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POWERHOUSE auction house, Ray White, says there was signs of price stabilisation in Melbourne after the leading group once again recorded better than average auction results across its national network yesterday with a preliminary weighted average national clearance of 53.5 per cent.
This compared to 49.42 per cent for the Australian national clearance as recorded by US-owned research house CoreLogic.
The leading property group, which promotes the auction method of sale as the most effective method for sellers to achieve their best outcome in any market, had 575 auctions scheduled across its network last week, a leap from the 484 properties scheduled in the week before.
Ray White data showed a bumper turn out of 12400 eagar onlookers and would-be buyers too, who came to see real time price action in their suburb last week.
Crowd sizes were up 23 per cent on the prior week as spring selling season ramped up, according to Ray White’s data.
It’s Victorian agents booked a 64.1 per cent preliminary clearance of its 184 auctions scheduled, which is vastly superior to what third party data collector Domain reported yesterday’s clearance at with 48 per cent while rival research house CoreLogic reported the clearance at 48.78 per cent.
Ray White chairman Brian White said there were strong signs of price stabilisation in Melbourne and “some tentative signs of stabilisation in Sydney”.
“Everyone at the moment wants to know where the market is going and we are seeing the first steps that the downturn in Sydney and Melbourne is slowing,” Mr White said.
“We have great confidence that the market adjustment is coming to an end. Our strong auction results and high numbers of onlookers at our auctions show us that there are buyers out looking.
“Everyone wants to buy at the bottom of any market, so attending auctions will give you the best real time sign of price action."
Ray White Craigieburn sold three from three under the hammer yesterday which was an outstanding result.
Many of Ray White’s Victorian offices - like Glen Waverley - consistently clear 70 to 80 per cent of their vendors homes every week.
At 16 Carbine Way, Keilor Downs some 120 people flooded the street to watch Daniel Diamantopoulos, senior sales agent at Ray White Craigieburn sell the tidy four bedroom low set brick home on 766sqm for $716,000 with intense bidding from it’s six registered bidders, five of which were active.
Ray White Victoria and Tasmania CEO Domenic Belfiore said it was great to see such fantastic results for our vendors over the weekend.
“Our agents are working hard to ensure our vendors are in the best possible position to sell on auction day. It is so pleasing to see our network outperform the market, a result of our relentless focus on training and development for our teams.”
In NSW, the Ray White network recorded as preliminary clearance of 52.8 per cent with results still pouring in, while listed data company Domain reported the Sydney clearance at just 48 per cent and CoreLogic - which is owned by a Californian-based data collector - last night published 50.85 per cent as the harbour city’s clearance.
The best Sydney auction sale of the week was at 14 Phillip St, Newtown which sold under the hammer for $1.8M to a first home buyer who has been renting in nearby Enmore.
The property sold in front of 50 onlookers by Ray White Surry Hills owner and experienced auction agent Ercan Ersan.
Mr Ercan also sold the two-bedroom home on a tiny block at 39 Copeland St Alexandria for $1.125M to returning expats who had been working in finance in Singapore.
There was four registered bidders, three of them three active at the on-site auction with 40 people watching in the public auction action.
Ray White Surry Hills agent Shaun Burdo also sold this three-bedroom, two-bathroom renovated home with no parking at 47 Camden St, Newtown in front of 40 onlookers to two buyers from Surry Hills for $1.64M.
But it was up in Queensland that the Ray White network recorded its largest number of registered bidders with 10 would-be buyers vying for this large unrenovated Queenslander on two lots in Hendra at 50 Harding St.
Ray White Albion agent Jon Finney sold the property at auction for $1.25M with seven of the 10 bidders active in the auction.
Meanwhile, Ray White Spring Hill agent Nicholas Carroll sold Brisbane’s top sale at 35 Banksia Ave, Ashgrove under the hammer for $2.01M.
Ray White auctioneer Haesley Cush said a huge crowd gathered on an extremely hot Brisbane day to watch the family home with a separate granny flat, swimming pool and dual street frontage sell.
“It was already 30 degrees and rising when I jumped out of the car to auction a beautifully presented home in sought-after Avenues of Ashgrove. Interest in the Brisbane market has been building over the last couple of months and much of this hype is coming from the value our real estate represents when compared to Sydney and Melbourne,” Mr Cush said.
“Interstate buyers are pushing local buyers to pay more appropriate prices for properties that have sat in an unfair flat spot in the market. I’m referring specifically to homes that have been renovated and are ready for owners to immediately enjoy.
“These homes have been selling for less than replacement costs for the most part of the last five years and it makes no sense that locals are trying to hold these prices down but things are starting to change.
“Banksia Ave had interest from buyers nationally as well as locals and 8 registered to bid on the day.
“The auction started with a relatively low bid of $1.35M but it quickly was countered with a $1.65M bid from another party and bidding then began to really heat up.
“These two buying groups bid against each other in a mixture of small and large bids. The property was announced on the market around ‘$1.9M’ and continued to escalate up and over $2M, finally settling and selling for $2.01M.
“With the auction as hot as the climate and the hundred plus crowd all cheering the outcome, I reflected on the new energy around these homes and I genuinely hope this is a sign of things to come,” Mr Cush said.
