Ray White’s auction professionals had 807 auctions booked across Australia this week, up 32 per cent on the same week last year, with the group representing 35 per cent of the total national auction share.
After holding relatively flat for the past four weeks, since before Easter, there was a welcome jump in available stock for buyers and the leading group cleared 73 per cent of its 407 auctions under the hammer today.
There were 3.8 average registered bidders per property, and 2.7 active bidders today, which is on par with the group's long term averages, showing there's no slow down in buyer activity. Ray White can also report it had active bidding on 91 per cent of all its auction stock today. No other group or portal or research house tracks bidder activity so these are powerful leading indicators of the health of the property market.
The Ray White Group has so far this fiscal year to April sold more than 72,700 properties in Australia worth more than $73 billion in total, which is more than the two previous financial years alone.
The current fiscal year has outpaced 2022/23 and 2021/22 on all metrics from listings and sales to appraisals, auctions and inspections.
This is a very buoyant and active residential property market with a high level of buyer and seller activity. Ray White completed $6.68 billion worth of sales in April in Australia alone.
The top auction sale of the day was through lead agent Nathan Circosta of Ray White Carlingford who sold 14 Hills Ave Epping for $2.765 million. Nathan Circosta had 12 registered bidders who wanted to make a lunge for the keys today.
Meanwhile the unstoppable Judi O’Dea of Ray White Paddington in Brisbane today sold 40 Nestor Avenue, Bardon with a whopping 20 registered bidders, the highest number of registrations in the country. The three bedroom deceased estate sold for $1,940,500 to a first home buyer.
Ray White NSW state auctioneer Perry Edmondson-Clark said it was another strong week for auction volume kicking off the historically quiet May month with 238 scheduled auctions for the group in the state.
”Buyers were certainly out in force today with an average registration of five per property, however there was some uncertainty from them to push above their prior perceived value levels,” he said.
“Sellers are certainly reminded that any auction day offer requires serious consideration as we are not seeing high prices achieved post auction. Auction is the best time to get the best possible price available in the market.”
38 Coolock Cres, Baulkham Hills
Sold under the hammer for $2,330,000
7 registered bidders, 4 active bidders
Lead agent: Matthew Langdon - 0431 037 478
Ray White Castle Hill
Auctioneer: James Kerley, Ray White
Mr Langdon there was a big crowd who came out on a hot day to see this family home change hands. “My sellers are happy as they have already bought, they are downsizing after 30+ years in the home. The happy buyers are a lovely young local couple with two children and they are thrilled to have bought this home.”
166 Carrington Ave, Hurstville
Sold under the hammer for $2,760,000
10 registered bidders, 7 active bidders
Lead agent: Haydon Sacilotto - 0409 786 221
Ray White Georges River | St Georges | Oatley
16 Little St, Maroubra
Sold prior to its scheduled auction date this week for $5.4 million
Ray White Maroubra | South Coogee sales agent - Jason Malouf - 0411 725 757
“I extended this campaign by two weeks and it was due to be auctioned today but it sold on Thursday night. I have been in the Ray White Group for 20 years and this market feels a bit patchy. Some things are flying and others take longer but they are all selling.“
Land rush in Blacktown
There was a massive land rush in western Sydney on Friday night.
For the time in a decade, land was released in a new estate in Blacktown.
Almost 50 registered bidders were vying over the first five blocks of vacant land in a development called Prominence, located at 159-171 Walters Rd, Blacktown.
Stage one in the development, which is close to schools, Westpoint Shopping Centre and other amenities, has been a huge success for the developer.
Ray White Quakers Hill associate director Taylor Bredin last night sold these five blocks - which ranged in size from 452 sqm to 663 sqm in the Prominence estate.
The sales totaled $4,706 million, some $906,000 over the combined reserve.
“We had 47 registered bidders, and 15 active bidders on these blocks,” Mr Bredin said.
“Land is still in strong demand. I had more than 300 inquiries from buyers through the campaign. Most buyers are living locally and want to build their dream with a handful of investors and builders.
