy to see all these new young owners. I am sure they will all become friends!”

4/115 Rathcown Road, Reservoir

• Sold under the hammer for $452,000

• Two bidders

• Lead agent and auctioneer: Mathew Marotta - 0413 235 973

• Ray White Preston

The auction of this humble one bedroom unit was a special one, with the entire funds from the sale being donated to the Olivia Newton-John Cancer Centre, in honour of the seller’s late wife. You can read more about this story here.

“We did this sale at zero per cent commission, and all the marketing suppliers did the work for free as well. The full $452,000 is being donated to the charity,” Mathew Marotta said.

“It was an extremely beautiful and emotional day, with many of us in our office being personally affected by cancer in our families at the moment.”

“We had the CEO and COO of the ONJ Cancer Centre at the auction. After having a great chat with the CEO, we realised it has been one of the highest personal donations they have ever received.”

Mr Marotta said the underbidder wanted to keep bidding and surpassed where she planned to, because of the good cause.

“The buyer was ecstatic to be involved as well. She was a 28 year old first home buyer, bidding from holiday in Fiji.”

“John, the seller, couldn’t thank us enough. He really placed his trust in us for this special sale for him,” Mr Marotta said.

The next door property sold for $423,500 a few months ago.

26 Hawke Street, Parkdale

• Sold under the hammer for $1.62 million

• Two bidders

• Lead agent and auctioneer: Greg Brydon - 0431 799 938

• Ray White Cheltenham

Greg Brydon said the sellers were downsizers, moving into a small property in Parkdale

“They had been there for 35 years, it was incredibly emotional with a lot of tears,” he said.

“The buyers live in Parkdale as well, and have just moved back from Ireland and have been renting for 12 months. They have three daughters and are sending them to local schools, which the area is known for,” he said.

“The market is hit and miss, and this is the trickiest market to read. We had eight properties today, three with no bidding but the other auctions absolutely exploded.”

3 Riverview Terrace, Warrnambool

• Sold under the hammer for $1.35 million

• Four bidders

• Lead agent: Fergus Torpy - 0428 627 161

• Ray White Warrnambool

Fergus Torpy said that more than 100 people showed up to watch the auction of this ‘once in a lifetime’ home, on a beautiful sunny day on the south-western coast of Victoria.

“The home had been in the same family for 40 years, with the parents being transitioned into care. It was built in 1963 and they have owned it since the 80s. The second time it has ever changed hands,” Mr Torpy said.

“The home is on the Hopkins River which runs out to the ocean here in Warrnambool. With 180 degrees of the river frontage, it is one of only a handful of these properties. Exceptionally well maintained without being updated, a beautiful time capsule.”

Mr Torpy said all four bidders were families, and it was a local family with young children who ended up buying it. The buyer Luke described it as a once in a lifetime opportunity, which is “hard to put a price on.”

“The Warrnambool market has cooled a little, but we are seeing great confidence. If pricing is realistic and presentation is good, it makes all the difference,” Mr Torpy said.

29 Wood Street, Kedron

• Sold under the hammer for $3.17 million (called onto the market at $2.975 million)

• Four registered bidders, all active

• Lead agent: Nick Kouparitsas - 0406 564 619

• Ray White Clayfield

• Auctioneer: Haesley Cush, Ray White

Nick Kouparitsis said the family home was beautifully presented, with almost 100 people in attendance at the auction.

“The bidding started at $2 million and rose moderately. Once it was announced on the market, it was electric.”

“The winning bidders were a retired couple from Bridgeman Downs and moved to Kedron because their grandchildren all go to school in the Padua precinct,” he said.

The sellers were a local family who also were there for the schools.

“Three years ago they bought it for $2.4 million, and they did some minor things like painting and landscaping during that time.”

“There are some beautiful renovated homes in Kedron, and the finished product appeals to a lot of people,” Mr Kouparitsis said.

12 Goorari Street, Eight Mile Plains

• Sold under the hammer for $1.4 million

• Eight registered bidders, five active

• Lead agent: George Yang - 0488 199 888

• Ray White Robertson

• Auctioneer: Phill Broom, Ray White

George Yang said that there was a great crowd in attendance at the auction, which sold well above reserve.

“Just up the street a few weeks ago, there was a similar house that sold for $1.21 million so this was a massive outcome,” he said.

The buyers were a Chinese couple who couldn’t make the auction in person, so we were bidding on the phone.

“The seller is the original owner who is downsizing. They had maintained the home in an absolutely immaculate condition. The lawn was like a putting green,” he said.

“People could see the real care and attention that had been put into the home.”

17 Thorn Street, Red Hill

• Sold under the hammer $1.925 million

• Seven registered bidders, all active

• Lead agent: Max Hadgelias - 0411 276 372

• Ray White Paddington

Mr Hadgelias said the winning bidder was a buyer's agent representing a family in North Queensland who are eventually going to move here and do a big renovation. They will hold it as an investment until then.

“The seller was an investor, who bought it in 2018 and had tenants in it the whole time. She lives in Sydney and decided it was the right time to sell, with the tenants leaving. She tidied it up, redid the bathrooms and gave it a lick of paint,” Mr Hadgelias said.

On Thursday night, Ray White Collective held a small pop-up, unit-only auction event at the Ray White New Farm office (pictured above). What was expected to be a small event turned into a crowd of over 50 people, with 36 registered bidders across six properties.

Ray White Collective principal Haesley Cush said that their team had sold six from six properties on Thursday, and three from three properties today.

“It is the most unaffected I have ever seen the market on an election day. This just shows the strength of the market; post election I believe we will see a wave of new buyers. The strength is palpable in Brisbane,” Mr Cush said.

