Auction

Results from our 11 November Auction

Before we look at 11 November portfolio – as a result of being asked to market 82B Maskell Street in St Heliers, the evening of Thursday, 7 November witnessed strong bidding, from a $1,850,000 pre-auction offer start.  Eventually, after some 32 bids, this property sold ‘under the hammer’ for $2,120,000.

As with recent reports, we have seen very positive buyer activity which has given our vendors an opportunity to sell with active bidding interest, as well as buyers an opportunity to purchase quality real estate assets within our Eastern Beaches area.

11 November attracted a portfolio of eight properties, three of which sold on earlier auction dates and were detailed in our previous reports.  This left five properties for buyer attention, plus the addition of 15 Gilford Place in Dannemora, which was brought forward to this earlier auction date.

The properties in this portfolio came from Pakuranga, Half Moon Bay, Howick, Cockle Bay,  Dannemora and Flat Bush.

The Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions, again attracted a very pleasing number of people.  This included those who had registered buying interest, those who had expressed conditional buying interest and those who came along to see what is selling and for what price, to give an idea of what is happening very currently in the real estate market.

The evening began with 15 Gilford Place, Dannemora.  This was brought forward from its’ original 18 November date, due to a pre-auction offer which was accepted by our vendors, subject to the property being submitted to auction on the earlier date.  It sold ‘under the hammer’ after a $1,485,000 pre-auction offer start and 40 bids, for $1,600,000.

1/20 Dowling Place in Pakuranga sold ‘under the hammer’ for $810,000.

Next to sell ‘under the hammer’ was 46A Rodney Street in Howick, for $937,000.

We continue to work with buying interest for the balance of the portfolio

On 13 November, three properties were brought forward from their scheduled auction dates due to pre-auction offers being accepted by our vendors, subject to the properties being submitted to auction on the earlier date.

33 Luplau Crescent in Cockle Bay, brought forward from 25 November, sold ‘under the hammer’ after a pre-auction offer start of $1,800,000 and 13 bids, for $1,910,000.

3 Bellagio Way in Flat Bush, brought forward from 18 November, sold ‘under the hammer’ for $1,200,000.

61 Argento Avenue in Flat Bush, again brought forward from 18 November, sold ‘under the hammer’ for $1,065,000.

On 14 November, another two properties were brought forward from their scheduled auction dates due to pre-auction offers being accepted by our vendors, again subject to the properties being submitted to auction on the earlier date.

2/43 Fratley Avenue in Farm Cove, brought forward from 18 November, sold ‘under the hammer’ after a pre-auction offer start of $810,000 and 27 bids, for $893,000.

22 Mirrabooka Avenue in Botany Downs, brought forward from 25 November, sold after a pre-auction offer start of $960,000 and selling ‘under the hammer’ for $978,000 .

So, we have had an extremely busy and successful week of auction activity.  Following up to three weeks of marketing, as stated at the beginning, very positive results were achieved for our vendors, as well as buyers who had the opportunity to secure quality properties.

Our vendor clients are certainly listing quality properties.  This gives buyers quality buying options, as well as an opportunity to evaluate the these options with our ability to give prospective buyers direct access to a highly experienced, award winning team of mortgage advisors, who have access to a variety of lending institutions and their very favourable mortgage conditions.

As indicated in our recent reports, the results we are achieving demonstrate a confidence in the current real estate market, as well as a confidence in the quality real estate options which we enjoy in our Eastern Beaches area, particularly now, as we move through the remaining five effective transaction weeks for 2019.

I continue to emphasise that we consider we are achieving extremely good price results for our vendor clients within a much defined marketing period, acknowledging that our challenge always is to meet vendor price expectations with buyer price expectations.  As with all sales, there needs to be a ‘win/ win’ on both sides – vendors need to be satisfied that the price achieved is the best the market for that item will allow and, buyers need to be satisfied that they have achieved ‘buyer value’.

As a foot note, I keep an eye on Australian trends through reports published by Williams Media, which this week reported:  ‘Last week’s low figures have been smashed this week in the auction arena.  Sydney had its second busiest auction week of the year. There were 2,375 homes taken to auction across the combined capital cities this week, up from 1,555 over the previous week.

President of REINSW, Leanne Pilkington said more vendors were keen to hit the market to enjoy the strong prices and clearance rates experienced in Sydney over recent months.  Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent. Over the previous week, just 255 homes were taken to auction, returning a final clearance rate of 69 per cent, the first time Melbourne has seen the clearance rate fall below 70 per cent since July. It is likely the clearance rate will revise below 70 per cent once again as results are finalised.

Ken Ralph

Auction Services Manager