“The strategic location of Prominence Blacktown promises potential growth. It’s a great location.
“This was the only significant land release in a decade in Blacktown. Single house lots have become available over the years but not a whole new development.
"It was standing room only last night, I had 150 seats out at the Blacktown Leisure Centre and it was full!
“Our client is considering bringing more lots to the market soon given the strong demand.
“This is a clean transaction with no restrictions with regards to building timings or using a certain builder.” Pictured above are some of Taylor Bredin’s happy buyers.
100% SOLD UNDER THE HAMMER
Lot 10 $851,000
Lot 11 $873,000
Lot 16 $930,000
Lot 17 $940,032
Lot 3 $1,112,000
Ray White Victoria Chief Auctioneer Jeremy Tyrell said auction volume continued to build in Victoria with more than 1,200 auctions scheduled across the state.
“Ray White, Australia’s largest real estate group, consistently sells one in every five auctions in Victoria and this week was no exception with 254 scheduled across the state,” he said.
“Competition at auction remains strong as clearance rates moved north of 80 percent for the week.
“Pending next week’s Reserve Bank announcement where there’s plenty of speculation about which way rates may go, the market seems to be moving along nicely.”
5A Waller Court, Cheltenham
Sold under the hammer for $1.266 million (reserve $1.1 million)
6 active bidders
Lead agent/auctioneer: Kevin Chokshi - 0430 195 517
Ray White Cheltenham
Mr Chokshi said he had a crowd of more than 100 people watching on as a senior gent bought the property to downsize into. “This action flew, there was some very fast bidding.”
1/2 Alexander Ave, Oakleigh
Sold under the hammer for $1.316 million
7 registered bidders, 7 active bidders
Lead agent: Peter Liu - 0451 367 278
Ray White Clayton
Mr Liu said the property was placed on the market at $1,050,000 and eventually sold for $1,316,000, a $261,600 bonus to the sellers. “My vendors (pictured with Peter) are thrilled with the result.”
3 Koorali Close, Noble Park
Sold under the hammer for $785,000 (reserve $660,000)
4 registered bidders
Lead agent and auctioneer Jonathon Eaves - 0411 051 571
Ray White Queensland Chief auctioneer Gavin Croft said the rain around south-east Queensland might have subdued the activity and crowds a bit today.
“88 per cent of all Ray White Queensland auctions last month had active bidding which is a metric that we follow closely. I think the most important thing is we continue to see strong levels of bidding so sellers feel the energy and pulse of the market and they're able to make decisions.
“Active bidding is such an incredible metric that we look at to help sellers week in week out, make good decisions and important decisions after three or four weeks of marketing. Auctions continue to be a method of sale that not only continues to increase, but continues to help sellers ultimately make good decisions.
“I am expecting the clearance rate to soften a little bit as the buyer depth might not have been there today.”
10 Helles Road, Enoggera
Sold under the hammer for $1,820,000 (reserve was $1,550,000)
15 registered bidders, 9 active
Ray White Wilston lead agent Jessie Hall - 0422 169 981
Auctioneer: Phil Parker, Ray White
Ms Hall said it was all local buyers dueling over this four bedroom home in Enoggera.
“We had feedback around $1,550,000 so that was the reserve so my sellers - who are actually my parents - are over the moon with the result. So I am still in the will, phew!” she joked.
“Mum and dad are moving out to Bridgeman Downs now and thrilled with the competition at their auction. It’s the only way to sell.”
72 Larapinta Circuit, Parkinson
Sold under the hammer for $1.535 million
7 registered bidders, 5 active bidders
Lead agent: Jason Song - 0433 572 868
Ray White Logan City
Auctioneer: Gavin Croft, Ray White
Mr Song said that in front of a crowd of more than 60 people, the property was sold to a local family, “My sellers are happy, very happy. They are moving away now but it was a good campaign with a lot of interest.”
