Buyers out in force across Australia

VORACIOUS buyer demand right now is being fuelled by limited available stock across the country, people craving more space and access to the cheapest finance rates in living memory, according to Ray White agents across Australia.

Data from the leading property group, Ray White, shows a 25 per cent jump in buyers checking in at open homes since November. In January alone, some 140,600 people attended a Ray White open home across Australia, which is a typically quiet month. More than 74,000 groups have checked in at an open homes in the first weeks in February alone.

Ray White Balmain Sales Agent Chris Williams said he must remember to bring a water bowl to his open home inspections at 114 Phillip St, Birchgrove (pictured top) to cater for all the pets owners.

At one stage there were 11 dogs tied up outside the opulent free-standing Birchgrove home while their owners looked through the spacious property last Saturday.

“We’re seeing very strong numbers through open homes,” Mr Williams said. “It’s been a mix of locals and downsizers from the north shore who are all looking for the perfect ‘lock and go’ property for when we can travel again.

“It’s a free standing house with no strata fees and very low maintenance which is what people want. I have heard from more buyer's agents this year than I have ever heard from in my career." The property with a $2.95 million price guide goes to auction on February 27.

On the Gold Coast, Selling Principal John Parkes of Ray White Tugun | Elanora said he was literally overrun with buyers at the moment.

On average his listings in the sought after beachside southern Gold Coast suburbs of Tugun and Elanora were welcoming upwards of 160 buyers in the first few days on the market.

“The levels of demand right now are completely unprecedented. I have never seen such high numbers of buyers in 13 years in the industry. I’m averaging at least 50 groups for a first weekend.”

He just sold 9 Nangana St, Tugun for $1.1 million after five days on the market and 160 groups. The Gold Coast agent said there was a mix of buyer demographics but mostly first home buyers, Brisbane buyers looking for a tree change and local downsizers.

“We get a lot of interest from interstate but most sales are locals and Brisbane buyers. There’s a lot of people who have enjoyed successfully working from home and they want the lifestyle to go with it. My head is actually spinning with how many buyers there are and how far prices have jumped on the southern end of the GC.

“Stock remains competitive but my team is going with market share and I am fully supportive of the ambition to sell one in every four homes. That is achievable, considering we hold 30 per cent market share in Tugun already.”

Right now open home traffic is similar for both auction and private treaty campaigns but it’s only during an auction campaign that agents can move the dial and create urgency regarding the looming sale date.

Sales Agent Cathy Roche of Ray White East Brisbane said entry level CBD properties in the river city were right now seeing on average 40 buyer groups though each open home.

“Open for inspection numbers are huge right now. I just got off the phone with a buyer who was crying as she keeps missing out on properties as other agents keep selling them prior to their auction dates. We don’t sell prior and will always sell at an open and transparent auction,” Ms Roche said.

“People say there’s not a lot to look at but we are getting stock to look at but the amount of buyers right now is insane.

“You’ll almost get killed in the rush at an open!

“I have four new renovators all coming to market soon and I could sell them all three times over and still have buyers left over.

“They are all local buyers and all worried the prices are going up.”

“East Brisbane is the most affordable opportunity for buyers looking to get into the city ring and buyers are falling over themselves to get to 44 Withington St.”

In Brisbane’s leafy western suburbs, almost 200 groups crowded into a quiet suburban street in Kenmore to look at 3 Kowhai St recently. Some 145 people inspected the first open home alone.

Ray White Metro West agent Jo Langstaff described today’s market as crazy. “I have never seen anything like it. The first open at Kowhai St created carnage in the street as there were so many cars,” she said, of the house which later sold for $820,000, some $150,000 over initial expectations.

“I had 26 written offers on it and could have had more.” Open homes in this area used to get on average eight would-be buyers.

“My advice to buyers is to find out how the agents operate as we always let our buyers have a fair go with the right to increase but with some agents you have to make your best offer straight away as you won’t get another chance.”

In Melbourne, just prior to the most recent lockdown, Ray White Glen Waverley agent Cristine Jones there was a definite lifestyle shift in the air with many buyers craving more space.

Ms Jones just sold 36 Major Cres, Lysterfield for$1.62 million to a local family from the same neighbourhood as the sellers were relocating overseas.

The five active bidders smashed through the reserve of $1.45 million with more than 80 people watching in the crowd.

“There’s simply no stock and lots of buyers. Our opens have all been strong. We are getting anywhere from 70 to 250 people through each property - crazy numbers!

“I have worked right through Christmas and even held an open on Boxing Day out of curiosity to see the numbers and it was like Chadstone Shopping Centre during the sales.

“I am sensing that lifestyle is more important than ever. If we go into another lockdown people want more space - they want a pool, a tennis court and this house was like it’s own resort. It would be the perfect place to get locked in!”

In Sydney’s leafy upper north shore, prices continue to skyrocket due to the massive buyer demand. A clear indication of this demand was at the auction of 48 Carrington Road, Wahroonga which sold for $2,780,000 on Saturday, a staggering $480,000 over its reserve price.

Principal David Walker said the campaign saw 120 groups through and attracted 15 registered bidders on the day.

“Demand for good real estate in a good location will always be there, especially in a market like this,” Mr Walker said.

“There is an abundance of discerning buyers out there who can appreciate good real estate and want to get into this area of Sydney.”

The seller who had owned the home as an investment for 20 years, couldn’t believe the astonishing result. The buyers were a young couple who planned to knock down and rebuild on the 1290sqm block.