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Auction

Results from our 9 March Auction

Our sixth auction portfolio for 2020 offered a wide price range of properties across our Eastern Beaches residential area, plus a redevelopment option for a Glen Innes property.  They all attracted very pleasing buyer interest and provided confirmation of a positive level of confidence to invest in real estate, at a time when other commodities are affected by fluctuating certitude.

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 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, Sunnyhills, Half Moon Bay, Bucklands Beach, Howick, Highland Park, Northpark, Somerville, Dannemora and Glen Innes.

Within the portfolio, three properties had previously sold ‘under the hammer’ on earlier auction dates and, for the balance of the portfolio, we had identified buyers who were able to meet the terms of an unconditional agreement for eleven of the properties.  All eleven attracted bidding interest.

So, there was an extremely pleasing ‘under the hammer’ unconditional sale clearance for seven properties, with two properties selling unconditionally immediate post auction.  This was a very satisfying conclusion to well-planned marketing, qualifying buying interest and providing our vendors with accurate information.

The evening included recognition of the three properties sold prior to this 9 March designated auction date.

  • 30 Marriott Road in Pakuranga sold at our Howick Office Boardroom venue on 28 February due to a pre-auction offer, subject to the property being submitted to auction.  It sold ‘under the hammer’ for $1,010,000
  • 1/86 Takutai Avenue, Bucklands Beach also sold at our Howick Office Boardroom venue on 26 February, due to a pre-auction offer, subject to the property being submitted to auction.  It sold ‘under the hammer’ for $1,320,000
  • 1/1 Willow Way in Sunnyhills likewise sold, having been subject to the pre-auction offer, selling ‘under the hammer’ for $750,000

Facing bidding competition during the evening were:

  • 50 Pigeon Mountain Road in Half Moon Bay sold ‘under the hammer’, for $1,500,000
  • 32B Grassways Avenue, Pakuranga sold ‘under the hammer’ after 14 bids, for $970,000
  • 4 Sloane Street in Glen Innes followed, selling ‘under the hammer’, after some seventy very competitive bids, for $1,016,000
  • 45 Ridge Road in Howick was the next to sell ‘under the hammer’ after 11 bids, for $1,420,000
  • 2/38 Ballater Place, Highland Park followed on with a sale ‘under the hammer’ for $730,000
  • 14 De Quincey Terrace in Highland Park was another property which attracted very competitive bidding, some 25 bids in all, selling ‘under the hammer’ for $1,305,000

The final property on the Order of Sale was 1 Shrule Place in Dannemora.  This also attracted competitive buyer interest and sold ‘under the hammer’, after some 17 competitive bids for $1,250,000.

Immediately post auction and selling unconditionally to buyers who had taken part in bidding, were 10 Keswick Close in Northpark and 15B Chisbury Terrace, Shelly Park.

We continue to negotiate with buyer interest for the remaining properties.

So, after three weeks of marketing, extremely pleasing, positive, competitive bidding.  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.

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 headline of:  ‘A long weekend in four of the eight states and territories kept auction volumes down across the capital cities for the week ending Sunday, March 8.  CoreLogic analyst Kevin Brogan told WILLIAMS MEDIA while it was difficult to take too much out of the figures, the market was still showing some of the strength it had displayed throughout February.

“In Sydney, where there was no public holiday, it was very much business as usual,” he said.

“Of the areas where there is a public holiday, it can be easy to establish how many buyers don’t list because it is a long weekend, but it’s a little harder to quantify the number of people on the buying side who don’t participate.”

In Sydney, 811 homes were taken to auction returning a preliminary auction clearance rate of 82.6 per cent, up on last week’s final clearance rate of 76.6 per cent across a higher 1,087 auctions.

Ray White NSW Chief Auctioneer Alex Pattaro said there was an increased number of families transacting within the same markets across parts of Sydney.  “We are continuing to see an increased number of competition across all properties throughout all of Sydney,” he said.

Melbourne

The long weekend led to a drop in volume and clearance rate for Melbourne, which had 68.6 per cent of its 404 auctions reported as successful.

This is down significantly from last week’s final result of 74.8 per cent across 1,612 auctions.

Preliminary data from the Ray White group indicated there had been an increase in the percentage of properties that sold prior to auction for the week.

Ken Ralph

Auction Services Manager