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Auction Report 13 July 2020

Auction Report for 13 July 2020

Our 13 July auction portfolio offered properties in a wide price range with addresses covering Pakuranga, Mellons Bay, Howick, Cockle Bay, Botany Downs, Northpark, Highland Park and Maraetai.

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.

This portfolio was consistent with my comments detailed in my 29 June report, regarding the very favourable buyer interest and confirmation of a positive level of confidence to invest in real estate, particularly within our Eastern Beaches area.  The competitive bidding evident during the evening was added confirmation.

The evening commenced with recognition of 18 Hutchinsons Road in Bucklands Beach, which was originally designated as part of this portfolio, (I detailed this result in my 29 June report).  As this property was sold in our Howick Office Boardroom/auction venue, we believe 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.

From the pre-auction offer of $1,701,888 and after some 23 competitive bids from four registered buyers, the property finally sold ‘under the hammer’ for $2,020,000.

22 Mirrabooka Avenue, Botany Downs was due for auction on 3 August.  However, it was included in this portfolio due to an unconditional offer being presented to our vendors and accepted, subject to the property being offered for auction and therefore, giving all interested parties the opportunity to participate.  The bidding commenced at the pre-auction offer of $985,000 and, after some 27 bids, sold ‘under the hammer’ for $1,046,000.

3 Keswick Close in Northpark attracted extremely pleasing Open Home and private inspection interest, resulting in a bumper 13 bidding registrations.  Very bold bidding during some 17 bids saw the property sell ‘under the hammer’ for $1,530,000

The next to sell ‘under the hammer’ was 1 Etherege Place in Mellons Bay, which also attracted strong buyer support and, after some 28 competitive bids, sold for $1,705,000.

44A Campbell Road, Maraetai also sold ‘under the hammer’ for $1,240,000.

116 Ennis Avenue in Pakuranga attracted bidding interest but not to a level which allowed the vendors to sell under the hammer.  However, after further negotiations with the highest bidder the property has been sold unconditionally.

We continue to work with buyer interest for the balance of the portfolio – 3 Amerce Place in Highland Park, 46A Alexander Street, Cockle Bay and 2B Patons Road, Howick.

So, after three weeks of marketing, competitive bidding for properties within the portfolio and post auction buyer interest is a great result for our vendors.  However, it should also be acknowledged that buyers were, and are, able to secure quality properties.

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 forthcoming portfolios during the remaining  weeks of July and into August.

As a foot note, I keep an eye on Australian trends through reports published by Williams Media.  Again this week, there was little auction activity comment from Sydney and Melbourne, however, the following comments were made.

‘With Melbourne going back into lockdown, the real estate industry watched with interest as sales took place in the past week as all auctions were held online once again.  This time, however, according to Ray White Managing Director Dan White, agents were well prepared for the re-introduction of restrictions.

“Regardless of the auction environment, Ray White offices continue to deliver exceptional results while providing their customers with a safe environment,” Mr White said.
“Today shows you that buyers still have confidence in Victoria’s real estate market and they have embraced our purpose built technology.”

CoreLogic has reported there were 1,202 homes scheduled for auction across the combined capital cities this week, similar to the previous week (1,224), although higher than this
time last year (847).  Of the 672 results that have been reported so far, 62.2 per cent were successful, up from last week’s final clearance rate of 60.2 per cent, and lower than this time last year (65.4 per cent).

In Sydney, 538 homes were scheduled for auction this week, down from 580 over the previous week, although higher than one year ago when 316 homes were taken to auction across the city.  Of the 294 auction results collected so far, 62.6 per cent were successful.’

Ken Ralph
Auction Services Manager