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Buyers were out in force today despite limited stock, particularly in Brisbane where its postponed rate jumped after the rain soaking event of the past week.
Ray White data shows the long term average of properties postponing their auctions in any given week in Queensland is four per cent, but this week it jumped to 20 per cent after the intense rain and floods in some parts of the south east of the state.
The group had 625 auctions scheduled this week, and 68 of those alone were in Brisbane.
The day dawned with blue skies in the river city and those that proceeded to game day were rewarded with an average of 6.6 registered bidders per property and strong results under the hammer in Brisbane, according to Ray White.
Nationally Australasia's largest real estate group recorded a preliminary auction day clearance rate of 84.4 per cent.
Adelaide produced the top number of registered bidders at 22 and was also the standout city by clearance rate, with a preliminary clearance rate of 92.9 per cent.
Average registered bidders sat at 5.6 nationally.
On Monday, 7 March the Ray White group is hosting a live webinar to provide guidance on the impacts on the property markets in south east Queensland and parts of NSW. There are so many factors to consider - implications on insurance, current listings, property management and keeping tenants safe, insurance and security of assets, impacts on house and rental prices, and wider costs to the community, including the psychological toll of natural disasters and human resilience.
Hosted by Ray White Queensland CEO, Jason Andrew, he'll be joined by Ray White Chief Economist Nerida Conisbee and CEO of Concierge, Kelly Tatlow along with business owners from south east Queensland and New South Wales flood-affected regions.To register, visit http://ow.ly/u0Kg103rMgm
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said 90 per cent of his auctions booked for today sold prior.
“Off the back of the flooding, it sent a touch of nerves through some sellers. Quite a number of them chose to sell prior,” he said.
“However, the one auction I did call for Ray Whiite Beenleigh today had five registered bidders and sold for $515,000 to a local investor, with the underbidder being a Sydney buyer.
“Despite the floods, we are still seeing really high energy and resilience in the Queensland market.”
143 Mirbelia Street, Kenmore Hills
Ray White New Farm - Reuben Packer-Hill
Sold for $1.52 million - $20,000 over reserve
Nine registered bidders, two active bidders
Auctioneer - Jason Andrew
In Brisbane’s leafy western suburbs, this near new four bedroom home was bought by a buyer’s agent on behalf of a couple whose parents were moving from Malaysia.
The vendors were a young couple who built the property in 2018 and were looking to upsize and build again.
“There was a lot of appeal because it's a low maintenance home,” Mr Packer-Hill said.
He said the property hadn’t been affected by the floods, and it was encouraging to see so many buyers turn up to bid.
“We didn't lose any buyers over the last week because of the floods or wet weather. At the start of the week I thought we would but it stayed really strong.”
Ray White Wilston - Alistair Macmillan
Sold for $1.306 million - $106,000 over reserve
Seven registered bidders, five active bidders
Auctioneer - David Treloar
This two bedroom Wilston original cottage on a sought-after street sold to a local WIlston couple who were looking to renovate (pictured above).
The sellers lived in the same street and had bought the property as an investment, and decided to sell as they wanted to capitalise on the current market conditions.
“The exact same house in the same condition was sold four years ago for $875,000,” Mr Macmillan said.
“Even though it's in original condition and needs a lot of renovations, and the current construction costs, it shows how much confidence buyers have in buying those original homes and renovating.”
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said it was an exceptional start to March.
“We continue to see strong property prices and auction registrations across Sydney auctions,” Mr Pattaro said.
“Opening bids are slower than they once were with many buyers happy to sit and wait to see what unfolds. The gap, relating to price, between the first and second bidders continues to increase, suggesting that sellers should heavily consider their on-the-day auction prices.
“Sellers thinking about coming to market should make this decision quickly, as now is an exceptional time to take full advantage of the activity and prices.”
3 Greenbank Street, Hurstville
Ray White Georges River | St George | Oatley - Matt Brooks and Kristian Bosilkovski
Sold for $2.021 million - $121,000 over reserve
Six registered bidders, four active bidders
The buyers (pictured above) were a family moving down from Brisbane.
“It's in a great location which is very popular,” Mr Bosilkovski said.
“It was an original home but it had a good character. While it needed some work, it was full of potential.
“Both the buyers and sellers were really happy with the results.”
Ray White Lidcombe - Stephen Duong
Sold for $1.666 million - $166,000 over reserve
13 registered bidders, eight active bidders
The winning bid went to a local family who were upsizing from an apartment.
"Location was a big drawcard, as well as the presentation- it was ready to be occupied. It's walking distance, about 900m, to Lidcombe station," Mr Duong said.
"The market is segmented, with houses we have a lot of buyers coming through and a lot of interest, but with apartments it's really low.
