Auction

Results from our 1 October Auction

Our 1 October portfolio was our 36th portfolio for this year, and comprised seventeen properties from across our Eastern Beaches residential area giving buyers an opportunity to buy a variety of property type, price range and location. As reported in earlier reports, 88B Nelson Street sold under the hammer as part of last week’s portfolio, and 2 Coachman Drive, Flat Bush sold under the hammer on 17 September, which left 15 properties for buyer interest.

As with previous weeks, the Headsail room of the Bucklands Beach Yacht Club, home of Ray White Auctions was filled with people, either taking part in the buying process for the properties within this auction portfolio or who just came along to see what was selling and for what price in order to get an idea of what is happening very currently in the real estate market.

The clearance rate under the hammer was as anticipated, with the exception of three properties that for various reasons, received last minute hesitancy.
It was notable that the two properties that each comprised two separate dwellings did not attract the immediate buyer bidding activity that we anticipated for such an added value asset.

Highlights of the sales “under the hammer” included:

  • 136 Bramley Drive, Farm Cove – $1,425,000
  • 10 Vittoria Terrace, Flat Bush – $1,252,000
  • 64 Evelyn Road, Cockle Bay – $1,155,000
  • 4 Broman Place, Half Moon Bay – $1,600,000

A very pleasing result for our vendor clients who were able to sell under the hammer after three weeks of marketing, and also a great result for buyers who were able to secure quality homes in very popular residential neighbourhoods.
Our confidence in our auction programmes remains as we continue to negotiate with the buyer interest for the remainder of the portfolio.

Some vendors are not always able to accept buyer expectations of price for various reasons, however auction marketing is a very positive way of testing the market in a defined space of time to determine if the buyers’ price will enable them to make the lifestyle or property change they envisage.
In addition to the comments above, 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 vendor clients.

Ken Ralph
Auction Services Manager