Auction

A modernised 91 sqm unit at Lakemba with a lock up garage was Sydney&#39;s cheapest weekend auction sale.

The 1970s apartment came with a storeroom/home office.

The 12/586 Punchbowl Road Lakemba offering was offered through Ray White Punchbowl agents Kamal Ali and Sam Mehedi.

The two bedroom, one bathroom apartment went to auction with a $360,000 price guide.

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It was marketed as having a very high rental potential.

It comes with strata fees of $615 per quarter.

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It last sold at $210,000 in 2003, meaning the sale represents a near doubling in value

jchancellor

$408,000 Lakemba apartment ranked as Sydney's cheapest weekend apartment auction outcome

The one bedroom apartment at 306/270 King St, Melbourne was the cheapest auction deal.

The apartment was secured for $330,000.

The price guide from the Brady Residential selling agents was $320,000 to $350,000.

It last sold at $317,500 in 2010.

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There have been two other one bedroom sales this year at $300,000 and $328,500.

The 61 sqm space was last available for rent in March at a $280 a week asking rental through Micm Real Estate.

It was available last November at $350 a week.

Its peak asking rental was $450 a week in early 2019.

The current rental has slipped back to close to its 2006 asking rent of $275.

The block has 175 apartments.

This year has seen five one bedroom apartments that sought rentals at between $280 and $300 a week.

The one bedroom 306/270 King St, Melbourne was snapped up pre-auction for $330,000

$330,000 sale secures Melbourne's cheapest weekend auction deal

Sydney&rsquo;s top weekend sale came auction eve when a Cronulla apartment was snapped on Friday.&nbsp;

The four bedroom, three bathroom Saltaire apartment at 201/21-23 Prince St fetched $5.8m through Highlands Property agent Mitchell Wynn.&nbsp;

The apartment is set in the boutique block of eight spread over flour floors.

The second floor space last sold at $3.8m in 2018.

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Cronulla&#39;s median apartment price sits at $825,000 according to realestate.com.au.

Sydney’s top sale came weekend auction eve when a Cronulla apartment was snapped Friday. 

$5.8 million trophy Cronulla apartment sale tops weekend results

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The demand for property in Victoria reached record levels in February.

Some 84.8 per cent of the 3,000 properties that went to auction sold under the hammer, the Real Estate Institute of Victoria found.

It was also the highest clearance rate of any month over the last 11 years, topping an old 2010 record which saw an 84 per cent clearance rate.

There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction.

The likes of inner city Hawthorn East, Brunswick East, Collingwood and Fitzroy North saw all of its homes sell.

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Also scoring a perfect game were Ferntree Gully, Rowville, Seaford, Ashburton, Blackburn South, Fawkner, Wantirna, Boronia, Fairfield, Hillside, Seddon, as well as the bayside suburbs Sandringham and St Kilda West. 

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Reservoir, Coburg, and Bentleigh East beat out the rest to land as the top selling auction suburbs for February 2021, clearing 44, 37, and 35 auctions respectively, while 11 suburbs at least doubled their auction sales compared to same month in 2020.  

The best improvements on last year are in Sunshine North, Dingley Village, Gladstone Park, Ashwood, Albert Park, Fitzroy North, Doncaster, St Kilda West, Montmorency, Hoppers Crossing, and Templestowe.  

The REIV put the stellar results down to government incentives for first home buyers, mortgage repayment holidays and low interest rates, as well as pent up demand following the COVID-19 enforced lockdowns which saw thousands of auctions cancelled.

 
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There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction

Joel Robinson

Victoria sees highest February auction clearance on record

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EXPERT INSIGHT

Despite the pandemic, Australia is in the midst of a hugely competitive auction market. Sydney, in particular, is experiencing dizzying auction clearance rates and the Reserve Bank’s decision this week to keep interest rates extraordinarily low will no doubt keep auctioneers busy.

If you’ve ever taken part in an auction, you’ll know emotions can run high, and sometimes drive us to bid more than originally intended.

Our paper, published in the journal <a href="https://cognitiveresearchjournal.springeropen.com/articles/10.1186/s41235-020-00259-w">Cognitive Research: Principles and Implications</a>, found the way auctions are designed and run can vastly increase competitive arousal in bidders.

That’s obviously valuable information for sellers. But if you’re a buyer, the good news is there’s a lot you can do to ensure your competitive spirit doesn’t leave you with a bad case of buyer’s remorse.

To see just how far people were willing to go to win, we studied people’s behaviour in one of the most competitive bidding environments possible: a Dutch auction.

What is a Dutch auction?

<a href="https://www.investopedia.com/terms/d/dutchauction.asp">Dutch auctions</a> are a special auction format where the price starts unrealistically high and then comes down in increments and the first person to bid wins.

Originating in the Netherlands for the rapid sale of perishable goods such as flowers, these auctions are fast, exciting and ultra-competitive. Bidders put everything on the line with the timing of a single bid.

Bidders must trade-off between certainty and price: bid early to secure the item and you pay top dollar; bid later at a lower price and you risk losing to another bidder.

