Auction

Results from our 10th February Auctions

Auction Report – 10 February 2020

What an extremely busy ‘activity week’.  It is very rewarding to be at the forefront of activity which justifies our sales strategy and marketing recommendations over some 32 plus years. Again this week, 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.

10 February was our second portfolio for this year.  It resulted in extremely positive bidding action and followed last week’s very encouraging start to a new year.

Current interest in real estate is quite evidently high, with once again 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 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 Bucklands Beach, Howick, Cockle Bay, 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 began by recognising two sales which had sold ‘under the hammer’ at our Howick Office Boardroom venue on earlier auction dates due to pre-auction offers, subject to the properties being submitted to auction.

42 Kilkenny Drive in Dannemora sold ‘under the hammer’ for $1,540,000, and 27 Lansell Drive, also in Dannemora sold ‘under the hammer’ for $1,235,000.

12 Fintona Place, Dannemora was the first property to offer buyers an opportunity to purchase on the night.   After some 15 competitive bids it sold ‘under the hammer’ for $1,427,000.

42A Rodney Street in Howick followed with a sale ‘under the hammer’ after competitive bidding, for $895,000.

15 Shelby Lane, Dannemora also attracted competitive bidding to sell ‘under the hammer’ for $1,270,000.

40B Cherry Lane Bucklands Beach drew determined buyer interest, selling ‘under the hammer’ for $920,000.

We continue to work with buying interest for the balance (two properties) of the portfolio.

Therefore, after three weeks of marketing we achieved extremely pleasing, positive, competitive bidding and 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.

Our busy week continued with an unprecedented seven pre-auction offer auctions held over Wednesday and Thursday.   A decision was made last Thursday to bring the auction date for 35B Kilimanjaro Drive forward.  We then had another two, followed by another four – all signs of very positive buyer activity.  However, I also acknowledge that bringing the auction dates forward was due to our vendors’ generous decision to advance the sale date, giving all buyers the opportunity to buy ‘now’, rather than waiting for the designated auction date.

Wednesday 12 February

35B Kilimanjaro Drive in Northpark sold ‘under the hammer’ after some 24 competitive bids, for $1,190,000.

1/9 Majesty Place, Half Moon Bay was a pleasing result for both our vendor and buyer, selling ‘under the hammer’ for $850,000.

2/23 Browns Avenue in Pakuranga drew a lot of buyer attention, selling ‘under the hammer’ for $678,000.

Thursday 13 February

17 Freyberg Place in Howick sold ‘under the hammer’ for $970,000.

1/29 Pigeon Mountain Road, Half Moon Bay attracted very determined bidding and, after some 32 bids, sold ‘under the hammer’ for $1,042,000.

1/111 Cook Street Howick also attracted competitive bidding interest and sold ‘under the hammer’ after some 17 bids, for $864,000.

As Pigeon Mountain and Cook Street interest left our Howick Office boardroom auction venue, the room filled to capacity with buyer interest in 154 Gossamer Drive, Pakuranga.   A number of bidding registrations resulted in a very high level of bidding interest and, after some 39 bids, it sold ‘under the hammer’ for $1,301,000.

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 activity ramped up after the seasonal slowdown, with 1,122 homes taken to auction this week, according to CoreLogic reports.

Comparing results to one year ago, when housing values were falling and auction markets were much weaker, both volumes and clearance rates are higher than what we were seeing over the corresponding week last year,

Sydney was the busiest auction market this week in terms of volumes with 428 auctions held across the city, returning a preliminary auction clearance rate of 79.9 per cent; the highest preliminary result across the capital cities.

Melbourne
A clearance rate of 80 per cent was recorded from 302 auctions reported to the REIV
This is the first time since April 2017 that the clearance rate has been as high as 80 per cent according to REIV CEO Gil King.

Ken Ralph
Auction Services Manager