Market still tipped in sellers' favour

THE seller’s market continues despite more stock being listed than this time last year.

Ray White Group Managing Director Dan White said without doubt, now is a good time to market your property for sale.“The year 2021 has shown us that the Ray White network has adapted to ever changing conditions and is safely and effectively paving the way for thousands of Australian property owners to take advantage of some of the strongest selling conditions ever seen in the country,” Mr White said.So what is driving this unprecedented price growth across just about every market in the country? Simply put, Ray White is selling more properties than they are listing.In May, Ray White members listed 5,957 properties, a 35 per cent increase compared to last year. However during May they saw a 73 per cent increase in the number of sales resulting in 6,082 transactions. This imbalance has created 12 per cent less total available properties for buyers to choose from. With a total of 14,370 available listings for buyers to choose from, these stock levels continue to favour sellers.What impact does this have? It is taking less time for properties to sell and given the sustained levels of record demand, property prices continue to rise.The Australian property market continued to surge in May. CoreLogic’s national Home Value Index showed that property values were up 2.2 per cent over the month. This rise was a stronger result compared with April (1.8 per cent), but weaker than the 32-year high recorded in March when values surged 2.8 per cent.Auctions have played a large part in the quick turnaround of stock with 30 per cent of all Ray White sales in Australia selling under auction conditions. The Ray White South Australia | Northern Territory network were the big winners with an extra 13 per cent of all sales contributed to the auction method compared with last year.So far, June has gone well for the Ray White Sydney network as the clearance rate hit 81 per cent while average registered bidders remain at 6.1 and average active bidders almost 3.5. There will be another 136 properties set to go under the hammer this week in New South Wales’ capital city.An early morning standout for the day is expected to be 12/156 Parramatta Rd Camperdown (pictured above). The trendy converted warehouse apartment is being marketed by Ray White Surry Hills | Alexandria | Glebe | Erskineville director Matthew Carvalho while the auction will be conducted by Ray White New South Wales chief auctioneer Alex Pattaro.After 34 years as an investment for the vendor, Ray White Maroubra | South Coogee agent Eden Elmowy will help them sell 130 Victoria St, Beaconsfield at auction this weekend.Mr Elmowy said he’s seen a return of investors to the market during the four week campaign.“The investor market has been very limited at the moment but generally with the rental market, anything that’s a good product and presented well is selling,” Mr Elmowy said.“They also see the potential in this to add their own stamp. The fact that it needs a bit of work has actually appealed to a lot of buyers.”Buyers who have been priced out of the inner west market are now turning their sights to homes like 11 Prince St, North Parramatta, according to Ray White Parramatta associate director Broderick Wright.“Parramatta is the second biggest CBD in Sydney and it’s becoming more popular because buyers see it as good value while still being near the city,” Mr Wright said.“We’ve had 50 groups through and a range of young families looking at renovating. It just shows that areas of Parramatta have become highly viable options for those coming out of the inner west where prices are topping $3 million plus.”

In Melbourne, lockdown has all but been forgotten for many buyers who were eager to inspect Ray White properties. Ray White Cheltenham director Kevin Chokshi said last Saturday he had 42 socially distanced groups pour through 2/4 Sandford St, Highett to bring total buyer inspections up to 100 over the course of the campaign.“Overall interest has been really strong, despite the lockdown. There’s been a combination of young couples, downsizers and investors all coming through,” Mr Chokshi said.After only one weekend of opens, 266 Karoo Rd, Rowville (pictured above) has already attracted 55 groups to inspections. Selling agent Nick Strilakos of Ray White Rowville said the four bedroom house has been popular with both established families and young couples looking to start their family. Mr Strilakos has also received a flood of interest for 11 Cooper Rd, Rowville that will be selling at auction later that afternoon.

In Brisbane, Ray White New Farm agents Dimitri Manolis and Claudia Marchand have had 200 eager buyers inspect 37 Isabella St, Tarragindi (pictured above). Mr Manolis said buyers have been mostly locals while a few have come from interstate.“The property is perched on a hill in a sought after suburb backing on to Toohey Reserve,” Mr Manolis said.

“Tarragindi was once a low demand suburb and now buyers are being priced out of the inner city market, they are looking further afield to find serenity on a large block where they can renovate or build their dream home.”

Fellow Ray White New Farm agent and sales manager Nicholas Given said his auction at 14/20 Newstead Terrace, Newstead should attract some competitive bidding. Mainly from young couples upgrading from apartments and wanting to get into the bustling Newstead area.

In Wishart, Ray White Annerley principal Geoff Sellars will help the sellers of 106 Delavan Street say goodbye to their family's home of 35 years. Mr Sellars said the four bedroom home has been popular with local and interstate families after 130 groups inspected the property.

In Adelaide, Ray White Norwood agent Brandon Pilgrim will be auctioning 3 Nilpinna St, Burnside and 7 Norwich Avenue back to back on Saturday. Mr Pilgrim is expecting the auctions to have similar crowds to the open homes and is confident of a great result for both.

Meanwhile in Largs Bay, Ray White Semaphore principal Peter Kikianis expects the beautiful five bedroom 12 Kanowna Road (pictured above) property will have some solid bidding action when it goes to auction this weekend.