40 Nestor Avenue, Bardon
Sold under the hammer for $1,940,000
20 registered bidders, 6 active bidders
Lead agent: Judi O’Dea - 0417 009 635
Ray White Paddington
In front of a massive crowd of 200 people, six bidders went at it, throwing bids around on a wet day in Brisbane. “It came down to two bidders in the end and a local woman who grew up in the area won the keys, it’s her first home and she's thrilled,” Ms O’Dea said.
“It was a deceased estate and the family was just blown away. There were three siblings and they were all happy with the result, it's the end of an era for them as their family had owned it for 33 years.
“It was a very busy campaign with two lots on one title. The house is livable but needs work and I know the new owner will make it beautiful.”
35 Shortland Street, Springwood
Sold under the hammer for $901,000
6 registered bidders, 1 active bidder
Ray White Daisy Hill lead agent Garima Mangota - 0457 072 922
With six registered bidders, a bidder stunned the crowd with a strong first bold bid to secure the property.
Garima Mangotra, the listing agent, said that the property had been popular throughout the campaign as it was perfect for first home buyers or investors.
Avi Khan, principal of Ray White Daisy Hill, said the agents were seeing a lot of different strategies from bidders eager to get ahead of the competition.
“These buyers clearly wanted the property and were ready to blow the other competitors out of the running.”
42 Spruce Street, Loganlea
Sold under the hammer $795,000
11 registered bidders, 8 active bidders
Ray White Marsden lead agent - Cory Boyd - 0466 275 233
Mr Boyd said this property was sold to an owner occupier who battled seven investors.
“There were a total of 11 bidders who were all vying to secure this property,” he said.
“My sellers were ecstatic with the result and the auction result showed once again that Logan was gaining attention from a large variety of buyers.”
Ray White South Australia Chief Auctioneer John Morris said Saturday had always been the traditional auction day not only in South Australia but the whole way around Australia. “It was very rare pre COVID to see an auction not on a Saturday but that landscape has entirely changed. We are now seeing auctions called every single day of the week. We are about 30 per cent up on the number of auctions that Ray White calls year on year and we are still holding a massive market share of about 40 per cent.”
“Also the fact that we are calling a lot of auctions on non traditional auction days has done nothing whatsoever to diminish the results that we are achieving.
“We're clearing in excess of 80 per cent of all auctions that are going to market we're seeing seven to eight registered bidders per auction and four or five of those are participating.
“It really is a completely different landscape to the one that it was when I first started as chief auctioneer five years ago. We keep breaking records, we keep seeming to get stronger, and it is an incredible time to be an auctioneer, an incredible time in South Australia to be in real estate.”
2 Reynolds Ave, Dernancourt
Sold under the hammer for $999,000
14 registered bidders, 6 active bidders
Lead agent: Linda Clemente - 0409 099 046
Ray White Norwood
Auctioneer: John Morris, Ray White
Ms Clemente said her sellers are downsizing after less than five years in the home but they received a 40 per cent uplift in the price since they bought the property.
“There was a good crowd here today and the buyers are a family who are moving to Adelaide from Hobart. They have only recently discovered the suburb, it’s not a large suburb, but they found it while walking in Linear Park and fell in love.”
9 Arthur St, Tranmere
Sold under the hammer for $940,000
14 registered bidders, 5 active bidders
Lead agent: Brandon Pilgrim - 0438 807 061
Ray White Norwood
Auctioneer: George Kargiotis, Ray White
9 Lican Street, Treeby
Sold under the hammer for $794,000 (reserve $740,000)
7 registered and 7 active bidders
Ray White South Perth Principal Jannine Blum - 0403 058 157
Auctioneer: Mark Whiteman, Ray White
Ms Blum said that it was actually a first home buyer on the phone who won the keys to this Treeby house.
“We had seven active bidders, it was an exciting auction. Some were investors but mainly first home buyers. And it was a first home buyer who won the day he was driving on his way to work and bidding over the phone.” she said.
“My seller's happy, it was her first home and she is now looking to build and the reserve was $740,000. There’s still such a short supply of stock and a lot of demand here in Perth.”