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The much-anticipated first weekend of spring for 2024 delivered strong clearance rates, high bidder numbers, and increased property volume across the country.
Australasia’s largest real estate group reported a preliminary clearance rate of 69 per cent under the hammer, nationally. The standout city of the day was Melbourne who reported a 78 per cent clearance.
Nationally, there were an average of 4.1 registered bidders per auction and 2.7 active bidders, matching the same period in 2023.
The highest sale of the day came in from Brisbane, where a grand tudor style manor at 673 Musgrave Road, Robertson sold for $6.2 million under the hammer. Ray White Robertson’s Eric Li managed the sale.
In Adelaide, There were 18 registered bidders for a house at 12 Dineen Road, Parafield Gardens which sold for $987,500 through Ryan Stapleton from Ray White Norwood.
According to NurtureCloud data, Ray White agents welcomed 31,895 groups through open homes today. The highest number of attendees nationally today was for 6 Lincoln Street, Wilston in Brisbane, which had 79 groups attend the open home.
On average, sellers achieved 10.71 per cent more than the highest offer prior by taking their sale right through to auction day.
Sydney
Ray White New South Wales head of auctions Perry Edmondson-Clark said it was evident spring was in the air this week, with 143 auctions scheduled today and more than 240 for the week.
“Clearance and competition remains strong, especially when properties are announced on the market at the right level, buyers are really motivated to compete against their fellow bidders,” Mr Edmondson-Clark said.
Sold under the hammer for $960,000
Five registered bidders, four active
Lead agent: Mario Carbone (0415 457 417)
Ray White Drummoyne
Auctioneer: Alex Pattaro, Ray White
Mr Carbone said the opening bid for this two-bedroom apartment was $800,000, and the next bid was a huge jump to $900,000.
“It was a fierce competition between mainly first home buyers. The winning bidder was a single female first home buyer,” he said.
The apartment was a long standing investment for the seller, who decided that she was ready to sell it to move on to different ventures.
“It was the perfect storm; located in a great little pocket, and it is hard to buy something for under $1 million in Drummoyne. It was bright, had a nice aspect, and gave the option for a buyer to add their own unique flavour to it,” Mr Carbone said.
7 Argonne Street, North Strathfield
Sold under the hammer for $2.512 million (reserve was $2.177 million)
10 registered bidders, three active
Lead agent: Matthew Frisina (0404 502 689) and Mario Carbone
Ray White Drummoyne
Auctioneer: Alex Pattaro, Ray White NSW|ACT
Mario Carbone said the winning bidder was a young family coming back to Sydney from Queensland after living there for 10 years for university and work, with their parents living around the corner.
“This home had been in the same family since the 1960s. The parents bought the home, and the daughter and her husband had been living in it. They are now retiring and relocating to Queensland, so it was almost like a state swap!” Mr Carbone said.
Sold under the hammer for $3.707 million
Six registered bidders, three active
Lead agent: John McManus (0425 231 131)
Ray White Lower North Shore
John McManus said the winning bidders of this brick bungalow style home were a multi-generational family from Neutral Bay.
“This home has been in the same family for 80 years since it was built, and they had it tenanted for the last 20 years,” Mr Mcmanus said. “The children of the original owners were very emotional about the sale, with many years of memories in the home and now passing it onto the next generation.”
Sold under the hammer for $1.72 million
10 registered bidders, three active
Lead agent: Ercan Ersan (0423 941 112)
Ray White Surry Hills
Auctioneer: James Keenan, Ray White
Mr Ersan said the winning bidders bought the 92 sqm terrace home as an investment, and also for their daughter to live in.
“The sellers are relocating to the South Coast for a seachange,” he said.
“We still have a lot of buyers at the moment, however It will take a while for sellers' expectations to adjust now that there is some more stock on the market.”
Sold under the hammer for $2.072 million
Seven registered bidders, four active
Lead agent: Michael Curtis (0405 680 919)
Ray White Hurstville
Michael Curtis said the market in his area was showing a lot of strength. He sold two from two today, and two from two last Saturday.
“The winning bidder was an investor from Campbelltown,” he said.
“The sellers have had the home for 60 years and are now moving into aged care; the family were thrilled with the result.”
