New month but same seller's market as auctions thrive

THERE seemed to be no stopping the thriving seller's market today as bidders across the country defied all the negative property speculation with Australasia's leading real estate agency securing some outstanding deals and strong clearance rates.

Ray White Group booked a preliminary clearance rate of 71.6 per cent, in a week when the leading group conducted nearly 30 per cent of all auctions across the country.

Sydney was the star of the show today with a strong preliminary clearance rate of 76.7 per cent. The leading auction market also saw 5.1 registered and 2.5 active bidders per property, on average.

Ray White Group Managing Director Dan White said August had started strongly.

"In July, we had 1,457 scheduled auctions, up 33 per cent on the same month last year. This week, we had 359 scheduled - up 9.5 per cent on last year," Mr White said.

"So we're seeing very strong results on the back of big volumes, further illustrating the health of the Australian real estate market."

Ray White NSW Chief Auctioneer Alex Pattaro said it was another incredible week as clearance rates remained red-hot across the state.

“The clearance rate is hovering at circa 70 per cent. Activity at auctions continues to grow and we are seeing more first home buyers dip their toe in the market,” Mr Pattaro said.

“Open for inspection attendance continues to blossom with more inspection attendees rolling in at opens. The average number of bidders at auctions remain at five with three being active .

“The Sydney property marketing continues to remain resilient. This is a great start to August which is typically a slower time of the year.

“The monthly outlook looks positive and would suggest that sellers need to consider their options as now is an awesome time to be a part of the market.”

One of the highlights of the day came in Alexandria where Ray White Surry Hills Directors Ercan Ersan and Shaun Stoker sold 340 Belmont Street (above) for $2,025,000 - $50,000 over reserve.

“This was an excellent auction that was matched only by the strength of the campaign as we had 150 groups through the open homes and we issued 15 contracts,” Mr Ersan said.

“All four of the registered bidders were actively competing today and that drove the sale price up from the $1,700,000 opening bid all the way through the reserve price to $2,025,000.

“The seller’s market continues to be red-hot in Sydney right now and there’s no doubt if you’re thinking of coming to the market, there’s never been a better time to list your property.

“The buyers were a young family moving from the outer suburbs to be closer to their children’s school. We have very happy vendors and buyers today and that’s what we always strive for.”

Then, there was an exceptional result in Waterloo where Ray White Surry Hills Sales Executives Jack McGhee and James Natoli managed the $1,010,000 sale of 110 Morehead Street (above) - $110,000 over the reserve price.

“This property was being offered to the market for the first time in over 50 years and attracted a huge amount of attention with exactly 100 groups attending the open homes,” Mr McGhee said.

“The auction kicked off at $780,000 and it took more than 50 bids between six of the 15 registered bidders before the hammer finally fell well above the reserve price at $1,010,000.

“It’s a seller’s market with demand continuing to outstrip the supply of property and we now have 14 cash-ready buyers walking away from this home who are still looking to purchase.

“The buyers were an older couple and they loved the potential of the property - with the ability to convert into a three-bedroom or even extend into a four-bedroom home.”

“We believe the property market is stronger than a lot of people have been predicting so we felt compelled to sell now - rather than waiting for the unknown further down the track,” said Ms Sue McDonald on behalf of the vendor Margaret McDonald (above).

“We’re of course very happy with the result but it’s a bittersweet day for us as three generations have lived in and have excellent memories of this home.

“All I can remember is competing types of music being blasted out by different family members and my grandmother just shaking her head. We hope another family can be very happy here.”

Success continued in Canley Vale where Ray White Cabramatta Selling Principal Julie Dang and Sales Agent Binh Huyhn sold 114 The Avenue for $901,000 - $11,000 over reserve.

“The was an incredibly energetic auction with half of the 14 registered bidders competing vigorously for what was essentially a knock-down and rebuild block of land,” Ms Dang said.

“The bidding started off at $750,000 and it took more than 30 bids to climb up to the eventual sale price - as with all auctions it doesn’t matter how far ahead you are at the end to win.

“The buyers were a local family who loved the location as it’s a street that’s always in demand and they plan to build their dream forever home on this good-sized block of land.”

It was then the turn of Ray White Earlwood Principal Peter Vasil to have success under the hammer as he sold 4 Trina Crescent (above) in Canterbury for $860,000 - $10,000 over reserve.

“We had a particularly strong campaign with more than 35 groups during the open homes with the majority of the interest coming from first home buyers,” Mr Vasil said.

