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Auction Report 23 November 2020

Auction Report 23 November 2020

Our busy week began on Friday evening with two properties which were brought forward from their designated 30 November auction date.  This was due to an unconditional, pre-auction offer having been accepted by the vendor, subject to the property being submitted to auction on the earlier date.

16 Himalaya Drive in Half Moon Bay, from the pre-auction offer of $1,400,000 and, after some 32 very competitive bids, sold ‘under the hammer’ for $1,700,000.

95 Beachlands Road, Beachlands followed, with the pre-auction offer of $1,250,0000 attracting 23 competitive bids, to sell ‘under the hammer’ for $1,365,000.

Our ‘Spring Market’ portfolios continued with a substantial volume of quality properties for the 23 November portfolio.  A provision of properties across our residential areas of Pakuranga, Half Moon Bay, Bucklands Beach, Mellons Bay, Howick, Golflands, Highland Park, Botany Downs, Somerville and Flat Bush.

The Headsail Room at the Bucklands Beach Yacht Club, the home of Ray White Auctions, attracted a very pleasing number of people.  This included those who had registered bidding interest, those who had expressed conditional buying interest and obviously, 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, due to current commentary on this market, which is not always completed with sufficient investigation to ensure accuracy, particularly information regarding our Eastern Beaches area.

15 properties were included in this portfolio.  However, 2/13 Beach Road in Mellons Bay was brought forward from its designated 30 November auction date due to an unconditional, pre-auction offer which was accepted by the vendor, subject to the property being submitted to auction on the earlier date.  Therefore, 16 properties were available for buyer/bidding attention.

The bidding for 2/13 Beach Road began with the pre-auction offer of $1,350,000 and, after some 43 competitive bids, sold ‘under the hammer’ for $1,460,000.

2/ 28 Parkhill Road, Mellons Bay was the next to face bidding, selling ‘under the hammer’ for $1,135,000.

24 Golfland Drive in Golflands attracted very competitive bidding, selling ‘under the hammer’ after some 33 bids, for $1,481,000.

10 Cromdale Avenue, Highland Park also attracted competitive bidding, selling ‘under the hammer’ after some 19 bids, for $1,495,000.

29 Shankill Place in Flat Bush faced bidding competition, selling ‘under the hammer’ for $1,350,000.

2/52 Clydesdale Avenue, Somerville was another property which attracted multi bids, selling ‘under the hammer’ after some 38 bids, for $1,185,000.

11 Hope Farm Avenue in Pakuranga followed with very competitive bidding, selling ‘under the hammer’ after some 39 bids, for $1,295,000.

165 Cook Street, Howick attracted a positive buying reaction, selling ‘under the hammer’ after some 30 competitive bids, for $1,055,000.

149 Bradbury Road in Botany Downs attracted bidding and, after on the floor negotiations between the then highest bidder and vendors, the property was placed ‘on the market to sell under the hammer’.  This created a positive reaction from bidders, resulting in a total of 67 bids to see the property selling ‘under the hammer’ for $1,194,000.

Immediate post negotiations for 141 Aviemore Drive, Highland Park resulted in a multi offer and a sale for our vendors.  Likewise, 88 Takutai Avenue in Bucklands Beach and 15A Kaniere Place, Half Moon Bay have both achieved sales.  At the time of writing this report, a further two properties are finalising sale negotiations, while post-auction negotiations continue with the bidding and buyer interest for the balance of the portfolio, to affect a successful sale for our vendors.

24 November

We were asked to market a property in Karaka which resulted in very positive buyer reaction for a very appealing, contemporary styled, one level floor plan home, located in an area which is experiencing extremely positive development which includes quality housing.  Marketing produced a pre-auction offer which was accepted by the vendors subject to the property being submitted to auction on the earlier date.  From its pre-auction offer of $1,202,000 and, after competitive bidding, the property sold ‘under the hammer’ for $1,216,000.

So, after more than three weeks of marketing we have achieved extremely pleasing, positive and competitive bidding, providing great results for our vendors whose properties sold under the hammer.  However, it should also be acknowledged that the sales provided buyers with an opportunity to purchase quality real estate assets knowing that, while having to competitively bid/buy to be the ‘winner’, they were bidding/buying property which was also the first choice for a number of other buyers.

The prices achieved confirmed our ability to maximise price for our vendor.  However, to achieve such results buyer interest, bidding registrations and actual competitive bidding are the components to achieving great results.

With just one portfolio left for November and two for December, the year is disappearing quickly.  However, these last 2020 portfolios will give buyers an opportunity to evaluate their buying options for quality properties, prior to the Christmas/New Year break.  This combines 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 a foot note, I keep an eye on Australian trends through reports published by CoreLogic.

This week they report:

‘In Melbourne, volumes increased over the week with 632 properties scheduled to go under the hammer, of the results collected so far a preliminary clearance rate of 77.1% was recorded. This was higher than both last week and last year’s clearance rate, however volumes are only half of that seen last year.

There were 807 Sydney homes taken to auction over the week, preliminary figures show that 76.2% sold, lower than last week’s preliminary figure of 76.6% when volumes were a higher 840. Sydney’s final clearance rate came in at 71.3% last week, so it’s likely this week’s will be similar. One year ago, 940 Sydney homes were auctioned returning a final clearance rate of 76%.

Ken Ralph

Auction Services Manager