Buyer sentiment stays strong in auction market

WITH Queensland and Western Australian scaling back some lockdown laws, many are seeing this as a sign that business will begin to return to usual in the coming months.

Vendor confidence is returning to the real estate market after a fortnight that saw a dramatic decrease in auction volumes and Ray White numbers are back on the rise with 128 properties going under the hammer this Saturday.

There would not be an office in Australia who has conducted as many online auctions as the Surry Hills stars from Sydney’s inner west. Ray White Surry Hills | Alexandria | Erskineville have nine auctions booked this Saturday - on the hour every hour from 9am to 5pm. Director Shaun Stoker said throughout the past six weeks buyer interest in online auctions has continued to stayed steady.

“The thing about the market at the moment is stock levels are low because people don't want you to do appraisals while they are living there and don't want groups coming through while this is all going on,” Mr Stoker said.

“What that means is that there is more buyer interest so what we are seeing is if sellers are brave and list, they are getting good results and there are going to be some great opportunities in the coming months.

“I have found that it is easier to sell at the moment than at the beginning of 2019, at the moment it's just about getting stock more than buyer interest.”

Mr Stoker is feeling confident his team’s April campaign clearance rate of 87.5 per cent will continue to remain high.

“We’ve just embraced the new methods straight away and we just felt it was something that's here to stay so we really wanted to adopt and adapt. The good news is, we've done quite a few online auctions now with a lot of success so we’re feeling confident,” he said.

Notable auctions this Saturday for the inner city office are 98 Wells St, Newtown (pictured at top) sold through Moira Verheijen which has a price guide of $1.2 million. The two bedroom home has had strong interest from first home buyers and investors and is expected to attract around seven registered bidders on the day from 48 private inspections.

The four bedroom 1890s terrace house at 73 Watkin St, Newtown (pictured above) is expected to attract about five registered bidders on Saturday after a campaign that has seen 24 private inspections and eight contracts given out.

Mr Stoker said the two storey character home, being represented by office sales agent Nathan Briggs, has mainly received interest from families looking to get into the premier area of Newtown.

Close to King Street and Erskineville Village is the three bedroom cottage at 130 Gowrie St, Newtown which has also seen some strong interest throughout the campaign. Represented by Mr Stoker, the property has already had 23 private inspections with a mixed demographic of buyers.

“We have had interest from developers looking to put two houses on the block, families wanting to create their dream home and others who want to renovate the existing structure,” he said.

“They’ve been attracted by both the potential as well as the good spot in Newtown and we are expecting about four registered bidders on the day.”

Also on the block this Saturday is the two bedroom apartment at 1/135 Petersham Road, Marrickville (picture above) being sold through Ray White Surry Hills | Alexandria | Erskineville director Ercan Ersan. Mr Stoker said there should be about nine registered bidders on Saturday after an impressive virtual campaign that resulted in 50 private inspections.

“We were originally doing virtual tours but we thought that wasn’t enough so we used this property as a trial run where we shot a professional video in one take of me presenting the house and talking through each room along with the positives,” Mr Stoker said.

“We found that it’s a lot stronger than the standard walkthrough and is also a great future listing tool for attracting potential sellers.”

Ray White Double Bay auctioneer James Keenan will be calling the auctions on Saturday and said he is seeing buyers embracing the new online auction method.

“Buyers like using the concept and it really comes down to the motivation of the vendor. Generally, all in all it's been far more positive than most would have thought,” Mr Keenan said.

“The properties that are going to auctions have had multiple bids, they've been like any other auction but they’re just done a different way. And the more you do, the better you get at i

Ray White Surry Hills | Alexandria | Erskineville will also be auctioning 29a Canonbury Grove, Dulwich Hill, 190 Henderson Road, Alexandria, 201/1 Brightwell Lane, Erskineville, 18 Morrissey Road, Erskineville, 140 Foveaux St, Surry Hills and 3 Avona Avenue, Glebe.

The auctions can be watched at AuctionNow here.

The Surry Hills | Alexandria | Erskineville office isn’t the only one seeing some auction action this weekend in Sydney. For buyers looking for some Federation era charm, the three bedroom home at 48 Acton St, Hurlstone Park (pictured above) is going under the hammer on Saturday.

Ray White Petersham director Nicholas Arena said they have had 35 private inspections, 10 virtual inspections and a feedback price around $1.3 million to $1.4 million.

“We are getting strong interest from local families and should have between four and five bidders tuning into the online auction on Saturday,” Mr Arena said.

Mr Arena also said that the virtual inspections have been well received with many buyers.

“I think it’s a good first step for people who are a bit more cautious and it helps to make them a bit more aware of what they will see before they show up,” he said.

The online auction link is available on request.

In Victoria, the Ray White Ferntree Gully office is gearing up for a big auction weekend with three outer city homes going under the hammer on Saturday. Office managing director Patrick McConnachie said he is seeing seller confidence in the online auction space.

“Our agents have always had confidence in the auction system even through these times and we have worked hard to ensure owners know what we know,” Mr McConnachie said.

“Once they saw the great results coming out earlier in the month, more owners have been willing to list for auction knowing that they will still get a premium in this market.”

Set to be a popular auction for the Ferntree Gully office is 61 Rathmullen Rd, Boronia (pictured above) being sold through sales consultant John Arroyo who said he is expecting about three registered bidders on Saturday.

“Interest has been coming from families, a few first home buyers and some investors because there is the potential to subdivide the property,” Mr Arroyo said.

“We have had about 25 groups come through attracted by the entry level, family orientated location.”

The property has a price guide of $690,000 to $750,000. The auction can be watched through domain.com.au and Bidtracker here.

In Melbourne’s south-west, first home buyers are in luck with the three bedroom entry level property at 24 Strathmore Crescent, Hoppers Crossing (pictured above) which has a price guide of $399,000 to $439,000.

“The main interest has been from first home buyers and we have had 16 private inspections on the property so far,” Ray White Werribee director Michelle Chick said.

“The suburb is a great area for first home buyers to get a foothold in the market and the price has really attracted them.”

The online auction link is available on request.

Ray White Norwood in South Australia is gearing up for four auctions this weekend. The one to watch on Saturday will be the three bedroom home at 9 Hereford Avenue, Trinity Gardens with Norwood selling agent Nick Borrelli saying buyers have been attracted by the great location.

“The house is a knockdown in a nice area of tree lined streets and good schools so lots of families are seeing the possibilities and want to build their forever home on the land,” Mr Borrelli said.

The online auction link is available on request.

Showing that not much can deter Queenslanders from real estate is the interest Ray White Wilston has seen for 44 Antill St, Wilston which so far has had 27 private inspections.

Principal and selling agent Alistair Macmillan said there are already three registered bidders with a total of four to five expected on the day.

“The interest we’re seeing is mostly from families because they like the ground floor living and dining that flows into the yard,” Mr Macmillan said.

“They also really like the easy opportunities it offers to add value to the property with a fresh coat of paint or new carpet.”

The online auction link is available on request.

Buyers also have the opportunity to snag a slice of country in the city with the 1.96 ha property at 93 Warriewood St, Chandler (pictured above). Ray White Capalaba sales agent Jesse Mitchell said they’ve seen a mix of interest over the campaign.

“We have had about 20 inspections with interest from young families, couples with older children and even a buyer from Rockhampton who has just registered to bid,” Mr Mitchell said.

He also said the property is great for those wanting a bit of land but still an easy drive to great schools and local amenities.

The online auction can be viewed through the Ray White Capalaba Facebook page here.