“It was a really competitive auction with all five registered bidders actively competing as the bids rose by more than $300,000 from the opening bid of $550,000.

“To have five registered bidders on a property that’s a renovation project is a good sign of how strong the market is with first home buyers still more than willing to chase their dreams.”

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said despite increased uncertainty in Victoria, the real estate market again exceeded expectations this week.

“Based on preliminary data from the Ray White Group, today has seen a higher average of registered and active bidders in comparison to this time last year,” Mr Condon said.

“This was certainly evident at our online auctions, with large crowds logging in to watch the auctions, as multiple bidders competed for their desired property.

“It was also great to see that once properties were announced on the market and selling, we were continuing to see competition past that point, with a number of properties selling well in excess of reserve price.

“It's a privilege to be able to achieve exceptional results for our clients while operating in a safe environment by being 100 per cent online.

“Overall, Ray White Victoria is expecting a strong auction day clearance rate this week.”

Kicking off the day in Melbourne, Ray White Craigieburn Agent and Auctioneer Trish Orrico (above) brought the hammer down on 1 De Garis Lane, Roxburgh Park (below) for $553,500.

The auction drew three registered bidders with two battling out to the point of $500 bids towards the end. After 31 bids, the four bedroom home went to a local owner occupier.

After giving out a price guide of $520,000 to $540,000, the Craigieburn elite agent said she’s thrilled with the result.

“We’ve been doing this from the very beginning of restrictions so we have a lot of experience and confidence in the online method,” Ms Orrico said.

“We are the only ones in this area still doing auctions, there are no other agents in our core area that are doing this.

“We’re inviting potential vendors to have a look at the way we do it online and I think that is what is giving us an edge. Potential vendors see that it does work and there are active buyers willing to bid which definitely gives us a step up above the others.”

De Garis Lane seller Leonard Jayasinghe said he was initially nervous in the beginning but is beyond happy with the outcome and ready to move on to building his family’s dream home.

“We planned to sell one year ago but the repairs took some time and then COVID-19 hit but we thought we’d go ahead anyway which paid off,” Mr Jayasinghe said.

“We could see that land is well priced at the moment and even if we took a slight loss on our current property we’d still be taking advantage of the market.

“But we never expected that it would get this price. Now I can plan ahead and with the extra money we have a great choice of land to buy and we can now add some of the features to the new house that we previously thought we wouldn’t be able to."

The Roxburgh Park seller urged anyone hesitant on selling to pull the trigger after today's result.

“Don’t hesitate. Ray White are well trained in online auctions and it’s much easier for many people to take part because they can be at home bidding electronically,” he said.

“I was on the phone during the auction to one of the agents, I was seeing what was happening and felt very comfortable throughout the process.”

Meanwhile, Ray White Victoria Auctioneer Jeremy Tyrrell (above) was calling a marathon auction for 16 Miller Road (below), Heathmont. Starting off with a $1.05 million bid, the modern four bedroom family home eventually sold for $1.28 million after 45 minutes of intense bidding.

With eight registered bidders and countless more spectators tuning in, it was clear that the Heathmont home received no lack of interest from buyers.

Ray White Ferntree Gully agent Michael Nguyen said there are a lot of doom and gloom predictions out there but today made it clear that there is still huge demand.

“There were international and interstate bidders still keen to move to Melbourne even though we’re currently in a Stage 3 lockdown and potentially a Stage 4 later on,” Mr Nguyen said.

“We had no issues getting interest in the home and every buyer came to the auction today with the intention of bidding.

“We even had a buyer from Dubai who is looking to relocate back to Melbourne and desperate to buy.

“There isn’t a lot of stock here and sellers are hesitant to list which is adding to the demand from buyers resulting in some great outcomes like today.

“Buyers are desperately needing to find something, it doesn’t matter what it is - anything that comes close to their criteria and they are going to go for it.”

Not much could stop the team at Ray White Glen Waverley who continued to record outstanding results each weekend. First up, Glen Waverley agent Cristine Jones sold 3 Greenbriar Ave (above), Wheelers Hill for $1,252,000 million under the hammer.

Later in the day, fellow agent Darryl Wickham clocked another impressive online auction result with the sale of 10 Moran Court, Vermont South for $1,221,000 million. With seven of the 12 registered bidders participating, the property was hotly contested from the beginning.

Mr Wickham said he oversaw 74 groups through the property with almost half of them coming through for private inspections after restrictions were brought back in.

