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Auction Report for 29 June 2020

This week, we completed our 29 June portfolio and also, the designated auction date for 18 Hutchinsons Road in Bucklands Beach was brought forward to 2 July.

Our 29 June auction portfolio offered properties in a wide price range, with addresses covering Pakuranga, Half Moon Bay, Bucklands Beach and Shelly Park.

It was pleasing to welcome a good attendance to the Headsail room of 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, now we are back to a more ‘normal’, 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.

As I have noted in earlier reports, 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.  We place serious importance on accurately qualifying buying interest for each property and passing that information on to our vendors, enabling them to make an informed selling decision, as well as information to buyers to give them the confidence to buy.

Again in this report, 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.  The clearance of our 29 June portfolio was added confirmation.

The evening commenced with an ‘under the hammer’ sale of 30 Grassways Avenue in Pakuranga, selling for $979,000 after some 14 competitive bids.

The next to sell ‘under the hammer’ was 34A The Parade, Bucklands Beach after some 11 competitive bids, for $1,960,000.

19 Wanaka Place in Pakuranga also sold ‘under the hammer’ for $1,040,000.

28 Tiraumea Drive, Pakuranga drew a number of bidding registrations and, after some 22 very competitive bids, sold ‘under the hammer’ for $1,435,000.

2/15 Rotoiti Ave Pakuranga and 1/ 4 View Road Shelly Park sold immediate post auction.

We continue to work with buyer interest for 12 Darren Crescent Half Moon Bay.

So, after three weeks of marketing, an 85.7% clearance achieved great results for our vendors.  However, it also needs to be acknowledged that buyers were able to secure quality properties.

Thursday 2 July

A decision was made to bring the auction date for 18 Hutchinsons Road in Bucklands Beach forward from its 13 July designated date, due to an unconditional offer being presented to our vendors and accepted, subject to the property being submitted to auction and, giving all registered buyers the opportunity to buy, ahead of the designated auction date.

It should also be acknowledged that bringing the date 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/ weeks.

The bidding opened at 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 ‘at $2,020,000.

Reward for vendors who have handed on to new ownership after some thirty plus years a careful up to date ‘pride of ownership’ presentation and also, for new ownership an opportunity to maximise the 1191m2 section.

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.  As noted above, 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.

‘CoreLogic has reported there were 1,424 homes scheduled for auction this week returning a preliminary auction clearance rate of 64.5 per cent.  This was the highest number of auctions held in nine weeks, demonstrating an ongoing improvement in seller confidence as auction clearance rates hold reasonably firm under higher volumes.  This time last year saw 1,295 homes taken to auction across the capital cities and a clearance rate of 62.9 per cent was recorded.

There were 623 Melbourne homes scheduled for auction this week, returning a preliminary auction clearance rate of 62.7 per cent.  This time last year, 535 auctions were held in Melbourne and the clearance rate was a stronger 68.6 per cent.

Sydney saw 614 homes go up for auction over the week, returning a preliminary clearance rate of 66.9 per cent.  One year ago, 503 auctions were held in Sydney and a 67.9 per cent clearance rate was recorded.’

Ken Ralph

Auction Services Manager