We entered our 16 March auction portfolio date amidst a very fluctuating level of confidence, affecting all aspects of our economy and wellbeing. My report last week and indeed, of recent weeks, has highlighted the very positive buyer interest and confirmation of a positive level of confidence to invest in real estate, at a time when other commodities are affected by fluctuating certitude. Our seventh auction portfolio for 2020 was again, a very definite confirmation of this confidence in real estate in our Eastern Beaches area.
Once again, we appreciated a pleasing attendance to the Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions. This included people who had registered bidding interest, those who had expressed conditional buying interest and also 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.
This portfolio offered a wide price range of property across our Eastern Beaches residential area, including properties from Pakuranga, Bucklands Beach, Howick, Highland Park, Golflands, Shelly Park and Flat Bush.
Within this portfolio we had identified buyers who were able to meet the terms of an unconditional agreement for six of the properties, with all six attracting bidding interest.
So, there was an extremely positive ‘under the hammer’ unconditional sale clearance, as well as one immediate, post auction unconditional sale for the six properties.
An additional property, 33 West Fairway in Golflands was added to the portfolio offering bidding interest for eight properties.
The evening began with 33 West Fairway, Golflands which was brought forward from its’ 23 March designated auction date, due to an unconditional offer which was presented to our vendor and accepted, subject to the property being submitted to auction. It sold ‘under the hammer’ from its $1,080,000 pre-auction offer, selling after some 16 bids for $1,142,000.
Facing further bidding competition during the evening were:
Immediately post auction and selling unconditionally to buyers who had taken part in bidding, was 1/8 Morrow Avenue in Bucklands Beach.
We continue to negotiate with buyer interest for the remaining two properties.
So, after three weeks of marketing, we achieved extremely pleasing, positive and competitive bidding. Great results for our vendors, however, it should also be acknowledged that the sales provided buyers with an opportunity to buy quality real estate assets knowing that, while having to competitively bid to be the ‘winner’, they were bidding for property that was also the first choice for a number of other buyers.
The results, as introduced, are a confirmation that this first quarter of 2020 has shown definite 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.
A decision was made to bring the auction date for 26 Stellamaris Way in Northpark forward from its’ 23 March designated auction date, due to an unconditional offer having been presented to our vendor and accepted, subject to the property being submitted to auction and giving all registered buyers the opportunity to purchase. This property sold ‘under the hammer’ for $1,183,000.
Each month we have portfolios of quality properties. This gives buyers quality buying options, as well as an opportunity to evaluate 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.
The goal of an auction selling strategy and marketing programme concentrates on giving our vendors the opportunity to sell with a totally unconditional agreement, as well as buyers an opportunity to buy in the most efficient and transparent way. We have been delighted that our 32 + years of auction marketing experience, through times of both great exuberance and times of great challenge, has given us the experience to assess accurate buyer feedback, offering vendors the information they need to set reserves which will achieve the very best possible sale price.
As a foot note, I keep an eye on Australian trends through reports published by Williams Media, which this week reported with headline of: ‘Auction markets strong despite coronavirus concerns. CoreLogic results for the weekend showed strong clearance rates of 70.6 per cent across 2,220 homes that went up for auction – based on the early auction results this week, the housing market has proven to be relatively resilient so far.
In Melbourne, a preliminary auction clearance rate of 70.1 per cent was recorded across 1,173 auctions this week, while last week there were 418 auctions returning a final clearance rate of 66.1 per cent.
There were 749 auctions held in Sydney this week, returning a preliminary clearance rate of 74.6 per cent.
Auction Services Manager