Dutch auctions run this way are not common in the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-04-04/dutch-auctions-a-grey-area-in-real-estate-industry/9614392">Australian property market</a>, but by studying how people behave in them we can learn a bit about how competitive spirit influences decision-making in other settings.

A strong sense of competitive spirit may be a <a href="https://www.psychologytoday.com/us/comment/887180#comment-887180">human trait</a> honed by years of evolution, but in a heightened competitive environment you may become more willing to take risks you otherwise would not.

You might find your focus drifting toward a different (and possibly dangerous) form of motivation — the desire to win at all costs.

Burning through the budget

Our recent study looked at people’s bidding behaviours during a series of simulated Dutch auctions where we asked participants to imagine being managers of a warehouse.

They were asked to bid against their competitors to buy goods and fill up their warehouse, while staying within their allocated budget.

By bidding early, they stood a better chance of filling up their warehouse quickly but risked paying too much for the goods and running out of money before the warehouse was full. Wait too long and they risked losing the chance to buy stock at all, and watching it go into their competitors’ rapidly-filling warehouses.

In this tense environment, we found people were willing to sacrifice a better long term financial outcome for the sake of simply beating their competitors. In other words, they often burned through their budget too quickly just to “win”.

People initially made well placed and reasonably priced bids early in the auction series.

As the auctions continued, however, we watched participants place bids that unnecessarily, and perhaps irrationally, drained their budget for the sake of a short term victory.

Three ways to win without losing in the long term

Our study helps shed light on bidder behaviour in lots of markets, whether it is property, eBay, auction houses or any setting where the competitive spirit can take hold.

If you’re attending an auction, and don’t want to be a winner who loses in the long term, here are three ways to avoid falling victim to your own competitive spirit:

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	be aware that your decisions when in “competition mode” can push you past your budget. Separating the emotion from the decision can help minimise your risk of overspending.
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	set your spending limit before you start and know when to stop. Our findings suggest that competition can easily drag us past that point. While winning is nice, it can also be a curse.
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	give a friend your budget and have them bid for you. Beware their sporting nature, though; they might also be tempted by the thrill of victory.<img alt="The Conversation" eibjtljsu="" height="1" neutgmxam="" nh14kg3yh="" ns="" src="https://counter.theconversation.com/content/156371/count.gif?distributor=republish-lightbox-basic" width="1">
	</li>
</ol>
<a href="https://theconversation.com/profiles/murray-bennett-1207043">Murray Bennett</a>, PhD candidate, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-the-competitive-spirit-can-take-over-in-auctions-and-how-you-can-stay-in-control-156371">original article</a>.
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jordan_55689

Why the competitive spirit can take over in auctions and how to stay in control

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Across the capital cities some 2,094 homes were scheduled for weekend auction, up from 1,496 over the previous week.

Of the 1,754 results collected so far by CoreLogic, 84 per cent have reported a successful result.

The national auction volume sat around 20 percent down over the same time last year, when 2,517 homes were taken to pre-COVID-19 pandemic auction with 72 per cent sold.

"Auction markets are set to be tested on larger volumes next week, with CoreLogic tracking close to 2,500 capital city auctions scheduled to be held," Corelogic’s Tim Lawless noted.

Melbourne was host to 1,061 weekend, auctions, down on this time last year's 1,248 homes. 

Of the 908 results collected so far by CoreLogic, 82 per cent were successful, down from last week’s preliminary clearance rate of 87 per cent, which revised down to 70 per cent at final figures.

In Sydney, 769 homes were taken to auction last week, compared to 963 this time last year. The preliminary clearance rate came in at 88 percent.

"It is likely that Sydney’s final auction clearance rate will come in above 80 per cent for the third consecutive week," Tim Lawless suggested.

Sydney's had the nation's highest declared sale was in Elizabeth Bay, when a freestanding Queen Anne revival-style mansion on 512 sqm sold for $8.5 million. 

The property offered by the bankruptcy trustee last traded for $2.9 million in 2001.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 92 per cent, followed by Adelaide at 85 per cent.  

Dr Andrew Wilson, the chief economist at AI property intelligence platform Archistar noted the weekend saw “red-hot auction markets with rampant buyer activity in all capitals showing no sign of easing.”

All capital cities recorded clearance rates well above 80% on Saturday, with Melbourne the exception just failing to reach that benchmark by 0.4%

Saturday’s clearance rates were generally significantly higher than recorded over the same day last year with the exception of Melbourne that was marginally lower.

Dr Wilson noted Sydney’s Lower North, Northern Beaches and Upper North Shore were the top weekend auction regions all recording clearance rates above 90%.

Sydney recorded a median price for houses sold at auction on the weekend of $1,692,500.

At 87 percent, the clearance rate for units was slightly below that reported for houses. The median unit sale was $970,000.

Melbourne recorded a median house auction price of $1,050,000 at the weekend. The median price for units was $687,500.

The clearance rate for Melbourne units was slightly below that reported for houses.
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Auction wrap: What happened under the hammer February 20?

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There were 1,529 homes scheduled for auction across the combined capital cities last week, up from 1,304 over the previous week. 

Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result, higher than last week’s preliminary auction clearance rate of 83 per cent which revised down to 79 per cent at final figures.

