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POSITIVE signs emerged today that the spring market may be stabilising with Ray White reporting a healthy 60 per cent clearance across the country today.
Auction activity continues to rise across the combined capitals with 1,958 homes slated for auction this week. Ray White represents the leading share of those auctions with 28.5 per cent this week with 557 nationally, up 16 per cent year on year when lockdowns impacted activity.
Today the leading auction house had 341 auctions alone and the group cleared 60 per cent of them on a preliminary basis, with 3.4 average registered bidders.
In fact there was active bidding on 82 per cent of all auctions across Ray White today, which is one of the best days for active buyer activity since the start of the year.
The highest number of registered bidders across Australia was 20 bidders who wanted to buy 53 Nineteenth Ave, Hoxton Park in Sydney sold today by Ray White Carnes Hill agent Shafeel Haq for $938,000.
SYDNEY
Ray White New South Wales Chief Auctioneer Alex Pattaro said there were plenty of buyers looking at homes across all of Sydney today.
"While people are cautious of overpaying there remains more energy within the market now than what there was a few months ago,” Mr Pattaro said.
“The auction process and creating competition remains the key to ensuring that sellers obtain the best results. The best price appears when competition presents itself.”
Sold under the hammer for $3.580 million
Two registered bidders, two active
APG Ray White Cronulla director Alex Pitsis - 0410 403 704
The top sale today was in the beautiful Sutherland Shire where APG Ray White Cronulla director Alex Pitsis sold this stunning four bedroom waterfront home at 74 Parthenia St Dolans Bay for $3.580 million.
Two local families battled it out for the keys to this elegant home with water views from almost every room. Mr Pitsis said that during the campaign there were 63 inquiries and 46 inspections on the property.
"The online views were off the charts too. The local family who bought the property did so based on its position and future growth. Astute buyers know that right now they might only have a handful of competitors for the same house, as last year I had at least nine buyers on average for each house I sold in 2021,” Mr Pitsis said.
“Buyers know there is still value in the prestige market. The buyer today told me that this property would have been out of their reach a year ago.
“Astute buyers are taking advantage of today’s market and seeing this for the opportunity it is.”
Sold under the hammer for $1.895 million
15 registered bidders, 7 active bidders
Ray White Oatlands licensee Broderick Wright - 0416 194 157
Auctioneer: Paul Wright, Ray White
In front of a large crowd of 70 people, Mr Wright said the bidding started at $1.2 million and quickly travelled up to $1.5 million.
“The bidding got pretty aggressive from $1.7 million and it sold for $1.895 million to a local doctor who plans to build his medical practice there as he's outgrown his premises nearby,” Mr Wright said.
“It’s a great location for a medical centre with a lot of passing traffic in such a tight knit community. The buyers were a mix of developers and also those people looking to build duplexes,” he said.
A second generation local real estate agent, Mr Wright is experienced in the property industry. He proudly boasts that he has been setting up open for inspections since he was nine years old!
Sold under the hammer for $1.180 million
8 registered bidders, 4 active bidders
Ray White Carnes Hill agent Matthew Daniel - 0403 241 875
Auctioneer: Tim Snell, Ray White
Mr Daniel said the auction started slowly and in the end the winning bidder was someone who saw it for the first time at an open home on Tuesday night. “This result is $30,000 more than three recent sales in the area, so I know it’s a good result and there’s still not much stock available. My seller’s property had an impeccable presentation which helped and of course auctioning is the best way to go to get the best possible price.”
MELBOURNE
Ray White Victoria Chief Auctioneer Matt Condon said this week auction volume was slightly down in comparison to previous weeks with 155 auctions scheduled for Ray White Victoria across the state.
“Crowd sizes and inspection numbers were noticeably larger today. The Spring selling season is in full swing however, it is evident that there is currently a shortage of properties available on the market. With this lower level of supply we have definitely noticed more competition at auction between buyers,” Mr Condon said.
“This is evident when looking at preliminary data from the Ray White Group, with a healthy average of 3.6 confirmed bidders at each auction. It is also great to see a number of properties sell above reserve price.
“Despite all the noise surrounding the real estate landscape and the recent interest rate rise, it is important to note that if a buyer sees value in a property, they will bid & buy with confidence.”
Sold under the hammer for $1.660 million, reserve $1.58 million
3 registered bidders, 2 active bidders
Ray White Cheltenham lead agent Travor Bowen - 0417 501 327
Auctioneer Angela Limanis, Ray White
There were more than 80 in the crowd to watch the action at 1 Axelton St, Cheltenham. Mr Bowen the winning buyers were so happy after having been underbidders at four recent auctions.
“It was a strong campaign with more than 50 groups through and 15 contracts out,” Mr Bowen said.
The seller spoke very highly of Mr Bowen’s exceptional service. “The type of advice that Trevor gave us around what we needed to do regarding getting the place ready for sale was invaluable. Our place was beautiful to begin with, but even beautiful things can be made more spectacular and appealing. So the advice that you gave us was priceless,” the seller said.
