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Auction Report for 27 July 2020

Auction Report for 27 July 2020

Our 27 July auction portfolio offered properties in a wide price range, with addresses covering Pakuranga, Farm Cove, Bucklands Beach, Half Moon Bay, Mellons Bay, Howick,  Dannemora and Flat Bush.

Once again, it was pleasing to welcome a big 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 those who came to see what is selling in their neighbourhood and for what price, to give an idea of what is happening very currently in the real estate market.

As I have emphasised, particularly over more recent weeks, our sale results show an extremely favourable level of buyer interest and, confirmation of a positive level of confidence to invest in real estate, particularly within our Eastern Beaches area.

This portfolio attracted active bidding for nine of the ten properties within the portfolio.  This showed definite, positive buyer intent, as well as bidding to a price level at or above the pre-auction buyer feedback.  However, the bidding for some of the properties did not reach a price level which satisfied the vendors to place the property ‘on the market’ and allow a sale ‘under the hammer’.Three properties have sold post auction after further vendor consideration.

The evening commenced with recognition of 52 Mission Heights Drive in Mission Heights which was designated as part of this portfolio.  This was sold in our Howick Office Boardroom/auction venue, prior to the designated date.  However, we considered it deserved recognition in the wider forum of the Bucklands Beach Yacht Club.  As noted above, each week we welcome those who come to see what is selling in their neighbourhood and for what price, to give an idea of what is happening very currently in the real estate market.  The property attracted 14 registered bidders and, from the pre-auction offer of $1,350,000 and after some 26 competitive bids, the property finally sold ‘under the hammer’ for $1,545,000.

6 Half Moon Rise, Half Moon Bay sold ‘under the hammer’ for $1,950,000.

1/10 Fortunes Road in Half Moon Bay also sold ‘under the hammer’ for $800,000.

27 Kentigern Close, Pakuranga, 18A Rapallo Place, Farm Cove and 4 Moycullien Lane, Dannemora sold post auction to the identified bidding interest.

We continue to work with buyer interest for the remaining properties within the portfolio.

So, after three weeks of marketing, very satisfying results for our vendors.  However, it should also be acknowledged that buyers were able to secure quality properties.

There are always various reasons why potential buyers cannot meet the terms of an Auction For Sale and Purchase Agreement, which is a totally unconditional agreement.  Therefore, we try to work with these potential buyers to attract the best conditional sale for our client vendors, post auction.

These results and my comments above are relevant as to activity and recognition of the resilience and confidence of real estate, particularly within our Eastern Beaches area.

We look forward to the quality properties which will be part of our August portfolios.

As a foot note, I keep an eye on Australian trends through reports published by Williams Media.

As with previous weeks there was little auction activity comment from Sydney and Melbourne, due to their continued various ‘Lockdown’ requirements.  However, the following comments were made.

‘CoreLogic has reported 1,344 capital city homes taken to auction this week, with preliminary collection showing a success rate of 59.2 per cent.  This week’s clearance rate was the exact same as last week’s preliminary figure which later revised down to 53.1 per cent at final collection, although last week there were a lower 1,176 auctions held.  It’s likely this week’s final clearance rate will come in around the same early 50 per cent seen last week as we continue to see large numbers of Melbourne auctions withdrawn from the market.

Comparing the results across Australia’s two largest auction markets highlights the impact of Melbourne’s lockdown.

The preliminary numbers show 41 per cent of Melbourne auctions were withdrawn from the market this week compared with only 16 per cent in Sydney.’

Ken Ralph
Auction Services Manager