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Auction Report 30 November 2020

Our 30 November portfolio included a “bumper” 23 properties across our residential areas of Pakuranga, Farm Cove, Half Moon Bay, Bucklands Beach, Eastern Branch, Mellons Bay, Howick, Cockle Bay, Shelly Park, Botany Downs, Flat Bush, but also, Mt Wellington.

The substance of the portfolio is a reflection of the Spring Market activity and the continued vendor and buyer confidence to complete their real estate transaction before the Christmas / New Year break.

The Headsail Room at the Bucklands Beach Yacht Club, the home of Ray White Auctions, attracted a very pleasing number of people including people who had registered bidding interest, those who had expressed conditional buying interest  and obviously 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, due to current commentary on the real estate market, which is not always completed with sufficient investigation to ensure accuracy, particularly, information regarding our Eastern Beaches area.

Added to this portfolio was 62 Bob Charles Drive Golflands, which  was brought forward from its designated 7 December auction date due to an unconditional preauction offer that was accepted by the vendor subject to the property being submitted to auction at the earlier auction date, so that then made 24 properties available for buyer/ bidding attention.

The bidding for 62 Bob Charles Drive started at the preauction offer at $1,300,000 and after some 12 competitive bids sold “under the hammer” at $1,390,000

An outstanding result that was a “headline highlight” was the sale of 32A and 32B The Parade Bucklands Beach. This was a, now, extremely rare opportunity to secure an expansive 1821m2 of absolute prime waterfront facing land along prestige The Parade of Bucklands Beach.  With a  bid start at $5 million, bidding continued at a considered pace but after 18 competitive bids its sold “under the hammer” at $6,550,000. This sale demonstrated the recognition for quality real estate in one of our most sought after residential precincts.

Other highlights of the evening were:

73 John Gill Road Shelly Park  faced competitive  bidding and after some 17 bids sold  “under the hammer” at $1,780,000

1/59 Gossamer Drive Pakuranga also got away to a positive start selling “under the hammer” at $920,000

2/123 Pigeon Mountain Road Half Moon Bay attracted a competitive 21 bids to sell “under the hammer” at $910,000

15 Liston Crescent Cockle Bay was also brought forward from its designated 7 December auction date due to an unconditional preauction offer that was accepted by the vendor subject to the property being submitted to auction at the earlier auction date. The bidding started at the preauction offer at $1,200,000 and after some 15 competitive bids sold “under the hammer” at $1,330,000.

192 Botany Road Botany Downs was another property that attracted multi bids, selling “under the hammer” after some 21 bids at $1,175,000

66 Rashni Road Flat Bush followed with competitive bidding selling “under the hammer” after some 10 bids at $1,288,000

20 Gibraltar Street received positive buying reaction selling “under the hammer” after some 10 competitive bids at $960,000

116 Clovelly Road Bucklands Beach also sold “under the hammer” at  $1,000,000

8A Galsworthy Place Bucklands Beach was another property that attracted competitive bidding, selling “under the hammer” after some 23 bids at $853,000

27 Lisnoble Road Flat Bush sold immediately post auction after further negotiations with the highest bidder.

Bidding was evident for a number of properties that did not sell “under the hammer” , however , we have to accept that vendors determine whether the last bid price will enable them to achieve the reason for their decision to sell.

At the time of writing this report further properties are still under active negotiation, while post auction negotiations continue with the bidding and buyer interest for the balance of the portfolio, to effect a successful sale for our vendors.

1 December

31 Corta Bella Place, Golflands was brought forward from its designated 7 December auction date due to an unconditional preauction offer that was accepted by the vendor subject to the property being submitted to auction at the earlier auction date.

Bidding commenced at the preauction of $1,500,000 and after some 15 competitive bids sold “under the hammer” at $1,595,000.

3 December

The marketing of 1/13 West Fairway Golflands highlighted the continued demand to live in this sought after, well planned,  housing estate, with  a preauction offer seeing this property being brought forward from its designated 14 December auction date, subject to the property being submitted to auction at the earlier auction date.

Bidding commenced at the preauction of $1,260,000 and after some 23 competitive bids sold “under the hammer” at $1,395,000.

Summary

So , after three plus weeks of marketing, in some cases a marketing period of less than three weeks, extremely pleasing, positive , competitive bidding, great results for our vendors whose properties sold under the hammer , but also, it needs to be acknowledged that the sales provided buyers with an opportunity to buy quality real estate assets knowing that while having to competitively bid/ buy to be the “winner” they were bidding/buying property that was also the first choice for a number of other buyers.

The prices achieved confirmed our ability to maximise price for our vendors, however, to achieve such results, buyer interest, bidding registrations and actual competitive bidding are the components to achieving great results.

With just two portfolios remaining for 2020 , the year is disappearing fast, however, these last 2020 portfolios will give buyers an opportunity to evaluate the buying options prior to the Christmas/ New Year break ,for quality properties,  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 a foot note – I keep an eye on Australian trends through – reports published by CoreLogic.

This week they report:

Last week saw auction activity ramp up across Melbourne with 909 homes taken to auction across the city; the busiest week the city has seen since mid-April, up from 646 over the previous week, although substantially lower than the same week last year (1,533). The higher volumes returned a final clearance rate of 69.3%, a slight drop on the 70% achieved over the week prior and lower than the 74.8% recorded one year ago.

There were 886 Sydney homes auctioned last week, increasing on the 805 the previous week, although lower than this time last year (1,221). The higher volumes saw the final clearance rate strengthen with 72.5% of homes selling, up on the 71.6% recorded over the prior week, although lower than one year ago (78.1%).

Ken Ralph

Auction Services Manager