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Auction

Results from our 17 February Auction

Auction Report – 17 February 2020

Another busy and very rewarding week for those vendors who were part of the 17 February portfolio.  As I highlighted in last week’s report, it has been very satisfying to see the result of our sales strategy recommendations.  This has not only provided vendors with decisive sales and prices but, has also provided buyers with an opportunity to purchase quality real estate assets, knowing that while having to competitively bid to be the ‘winner’, they were bidding for property which was the first choice for a number of other buyers.

Current interest in real estate was quite evident with once again a big attendance at 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 the start of the New Year by way of what is selling and for what price, to give an idea of what is happening very currently in the real estate market.

The portfolio included properties from Pakuranga, Half Moon Bay, Howick, Botany Downs, Northpark, Dannemora and Flat Bush.

Active bidding with an extremely pleasing unconditional sale clearance was the conclusion to well-planned marketing, qualifying buying interest and providing our vendors with accurate information.

The evening included recognition of six properties which had sold ‘under the hammer’ at our Howick Office Boardroom venue last Wednesday and Thursday evenings.  These were due to pre-auction offers, subject to the properties being submitted to auction on the earlier date.  I detailed these in last week’s report but they are, as follows:

  • 35B Kilimanjaro Drive, Northpark sold ‘under the hammer’ for $1,190,000
  • 1/29 Pigeon Mountain Road in Half Moon Bay sold ‘under the hammer’, after some 17 bids, for $1,042,000
  • 2/23 Browns Road, Pakuranga sold ‘under the hammer’ for $678,000
  • 1/111 Cook Street in Howick sold ‘under the hammer’ for $864,000
  • 17 Freyberg Place in Howick sold ‘under the hammer’ for $970,000
  • 1/ 9 Majesty Place, Half Moon Bay sold ‘under the hammer’ for $850,000

Facing bidding competition during the evening of 17 February was:

  • 3 Ballyward Close in Dannemora, selling ‘under the hammer’ after some 14 bids, for $1,390,000
  • 2/ 63 Cardiff Road, Pakuranga demonstrated that a property does not have to be an ‘outstanding star’ to attract very active bidding interest but, with marketing dovetailed to attract maximum buyer interest, the result can be extremely pleasing. This unit sold ‘under the hammer’ after a highly competitive 63 bids, for $803,000
  • 1A Landop Terrace in Howick followed, attracting 14 bids for this unit and selling ‘under the hammer’ for $720,000
  • 24 Borrowdace Avenue, Botany Downs attracted a competitive 23 bids, selling ‘under the hammer’ for $1,260,000
  • 3/12 Anure Place in Highland Park attracted buyer interest who saw plenty of future potential, selling ‘under the hammer’ for $1,100,000

Post auction, we continue to negotiate with buyer interest for 13 Liffey Place in Dannemora.

So, after three weeks of marketing, extremely pleasing, positive and competitive bidding, with all but one property selling unconditionally ‘under the hammer’.  Great results for our vendors, however, it should also be acknowledged that buyers were able to secure quality properties.  The results are also confirmation that we begin 2020 on a note of 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.

Thursday 20 February

Our busy active week continued with a decision being made to bring the auction date for

6 Moy Place in Dannemora forward.  This was due to an unconditional offer which was accepted by our vendors, subject to the property being submitted to auction and also acknowledging that bringing the date forward was due to our vendors’ generous decision to advance the sale date, thus giving all buyers the opportunity to buy ‘now’, rather than waiting for the designated auction date.  It sold ‘under the hammer’ for $1,256,000.

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 an 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:  ‘Capital City auction clearance rates have climbed throughout the past week, despite an increase in the number of auctions held.

Sydney and Melbourne led a solid auction performance from the capital cities last week, highlighted by increases in both volume and clearance rates.

Ray White NSW Chief Auctioneer Alex Pattaro said first home buyers appeared to be the flavour of the month.  “Agents and buyers in the market have indicated finance is easy to obtain, increasing the pool of active and qualified buyers,” he said.  “With the oversupply of buyers, vendors should be considering getting their property on the market and take full advantage of the buyers within the market. Active and financially approved buyers are at a high and are at similar levels of 2017.”

Melbourne recorded the biggest volume increase of all the capital cities with 717 auctions held last week, in comparison with 419 the previous week.  There is also likely to be an improvement in the final clearance rate, with the preliminary rate coming in at 79.2 per cent, following the previous week’s final rate of 68.5 per cent.’

Ken Ralph

Auction Services Manager