“It just shows that there is still demand for good homes, buyers are still being selective but the lack of good homes is driving increased demand like we saw for Moran Court,” Mr Wickham said.

Ray White Glen Waverley Director/Auctioneer Andrew Davies calling 10 Moran Court in Vermont South.

“I would say to those thinking of selling to remember supply and demand and with low stock now is a good time to do it.”

Buyer Dustin Edge and his family have been looking for their dream home for the past few months but never found anything that met the brief until this one.

“We were quite keen to pursue this auction. It’s what’s going to be our home for the next 20 years so we wanted something with room for the kids to grow and this house was worth fighting for it,” Mr Edge said.

Mr Edge said instead of being daunted by COVID-19, they saw it as an opportunity.

“On the one hand it knocks out all the casual, curious buyers and only leaves the keen people which we saw today," he said.

“And online makes it easier to shoot off bids, I think it makes us all keyboard warriors which is good for vendors because they get a good price.

“But we’ve been renting for a few years and felt like the property market was getting away from us a bit and COVID has given us the correction we needed.”

Melbourne ended the day on a high with two outstanding sales from the Ray White Taylors Lakes team who sold 5 Mathis Avenue (above), Keilor Downs and 37 Webbs Avenue, Taylors Lakes with the help of the Ray White Victoria chief auctioneer.

The five bedroom Keilor Downs home went under the hammer for $795,000 while the Taylors Lakes property sold for $756,500 in two hotly contested online auctions.

Ray White QLD Chief Auctioneer Mitch Peereboom said strong results had continued in the Sunshine State this week with competitive bidding across multiple auctions.

“When we look at the market place and how it’s performing, we know buyers are wanting to see the social proof of who else is out there and what they are willing to pay,” Mr Peereboom said.

“The question we have is, what are you waiting for? We know that right now we have so much activity in the market and it underwrites our confidence that now is the time to list your property.”

The preliminary biggest sale of the day came at 844 Brunswick Street (above) in New Farm as a slice of Brisbane history sold $2,150,000.

Also known as Radna Hall, the Heritage listed 1930's art deco property is seven apartments that were sold by six buyers as one lot through New Farm agent Claudia Marchand.

The auction drew four registered bidders with two neck and neck at the end, eventually selling to a local developer with plans to renovate the property.

Ms Marchand said the successful sale proves that the Brisbane market is very resilient.

“People who are looking to sell and listen to the market are having no issues selling their properties. There are certainly plenty of buyers still active in New Farm,” Ms Marchand said.

“I would say the quicker, the better when it comes to selling. I definitely recommend the auction method as well as a good marketing campaign so everyone knows you are on the market - it’s a waste of time selling off market.”

The Brisbane market continued to go from strength to strength after the sale of 34 Killawarra Road (above), Ashgrove through Ray White Lutwyche agent David Lazzarini.

The three bedroom home sold for $1,310,000 million and last went on the market in 1976 - also through a Ray White auction.

There were in excess of 30 bids made on the Ashgrove property in what Mr Lazzarini described as an “exciting auction”.

“It was a strong campaign with more than 60 groups though the house. It’s in a great position, supported by surrounding infrastructure and good schools so demand is still strong,” Mr Lazzarini said.

“Buyers are seeing that these are uncertain times but if they want to secure their family home for the long term, they know that we will get past this and they don’t want to miss a good opportunity just because COVID is happening.”

Ray White SA Chief Auctioneer John Morris said buyers were once again out in force in the Adelaide sun and Ray White continued to dominate the auction market.

“Fifteen of the 35 auctions to take place in South Australia this week have been under the yellow flag of Ray White and that translates to a market share of over 42 per cent,” Mr Morris said.

“We’re looking at a trifecta of strength when it comes to auctions at the moment, with strong clearance rates and both registered and active bidders staying at near-record levels.”

The preliminary top sale of the day in South Australia came courtesy of Ray White Henley Beach Selling Principal Anthony Fahey and Sales Agent Samuel Parsons as they successfully managed the purchase of 9 Good Street (above) in Fulham for $1,140,000 - $40,000 over the reserve price.

"This was a really great auction with five of the seven registered bidders actively competing to drive a price above the reserve and the vendor's expectations," Mr Fahey said.

"There's a real shortage of stock at the moment, especially when it comes to good family homes, and the competition is clear to see as we had 125 visits to the property during the campaign. Fulham itself is seen as a great alternative to Henley Beach and Henley Beach South."