Auction

Auction Report – 3 February 2020

Our first auction portfolio for 2020 resulted in very positive bidding action, bringing with it an encouraging start to a new year.  However, prior to 3 February we also concluded sales ‘under the hammer’  for three properties which had been brought forward from their designated auction dates due to pre-auction offers being accepted by our vendors, subject to their properties being submitted to auction on the earlier date.

16 January, before a crowded Howick Office boardroom, 44 Kilkenny Drive in Dannemora sold ‘under the hammer’ for $1,245,000.

28 January, another full room saw 42 Kilkenny Drive in Dannemora sell ‘under the hammer’ for $1,540,000.

31 January and yet again, a large gathering were there to see 27 Lansell Drive in Dannemora sell ‘under the hammer’ for $1,235,000.

So, we experienced an extremely positive start to buying before we reached our 3 February portfolio.  Here the current interest in real estate was quite evident with a sizable attendance in the Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions.  Included in the crowd were 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 Pakuranga, Bucklands Beach, Mellons Bay, Huntington Park, Botany Downs, Highland Park, 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 with 1/6 Larne Avenue in Pakuranga which had been brought forward from its’ 10 February designated auction date due to an unconditional offer which was presented to our vendor and was accepted, subject to the property being submitted to auction.  It sold ‘under the hammer’ from the $710,000 pre-auction offer, for $743,000.

44 Kilkenny Drive, Dannemora was recognised as stated above, having sold for $1,245,000.

210 Bucklands Beach Road in Bucklands Beach was notably a ‘stand out’ property, selling ‘under the hammer’ after some 39 very competitive bids, for $2,105,000.

72A Bradbury Road, Botany Downs followed, with an ‘under the hammer’ sale for $1,100,000.

19 Huntington Drive in Huntington Park kept the ‘under the hammer’ sales momentum, selling for $1,185,000.

5 Burnaston Court, Dannemora was the next to receive competitive bidding and sold ‘under the hammer’ for $1,620,000,

137 Bradbury Road Botany Downs attracted positive bidding interest and also sold ‘under the hammer’ for $1,006,000.

We continue to work with buying interest for the remaining three properties in 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.

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:  ‘A total of 31 properties were sold at last week’s Ray White Surfers Paradise Group’s annual The Event auctions.  CEO Andrew Bell said 2020 was the strongest start to a year he had seen in the company’s 30 year history.

“We’ve done just over 110 sales in the past three weeks so I’m very confident in what is ahead of us on the Gold Coast,” said Mr Bell.   “The real estate environment is very positive – the omens are very good with REA reporting searches and viewings up by more than 60 per cent on this time last year.   Similarly we are recording the highest number of inspections since 2017, so there is no doubt we have entered a very strong, positive market in 2020.”’

I look forward to next weeks report from Sydney and Melborne.

Ken Ralph

Auction Services Manager