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Results from our 24th February Auction

Our fourth auction portfolio for 2020 attracted pleasing buyer interest which resulted in competitive bidding at auction.  These results provided vendors with decisive sales and their acknowledgement that the auction process ensured maximum prices.  Equally, it also 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.

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, Bucklands Beach, Howick and Dannemora.

Within the portfolio we had identified buyers who were able to meet the terms of an unconditional agreement for eight of the properties with three properties attracting conditional buyer interest.  Active bidding with an extremely pleasing unconditional sale clearance for the eight properties was the conclusion to well-planned marketing, qualifying buying interest and providing our vendors with accurate information.

The evening included recognition of two properties which had sold prior to their designated auction date.

  • 154 Gossamer Drive in Pakuranga sold ‘under the hammer’ at our Howick Office Boardroom venue on 13 February, due to a pre-auction offer, subject to the property being submitted to auction. After a very competitive 43 bids, it sold ‘under the hammer’ for $1,301,000
  • 39 Maugham Drive, Bucklands Beach also sold with an unconditional sale prior to its 24 February auction date, for $1,355,000

Facing bidding competition during the evening were:

  • 168 O’Halloran Drive in Howick was brought forward from its 2 March designated auction date, due to an unconditional offer having been presented to our vendors and accepted, subject to the property being submitted to auction on the earlier date. It sold ‘under the hammer’ from its $840,000 pre-auction offer, selling   after a further nine bids, for $880,000
  • 6 Fairfield Lane, Dannemora sold ‘under the hammer’ after very competitive bidding of
  • 31 bids, to find the winner for $1,380,000
  • 34 Juliet Avenue in Howick followed and, after 19 competitive bids, sold ‘under the hammer’ for $1,008,000
  • 41 Cascades Road, Pakuranga was the next to sell ‘under the hammer’ after 18 competitive bids for $902,000
  • 34 Tiraumea Drive in Pakuranga attracted bidding. However, we continue to negotiate with interested parties

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.

Wednesday 26 February

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

forward for both 1/86 Takutai Avenue, Bucklands Beach and 5 Willoughby Avenue in Howick, due to unconditional offers being accepted by our vendors subject to their properties being submitted to auction.  It should also be acknowledged that bringing the auction 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.

  • 1/86 Takutai Avenue in Bucklands Beach was brought forward from its designated 9 March auction date, selling ‘under the hammer’ after the pre-auction offer start of $1,200,000 and a further 16 bids, for $1,320,000
  • 5 Willoughby Avenue in Howick was brought forward from its designated 2 March auction date, selling ‘under the hammer’ after the pre-auction offer start of $1,250,000 and a further 20 bids, for $1,320,000

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 with a headline of ‘Auctions continue their strong performance over the weekend.

Sydney – there were 938 auctions held in Sydney this week, returning a preliminary clearance rate of 81.5 per cent.  Damien Cooley of Cooley Auctions commented “The biggest news out of the market is how many active buyers are out in force.”

In Melbourne, a preliminary auction clearance rate of 79.6 per cent was recorded across 1,215 auctions this week, while last week there were 743 auctions returning a final clearance rate of 76 per cent, the highest final clearance rate the city has seen since September last year.

One year ago, the clearance rate was just 50.6 per cent across 1,128 auctions.

Ken Ralph

Auction Services Manager