Auction Report – 30 September 2019
There has been a significant amount of real estate movement since our 23 September 2019 auction portfolio report. Very positive bidding buyer activity was undoubtedly apparent on Thursday 26 September, when the auction date for two properties was brought forward from their scheduled dates. Each property attracted multi bidding registrations.
25 Stanniland Street was brought forward from 30 September, due to a pre-auction offer which was accepted by our vendors, subject to the property being submitted to auction at the earlier date. The bidding commenced at the pre-auction offer of $1,225,000 and, after some 34 competitive bids, sold ‘under the hammer’ at $1,390,000.
45 Uxbridge Road was brought forward from 7 October, due to a pre-auction offer which was accepted by our vendors, again subject to the property being submitted to auction on the earlier date. The bidding commenced at the pre-auction offer of $1,350,000 and, after some 33 competitive bids, sold ‘under the hammer’ at $1,500,000.
On 29 September, as a result of being asked to market 17 Woodford Avenue in Henderson, we witnessed extreme bidding competition. After a mammoth 76 bids, this property sold ‘under the hammer’ at $1,091,000.
The 30 September 2019 auction portfolio included properties within Pakuranga, Mellons Bay, Shelly Park, Burswood and Flat Bush. The Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions, attracted people who had registered buying interest, those who had expressed conditional buying interest and 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.
12 Sarazen Drive attracted 10 bids to see it sell ‘under the hammer’ at $1,100,000. 36 Riverlea sold at $1,180,000. With the exception of one property, the balance of the portfolio attracted bidding interest but not at a level which met vendors’ price expectations. However, 1/112 Golfland Drive sold post auction, after a multi offer presentation.
So, after three weeks of marketing, positive results both for our vendors and also for buyers who have purchased, or are still negotiating to secure quality properties. We continue to work with the identified buying interest for the balance of the portfolio. 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. However, we try to work with these potential buyers to attract the best conditional sale for our client vendors.
The goal of our auction marketing programmes is provide our vendor clients with an unconditional sale or, after three weeks of marketing there is a base to work with conditional buying interest if unconditional buying interest is not achieved at, or immediately post auction.
Last evening on 3 October, 19 The Anchorage in Sunnyhills was brought forward from its 14 October date due to a pre-auction offer which was accepted by our vendors, subject to the property being submitted to auction on the earlier date. Multi bidding registrations were received. The bidding commenced at the pre-auction offer of $1,150,000 and, after some 21 competitive bids, sold ‘under the hammer’ at $1,214.000
Our vendor clients are certainly listing 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 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 indicated in our recent reports, the results we are achieving demonstrate a confidence in the current real estate market and a confidence in the quality real estate options we enjoy in our Eastern Beaches area, particularly as we move through the now remaining eleven, effective transaction weeks for 2019.
I continue to emphasise that we consider we are achieving extremely good price results for our vendor clients within a much defined marketing period, acknowledging that our challenge always is to meet vendor price expectations with buyer price expectations. As with all sales, there needs to be a ‘win/win’ on both sides – vendors need to be satisfied that the price achieved is the best the market for that item will allow and, buyers need to be satisfied that they have achieved ‘buyer value’.
As a foot note, I keep an eye on Australian trends through reports published by Williams Media, which this week reported: ‘The biggest hit from Saturday’s AFL grand final may have been to the auction market, with Melbourne’s long weekend putting an abrupt halt to the rising volumes seen throughout the first weeks of Spring.
CoreLogic national auction market commentator Kevin Brogan told Williams Media the trend in auction volumes was reversed this week, with the NRL Final being partly responsible for very low auction numbers in Sydney. “Clearance rates seem to have stabilised at a fairly high level. “
Ray White Victoria’s Chief Auctioneer Matthew Condon said that although the AFL Grand Final week had caused an over-all decline in the number of auctions in Victoria this week, the participation was active. “We actually see an increase in crowd attendance and inspection numbers and a high average number of active bidders per auction,” he said.
Real Estate Institute of NSW President Leanne Pilkington said stronger activity was expected ahead this week’s long weekend. “As we expected, more auctions hit the market this weekend, giving the Sydney market its highest volume since last November,” she said. “We expect to see a lower level of auction properties next weekend as Sydney-siders enjoy a long weekend.”
Auctioneer Justin Nickerson said South East Queensland experienced a slight dip but maintained its consistent clearance rate. “Of note was a drop in registrations of bidders, although sales prior to auction and one bidder sales were in healthy numbers,” he said.
“The volume numbers remained strong, which will now be in effect right throughout the remainder of the year.”’
Auction Services Manager