Over the same week last year, 1,596 homes were taken to auction and 73 per cent of reported results were successful. 

“While the preliminary clearance rate came in strong, it’s important to note that as remaining auctions are collected, we will likely collect more withdrawn results, particularly in Melbourne where another lockdown is currently in place, which would lower the final clearance rate,” CoreLogic’s Tim Lawless suggested.

Melbourne was set host to 668 auctions this week, up from 615 over the previous week.. Of the 467 results collected so far, 87 per cent were successful, up from last week’s preliminary clearance rate of 80 per cent, which was revised down to 76 per cent at final figures. 

Preliminary results show that 47.6 per cent of the successful auctions in Melbourne were sold prior, while so far, just 8 per cent have been reported as withdrawn which we expect will increase over the coming days as the remaining results are collected now that the city is back in a stage 4 lockdown which was only announced on early Friday afternoon..

In Sydney, 624 homes were taken to auction, compared to 447 over the previous week and 583 this time last year.

Sydney’s preliminary clearance rate came in at 87 per cent, down from the previous week’s preliminary clearance rate of 89 per cent, which revised down to 84 per cent at final figures. 

The same time last year saw 75 per cent of reported auctions were successful.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 91 per cent, followed by Adelaide on 89 per cent, Brisbane at 62 percent and Perth at 42 percent.

Dr Andrew Wilson, chief economist at Archistar noted “home auction markets continued to report record-level results across-the-board at the  weekend as buyers compete fiercely to secure available property."
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Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result

Auction wrap: What happened under the hammer on February 13?

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Weekend auction markets saw the combined capitals’ preliminary clearance rate edging above 83 per cent, the best ever rolling success rate recorded by CoreLogic. 

It bettered a brief period in May 2015 and before that in September 2009.

Domain reported the Sydney’s auction market had its biggest result in 24 years, as its preliminary clearance rate reached 88.7 per cent on the weekend.

Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction, up on the 884 auctions in the prior week. Over the same week last year, 1167 homes were offered across the capitals, returning a 67 per cent success rate.

It was Canberra that secured the highest weekend clearance rate of 92 per cent.

Sydney followed at 89 per cent, then Adelaide’s 82 per cent, Melbourne on 80 per cent, Perth at 75 per cent and Brisbane on a stronger-than-usual 74 per cent.

The nation’s top auction result was a beach house at Avoca Beach on the NSW Central Coast which fetched $7 million through McGrath.
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Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction

Sydney's auction market biggest result in 24 years

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An auction is scheduled for tomorrow at Berwick Waters, an estate by Australand and Mondous Property Australia.
Its newest village, The Strand, has proven extremely popular,
Due to the level of demand for water-facing blocks they are selling five blocks by Oliver Hume auction.
The auction will take place at 11am on Saturday 25th July.
There are five water-facing blocks at the Clyde North location in Melbourne's south east. Land prices on the estate start at $199,500 with house and land being marketed from $354,000.
<a href="/images/2015/07/24/The20Strand20auction20lots20fullimage.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/24/The20Strand20auction20lots20fullimage.jpg" alt="">
 
The five new lots look out over the established wetlands, and their deeper size means space for a bigger house, entertaining area or backyard.
The site features over 52 hectares of wetlands and open space, and Berwick Waters will become home to around 11,000 people in over 2,500 homes.
<a href="/images/2015/07/24/The20Strand20precinct20plan.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/24/The20Strand20precinct20plan.jpg" alt="">
For more information, click <a href="https://www.australand.com.au/Projects/Berwick-Waters/Explore-the-Development/The%20Strand%20Auction/AuctionEnquiry?ec_as=D4DAB312A61144819A867BFC23A83A73" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Five water facing blocks at The Strand, Berwick Waters for weekend auction

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The display home at Frasers Property’s master-planned neighbourhood, Putney Hill sold at its recent auction.
The 76 Lardelli Drive offering was designed by Cox Richardson at one end of the picturesque Lardelli Park. 
It was styled by Coco Republic.
The ready-to-move-in four-bedroom family home sold through auctioneer Vic Lorusso for $2.15 million to a family with three young boys.
There had been around 160 inspecting the property throughout the campaign with six bidders registering for the auction.
It was a mix of owner-occupier buyers including empty nesters (over 50s), young professional couples (between 30-40 years of age), and young families. 
Frasers Property sales director Paul Lowe said the auction gave everyone an equal chance of buying this newly completed house.  
To date all opportunity to buy from the developer in the <a href="https://putneyhill.com.au/" target="_blank" style="line-height: 1.3em;">Putney Hill precinct</a> have been initially offered via off the plan private treaty.
<div>It had been listed with a $1.85 million plus price guidance.</div>
<div>
<div> </div>
<div>
Three display homes have also become available at <a href="https://www.belleproperty.com/buying/NSW/North-Shore-~-Upper/Turramurra/House/78P0011-414-420-bobbin-head-road-turramurra-nsw-2074" target="_blank" style="line-height: 1.3em;">St Columbans Estate</a> at North Turramurra through Belle Property.
</div>
</div>
All homes feature an impressive formal entrance.
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