Loan Market broker, Paul Hixon, who has been in the business for decades, said this month he issued the most buyer pre-approvals in his entire career.

Simon Petrie from Ray White New Farm said that the new wave of buyers are arriving, proving that the Brisbane property market shows no signs of slowing down.

"We expect to see a wave of new buyers entering the market, potentially before Christmas," Simon Petrie said.

The results were:

2401/27 Charlotte St, Chermside | 2 Bed, 2 Bath, 1 Car

• Sold under the hammer for $755,000

• 12 registered bidders

• Lead agent: Simon Petrie, Ray White New Farm

“Just thre months ago, we sold the top-floor unit in this complex for $710,000. This represents a very impressive uplift, with our under-bidder only $2,000 behind the buyer who purchased this apartment.”

2/22 Arthur St, Fortitude Valley | 2 Bed, 2 Bath, 1 Car

• Sold under the hammer for $1,215,000

• 15 registered bidders

• Lead agent: Frances Charisma, Ray White New Farm

“This apartment sold for over $200,000 above reserve, achieving a building record sale price.”

7/41 Fortescue St, Spring Hill | 1 Bed, 1 Bath, 1 Car

• Sold under the hammer for $520,000

• Six registered bidders

• Lead agent: Frances Charisma, Ray White New Farm

6A/28 Fortescue St, Spring Hill | 1 Bed, 1 Bath, 1 Car

• Sold post auction for $660,000

• Seven registered bidders

• Lead agent: Frances Charisma, Ray White New Farm

“This is the second-highest one-bedroom sale ever in Spring Hill, following when we sold 5/115 Berry Street for a suburb record price at auction back in July for $803,000.”

136/7 Boyd Street Bowen Hills | 1 Bed, 1 Bath, 1 Car

• Sold post auction for $635,000

• Four registered bidders

• Lead agent: Dimitri Cassidy, Ray White New Farm

“This is a suburb record for a one-bedroom apartment in Bowen Hills.”

Ray White South Australia chief auctioneer John Morris said there seemed to be a slight shift in sentiment from buyers in Adelaide over the past few weeks.

“There is some reluctance to start bidding, which is probably due to the fact that we are 25 per cent up on listings year on year, offering buyers more choice,” Mr Morris said.

“We did have a lower clearance rate last week, at about 70 per cent, which is still strong.

“We are still selling about 2.5 per cent above reserve, we are still selling about 12 per cent. above highest offers prior, and around five to six bidders per auction

Although it might be softening slightly, we are still in an extremely strong and buoyant market here in South Australia.”

3 Daniels Road, Panorama

• Sold under the hammer for $1.420 million (reserve was $1.320 million)

• 14 registered bidders, six active

• Lead agent: Joe Marriott - 0488 451 773

• Ray White Unley

• Auctioneer: Robbie Smith, Ray White

Mr Marriott said the winning bidder was a young couple who looked at it a few days prior, and were first home buyers.

“The sellers have moved into a neighbouring suburb. They lived here for 13 years and renovated it immaculately. It has one of the best gardens I have ever seen. There was nothing to do, with buyers able to move straight in. It has been in the family for a number of years,” Mr Marriott said.

“The market in general is humming along nicely. It is very price and presentation dependent. The less issues that you can give the buyers, the more competition you will create. A $10,000 or $20,000 investment into getting a home ready for sale could lead to an extra $100,000 on auction day.”

6 Pethick Terrace, Marion

• Sold under the hammer for $1.335 million

• Eight registered bidders, six active

• Lead agent: Samuel Paton - 0401 757 819

• Ray White Marion

• Auctioneer: Rod Smitheram, Ray White

Mr Paton said that the winning bidder lives locally in the suburb. They are a young couple upsizing and looking for their forever home.

“The seller has been there for 40 years and has decided to downsize. It was a beautiful passing of the baton. The seller was absolutely overjoyed.”

“We have been chatting about the market with her for about six years. It was an emotional decision for her, so it was great to help her with this result.”

“In general, it is still a seller’s market, but there are noticeably less buyers. Prices are still very strong, with today as an example. We are still getting solid results for owners, but around 30 per cent less buyers,” Mr Paton said.

28 Selby Street, Adelaide

• Sold under the hammer for $1 million (reserve was $920,000)

• Six registered bidders, three active

• Lead agent: Andrew Downing - 0404 882 311

• Ray White Adelaide City

• Auctioneer: John Morris, Ray White SA/NT chief auctioneer

Mr Downing said a young gentleman bought the property as his first home, after looking at a few city cottages over the last few months.

“His whole family are from the country and they all came along to watch,” he said.

The seller’s were barristers and had used it as their Chambers for the last 15 years. They decided to retire and didn't need the office anymore so they changed it back to residential use and renovated it.

“The market is incredibly strong; inner city cottages will always perform well and in Adelaide. They tick all the boxes, and right near the Adelaide Central Market and Chinatown.”

106 Burke Drive, Attadale

• Sold under the hammer for $7.525 million

• Five registered bidders, two active

• Lead agent: Rio Varen - 0411 682 888

• Ray White Dalkeith Claremont

• Auctioneer: Mark Whiteman, Ray White WA CEO

Rio Varen said that the riverside home was an absolute masterpiece, with five bedrooms and grand architecture.

“The buyer is a local family who is already in the suburb and wanted to move closer to the water for a change of lifestyle,” Mr Varen said.

“The sellers are looking to downsize; a natural progression for their family. It was quite emotional for the family, but they were thrilled with the great result.”

“In general, the market is starting to soften, from what we are seeing at open home numbers. The auction method is the best way to go in times like these, creating urgency.”