Ray White Double Bay returns to auctions with a bang

IT WAS a chilly night in Sydney but that didn’t stop nine eager bidders from turning out for the hotly contested Ray White Double Bay auction at 113 Victoria Road, Bellevue Hill.

Sold by Double Bay Managing Director Elliott Placks and agent Alan Fettes, the four bedroom home went under the hammer to a local buyer for $4.9 million, $720,000 above reserve.

Mr Placks said this was his first auction post stage three lockdown restrictions and it shone a beacon on why auctions were the chosen and proven method to sell in Sydney’s blue chip eastern suburbs.

“My office had an auction freeze based on COVID-19 but now people are less nervous about inspecting properties which gave us the confidence to use the sales method that we believe works best in the eastern suburbs,” Mr Placks said.

“It just goes to show that competition is what creates prices and sets the market value and in this case, there were multiple bidders wanting to buy above $4.5m – far below the prior valuation price of the house.”

Mr Placks also said that there is still good buyer demand in the market despite stock levels dropping by 30 to 40 per cent.

“If the decision is to sell the property over the next six to 12 months then I would strongly advise capitalising on the market where there is good demand, multiple bidders and it’s very cheap to borrow money. It’s setting up to be a good outcome.”