“It was a neat home, with a separate granny flat. It also sits in the Hurstville Public School catchment which is sought after,” he said.
“We are 30 per cent up in stock levels for our office, showing an increase with spring arriving. October is looking to be particularly strong with stock levels.”
Melbourne
Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said the first week of spring saw high auction numbers, with 212 scheduled for the group, as momentum continued to build towards the 'pointy end' of the year.
“Clearance rates held well at 70.9 percent overall, with strong bidder numbers seen across a number of auctions and an active bidder count of 2.5 on average,” he said.
“When comparing methods of sale over the past 30 days, auction was clearly the more successful way to sell a property at 66.1 percent overall, versus private sale at only 33.2 percent on average. Days on market also favoured the auction method at just 27 days on average, compared to 48 for private sales.”
“Auction volume over the next couple of weeks continues to surge in the lead up to the AFL Grand Final on Saturday 28 September, with the market poised on the outcome of the next Reserve Bank meeting on Tuesday 24 September,” he said.
Sold under the hammer for $2.12 million
Three bidders
- Lead agent: Max Hedley (0431 446 459)
- Ray White Ashburton
Auctioneer: Leigh Petropoulos, Ray White
Mr Hedley said the winning bidder of this brand new modern townhome was a local mum who is thrilled to be moving there with her kids.
“The seller lives on the street, she owned the block and developed it; It was an owner-builder scenario,” he said. “She was absolutely ecstatic with the result.”
Mr Hedley said despite today’s exceptional result, he sensed the market was flattening in Melbourne.
“There are a lot of investors needing to sell at the moment, particularly with townhouses, which is flattening the market.”
Sold under the hammer for $711,000
10 bidders
Lead agent: Arjun Chandaka (0414 192 266)
Ray White Glenroy
Mr Chandaka said the final winning bidders of this original family home were a young couple who are currently living with their parents.
“The family managing the deceased estate sale were incredibly happy with the result,” he said.
“The success of this campaign came down to a brilliant presentation of the home. The executors followed our advice very well to make sure the home was represented in its best light.”
Mr Chandaka said he had 70 groups come through the property throughout the campaign, further highlighting the importance of presentation.
11 Jones Court, Aspendale Gardens
Sold under the hammer for $1,121,000 (reserve was $970,000)
Lead agent: Shane O’Sughrue (0401 119 911)
Five bidders
Ray White Chelsea
The winning bidders of this brick family home were a young couple, and this was their second purchase after being in a unit.
“The seller was a beautiful man who we affectionately call ‘Uncle Brendan’ who is moving up north to live with his grandchildren. In his late 80s and had been there for over 30 years,” Shane O’Sughrue said.
Mr O’Sughrue said that in this market, great stock will still sell well.
“This was a great example of it today; well positioned and well priced, and styling adds a lot of value.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said that it was a particularly strong day at the premium end of the market.
“There were some wonderful sales right across Brisbane, headlined by the $6.2 million sale in Robertson,” he said. “North, East and South of the river delivered some promising and spirited bidding.”
“The affordable areas are also performing well; the sub $750,000 market continues to be very strong especially with the appetite of first home buyers.”
Sold under the hammer for $6.2 million
Two registered bidders, both active
Lead agent: Eric Li (0425 564 877)
Ray White Robertson
Auctioneer: Gavin Croft, Ray White
Mr Li said the marathon auction for this grand tudor manor went for nearly three hours with negotiation, before being sold under the hammer.
“The winning bidders were a family who have permanent residency but they travel between China and Australia and this is their new Australian home,” he said.
“The sellers have owned the property for 40 years, and it is the first time this has sold. They are in their 80s and are now downsizing to a penthouse at the new Queens Wharf development in Brisbane.
“The market in Robertson is very strong, and around the $6-7 million mark there are obviously a smaller number of buyers, so we are thrilled to have achieved this sale. Two bidders is all it takes!” he said.
Sold under the hammer for $623,000 (reserve was $620,000)
Three registered bidders, all active
Lead agent: Carlie Curtis (0402 161 159)
Ray White Beenleigh
Auctioneer: Gavin Croft, Ray White QLD
Carlie Curtis said the winning bidders were a couple, buying a home for their son.