“Trevor’s professionalism and communication was faultless.”
Sold under the hammer for $1.055 million, reserve was $925,000
10 registered bidders, four active
Ray White Highton agent and auctioneer Sean O’Brien 0488 911 742
Sean O’Brien, agent and auctioneer, said four bidders have helped smash the auction reserve price on a four-bedroom house close to Highton Village by $130,000.
There were 79 groups through the house during its 3.5 week campaign. “I had big massive groups of local people interested, and all buyers were mostly upsizing and attracted to the Belmont High school zone as it’s one of the top 10 best public high schools in Victoria,” Mr O’Brien said.
“The eventual winner of the auction was moving back in from Torquay.
“There’s actually no shortage of stock right now, we’ve been flooded with stock in recent weeks which is normal during the spring selling season. Buyers have a lot more choice than they have had all year.
“Sellers need to have the best presentation possible to stand out. My sellers are over the moon with the result as was miles above their expectations.”
ADELAIDE
Ray White South Australia Chief Auctioneer John Morris said it's show time in Adelaide. “While the rain may have dampened the spirits of the Adelaide Show over the past week or so, the sun has certainly come out this Saturday for a bumper week of auctions. We entered the week with a 78 per cent clearance rate. It's absolutely fantastic to see 6.5 average registered bidders per auction and 33 per cent of all auctions throughout the state are flying the yellow flag,” Mr Morris said.
“These unbelievable numbers continue to abound in and around the state and we hope they stay on track for our financial year again. Our internal auction share - that is the current amount of auctions in the Ray White group - sits at 36.2 per cent. So we are proving again and again that South Australia is definitely now an auction state and we may even be the auction capital of Australia if we continue going like we are right now.”
Sold under the hammer for $505,000
6 registered bidders, 5 active
Ray White Norwood lead agent Lawrence Cocca
Auctioneer: John Morris, Ray White
Mr Cocca had a battle of the first home buyers on his hands today in Modbury.
“My seller has been there for five years and was looking for a bigger place. The buyer interest was from all first home buyers, no investors. It’s a beautiful place and it has an amazing deck with a great outlook, such a great place for entertaining.” Mr Cocca said.
This modern 3-bedroom property was quietly set back from the street and overlooking lush gardens. Summer parties are assured on that huge timber deck.
Sold under the hammer for $1.575 million
11 registered bidders, 3 active
Ray White Norwood lead agent Mannas Chan - 0451 858 389
Auctioneer: John Morris, Ray White
Mr Chan said it was a strong campaign with a lot of interest from downsizers and upsizers. “It was such a strong campaign with 105 groups through during the marketing campaign. Lightsview is a hotter market now than the eastern suburbs. It’s got beautiful modern houses and it’s a well designed suburb and people love it there.”
Sold under the hammer for $380,000
16 registered bidders, 6 active
Ray White Norwood lead agent Andrew Mayne - 0434 973 204
Auctioneer: Brenton Ilicic, Ray White
Mr Mayne said there was a large crowd turned out early for this unit that needed a renovation.
“At least 90 per cent of the bidders were investors, or flippers as this would make the perfect opportunity for a reno and flip. The market is still active and there’s not much stock in this price point.”
The John Street unit has a good layout that offers a seamless flow from the front door all the way to the patio at the property's rear, and a mix of both southern and western-facing windows.
BRISBANE
Ray White Queensland Chief Auctioneer Gavin Croft said it had been a quieter start than normal start to the spring selling season for Ray White in Queensland. “But then since COVID there was no rhyme or reason or right or wrong. Potentially spring might have started a little bit earlier in August given the volumes that we've seen across Ray White Queensland with the quality and the volume of auctions,” Mr Croft said.
“Today we had 26 auctions set to go under the hammer across Brisbane and we cleared 53 per cent of them. There's always apprehension after an interest rate rise and so no surprise, there was a mix of reactions. Some buyers showed real caution and a real measure in their approach but others still remained quite aggressive,” he said.
“I've seen an average of four registered bidders per auction right across the day. So that is particularly encouraging, and particularly so when the active rates of those registered bidders was particularly high at three, so 75 per cent of registered bidders were also active. “Sellers could time it accordingly early this spring, as we don't have the volume of properties hitting the market like we certainly thought and that could be a real opportunity for potential sellers.”
Sold under the hammer for $1.580 million
10 registered bidders, four active bidders
Ray White Wilston Principal Alistair Macmillian - 0410 636 221
Auctioneer: Phil Parker, Ray White
Mr Macmillian said the property was for sale for the first time in 50 years. “My sellers are both in their 90s, an Italian couple, and this has been their investment property for over 50 years. The buyers were all local owner occupiers looking for a renovator on a big block and this one certainly fit the bill. The new owners live in Windsor and plan to make it their forever home.”