“The area is very family oriented."
Ray White Parramatta - Antoine Ayrouth
Sold for $1.15 million, $15,000 over reserve
Six registered bidders, all six bidders active
Auctioneer - Paul Wright
The property was bought by first home buyers from Smithfield who want to remain close to the area. The sellers (pictured above) were owner-occupiers looking to upsize to something more modern.
“There’s always a lot of interest around Fairfield, it’s close to the train station and the CBD.
There’s a big multicultural community in the area. Any good property in this area will definitely sell,” Mr Ayrouth said.
Melbourne
Ray White Victoria and Tasmania CEO Stephen Dullens the strong momentum continued this week with any auctions being held across the state this weekend
“It has been pleasing to see the strong results continue with Ray White having its strongest ever February, transacting $930 million worth of property sales across Victoria,” Mr Dullens said.
“This was an increase of 13 per cent compared to last year (at the time the all-time record) and shows once again that buyers remain keen and committed to securing their home purchase.”
While an influx of listings was experienced at the end of 2021, Mr Dullens said January and February listing numbers were roughly in line with last year - providing buyers more choice.
“With more listings coming online, buyers have a great choice when searching for their property,” he said.
“Pleasingly, the increased number of listings hasn’t seen a drop in sales, with the preliminary clearance rate across Ray White Victoria sitting at 81 per cent this week.
“We look forward to March with anticipation of more strong results.”
Ray White Preston- Ian Dempsey
Sold $1.3375 million well over reserve
Six registered bidders and six active
The winning bid went to a young couple (pictured above right) who were looking to upsize from an apartment.
The sellers (pictured above left) were a young family who moved to Ballarat for work.
“The renovation was well done, they had renovated it to live in, not to sell. It was a big block with a north facing backyard,” Mr Dempsey said.
“The market is still pretty active, buyers are trying to lock in the low interest rates at the moment.”
Ray White Cheltenham - Kevin Chokshi
Sold for $600,000
Four registered bidders, three active
Auctioneer - Kevin Chokshi
The property was purchased by a young couple of first home buyers (pictured above), planning to live in the home and renovate. The vendor was a local investor.
"The market seemed to have slowed a little bit, but I’ve homes that have 25 groups through and some with only four or five," Mr Chokshi said.
"Homes that are well renovated and well presented are doing well, more so than those original homes.
"With the current renovation and building costs people are wanting to buy a finished product."
Adelaide
Ray White South Australia chief auctioneer John Morris said more than 83 per cent of auctions throughout South Australia for the first two months of 2022 had sold under the hammer.
“It’s not a small number either, over 400 auctions, which is a very impressive number for this state,” Mr Morris said.
“More impressive is the average registered bidders - we topped the leader board around the country with an average of 8.5 registered bidders per auction.
“Last week CoreLogic reported an 83.8 per cent clearance for the state, which is very high, but Ray White data reported an 96.1 per cent clearance for properties selling under the hammer on auction day. It was not a small number, including more than 60 auctions.
“Next week is another impressive week for Ray White South Australia, with 36 per cent of auctions across the state flying the yellow flag.”
Ray White Norwood - Stefan Siciliano
Sold for $2.015 million - $365,000 over reserve
22 registered bidders, two active bidders
Auctioneer - John Morris
The four-bedroom home was sold to a young family (pictured above) who were upsizing.
The sellers had lived in the home for more than three decades and were downsizing.
“It was a 1910 solid brick bungalow with a gorgeous extension and a lovely pool,” Mr Morris said.
“It was a family home for 33 years and they’d done the work to make it sellable.
“It was extremely popular with 133 groups through the open homes.
“The vendors were ecstatic with the results which exceeded their expectations.”
Mr Siciliano said the suburb was increasingly popular with lots of interest in the area.
“Last year we sold a five bedroom property on a larger allotment on the same street for a similar price, which shows the rapid growth in the area,” he said.
Ray White Norwood - Ryan Stapleton
Sold for $700,000, $540,000
16 registered, 5 active
The property was bought by a couple of first home buyers who had just moved over from India.
The seller (pictured above) had lived in the home for 60 years and was moving into a lifestyle village.
Mr Stapleton said the property had received a lot of interest from developers, investors, and first home buyers, with more than 60 groups inspecting the property prior to auction.
“The location is really good, close to the city, and the street has good sized blocks,” Mr Stapleton said.
“The market has been really good, we’re seeing numbers at our open homes increasing.
“Even for homes 30km out of the city, we’re seeing double digits at opens.”
Media contact:
Cassandra Glover
Media Advisor
Ray White Group
0447 000 472
cglover@raywhite.com