“The sellers bought it from me two years ago. I actually bought my first baby’s change table from them on marketplace; and then they ended up becoming a client!” she said.
“They did renovations, leased it out and then they decided it was time to sell to move overseas.
“The market is very strong in our area; I have a lot of buyers looking for their first homes at the moment.”
Sold under the hammer for $910,000 (reserve was $870,000)
12 registered bidders, 10 active
Lead agent: Ashley Robinson (0417 771 491)
Ray White Metro North
Auctioneer: David Treloar, Ray White
In an unexpected turn of events, the winning of this original brick townhouse was a lady who spotted the property online only this morning, and raced down to register with one minute to spare.
“She arrived just as the auction was starting, after seeing it in her morning scroll with her cup of tea!” Mr Robinson said.
The buyer plans on keeping it for herself or for her family.
Mr Robinson said that a lot of the bidders were first home buyers, and that they weren’t expecting a result over $880,000, so the sellers of the deceased estate were absolutely thrilled.
“This is the first sale in 41 years. The Italian developer who built it even came back and had a look,” he said.
Adelaide
Ray White SA | NT chief auctioneer John Morris said it was always busy around this time of year with the Adelaide Show, and a lot of families out and about celebrating.
“The first spring weekend has delivered numbers that are down slightly, it is coming off one of the biggest winters we have ever had,” he said.
“Ray White is continuing to dominate the market, with around 38 per cent of all auctions flying under our flag.”
“The clearance rate is in excess of 80 per cent yet again, and it has stayed consistent throughout the last few months,” Mr Morris said.
“Registrations are down, with around six registered bidders per auction. Active bidding has remained consistent though at around 3.5 per auction, which indicates strength coming into spring.”
Sold under the hammer for $885,500 (reserve was $850,000)
16 registered bidders, six active
Lead agent: Justin Irving (0412 289 674)
Ray White Salisbury
Auctioneer: John Morris, Ray White SA
Mr Irving, whose team sold six from six auctions under the hammer today, said being in an affordable area that is only 15-20 minutes from the CBD was a key reason for the huge number of bidders they experienced.
“The winning bidder was a family with three children, living locally. They will rent out their existing house and move into this home which is bigger,” he said.
“The sellers are building a brand new home, which is going to be ready in 60 days. They are a family of three.”
Sold under the hammer for $1,540,000
Three registered bidders
Lead agent: Christopher Jenman (0404 662 701)
Ray White Glenelg
Auctioneer: Rod Smitheram, Ray White
Christopher Jenman achieved a suburb record for a single dwelling home in Warradale today, adding to what was a very special auction.
“The winning bidders were a lovely, helpful couple who we had been trying to help out for a while. We are thrilled that they have now found their dream home,” he said.
“The sellers are empty-nesters who have recently bought acreage down South, and they are having a treechange. They spent their whole life doing up this home, so it was very emotional.”
Mr Jenman said that they originally had six bidders, but three had pulled out due to conditions.
“The market is easing in general, some open homes have been a bit quieter, however we still achieved a four from four clearance rate today at our auctions.”
Perth
Ray White Western Australia CEO Mark Whiteman said the Perth property market was alive with bidders today, as spring showed its face for the first time this season.
“There is still such great value in the Perth market and whilst we are achieving record prices, rising construction costs have meant most sales are still below the replacement cost, giving buyers continued confidence,” he said.
“We are seeing a strong start to the warmer selling season months and a great time to be a seller in Perth and greater Western Australia.”
Sold under the hammer for $3,225,000
Nine registered bidders, four active
Lead agent: Caro Cunningham (0409 992 889)
Ray White Cottesloe | Mosman Park
Auctioneer: Mark Whiteman, Ray White WA
Caro Cunningham said It was an amazing auction, with over 100 groups through the home in a two-week period. There was a crowd of over 100 at the auction today.
“Claremont Hill is so sought after, people want a character home that they can put their own stamp on. They are few and far between,” she said.
“A gorgeous young family has bought it, who plan to live in it for a while and then renovate in due course.”
Ms Cunningham said the sellers bought the home over 20 years ago, and had ambitions to renovate it.
“Work took them to Melbourne, and once their family was entrenched there, they decided that they wouldn’t return to Perth. They had it rented out for years and made a wise decision to sell now,” she said.
