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Auction Report for 22 June 2020

This week we completed our 22 June portfolio as well as having the designated auction dates for two properties brought forward to 25 June.

Our 22 June auction portfolio offered properties in a price range well in excess of $2million and also, a section ready for development in a popular Mellons Bay neighbourhood.

Once again, we appreciated a pleasing 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.

I have noted in earlier reports that there has been extremely favourable buyer interest and confirmation of a positive level of confidence to invest in real estate, at a time when both vendors and buyers are receiving conflicting information in anticipating the future pricing of property.  This has resulted in some hesitation on the part of vendors to accept offers presented to them, with buyers displaying a pleasing level of confidence to complete the real estate transaction of their choice.

We place serious importance on accurately qualifying buying interest for each property and passing that information on to our vendors, to enable them to make an informed selling decision.  Again in this report, I want to reiterate that it is reasonable to accept that information from real estate practitioners who are dealing directly with both vendors and buyers should be able to give accurate information, rather than contributions from commentators or opinion writers who do not possess the same locally defined information.  It is then up to vendors and buyers to determine their transaction options.

The very pleasing level of sales with equally pleasing prices which has been completed over these more recent weeks is further recognition of the resilience and confidence of real estate, particularly within our Eastern Beaches area.

We had identified two properties, in particular, within the portfolio which had attracted bidding registrations and both engaged bidding.  The balance of the portfolio attracted conditional buying interest from buyers both in attendance at the auction and also taking an interest in the auction by telephone from Hong Kong.

1/24 Riverlea Avenue in Pakuranga offered buyers the presentation of  special personality and character.  It sold ‘under the hammer’ after competitive bidding, for $1 million.

8 Hampervale Place, Flat Bush also attracted bidding and after great patience during the progress of the auction, it sold ‘under the hammer’ for $1,038,000.

We continue to work with buying interest for the balance of the portfolio.

Thursday 25 June

A decision was made to bring the auction dates for 17 Dalwhinnie Parade in Highland Park and 14 Robbies Road, Shelly Park forward from their 29 June and 9 July designated auction dates.  This was due to an unconditional offer being presented to our vendors and accepted, subject to the properties being submitted to auction and giving all registered buyers the opportunity to buy ahead of the designated auction dates.  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 further days or weeks.

17 Dalwhinnie Parade, Highland Park sold ‘under the hammer’ for $1,150,000

14 Robbies Road in Shelly Park sold ‘under the hammer’ for $980,000

As I have noted in earlier reports, people who decide to ‘get on with their life’ by making the changes which best suits their current requirements, instead of waiting for some future events which may or may not happen, must be admired.  Buyers have displayed reserved confidence reacting to a real estate market which, at the present time, would favour vendors due to the listing balance, which most probably favours vendors rather than buyers.

We look forward to the forthcoming portfolios during July.

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:

‘This week, as auction volumes increased across the combined capital cities, so too did the clearance rate.  “Out of the homes that sold under the hammer in Victoria last week, half were held in Metro Melbourne’s middle ring, with 115 sales,” said Gil King REIV CEO.  “The volume of sold auctions continues to grow as last week’s preliminary results are already on the highest level since end of March.”

Sydney’s preliminary figures show that 68.5 per cent of homes sold at auction this week, up on the 67.3 per cent preliminary figure last week, which later came in at 63.7 per cent by final results.’

Ken Ralph

Auction Services Manager