Seller's market shows no sign of slowing down

THE seller's market showed no sign of slowing down today as Australasia's leading real estate group produced a number of outstanding results for vendors around the nation.

The Ray White Group booked a preliminary clearance rate of 57.3 per cent, in a week when the leading group conducted more than one in four of all auctions across the country.

Sydney was the star of the show today with a strong preliminary clearance rate of 65.2 per cent. The leading auction house also saw 5.3 registered and 2.7 active bidders per property, on average.

Ray White NSW Chief Auctioneer Alex Pattaro said the property market was on fire.

"The North Shore, Eastern Suburbs, Inner City and Inner West are the key markets where we have seen strong results and ferocious competition," Mr Pattaro said

"This week our average number of bidders rose north to seven, with four raising their paddles. Our auction day clearance rate is sitting just north 65 per cent.

"This weekend, we're yet to have a reported auction where we saw no active bidding, which is indicative of the competition. Stock levels remain tight, and while this trend continues, it will be a great time to transact.

"With prices holding firm, competition at auctions, and minimal stocks levels, it should only give vendors confidence knowing that they're achieving maximum price."

It was an outstanding day for Ray White Surry Hills Director Ercan Ersan in particular as he sold four properties under the hammer - with a fifth having sold prior to auction.

The highlight came in St Peters as 67 Grove Street (above and below) sold for $1,650,000 - $50,000 over the reserve price.

“This was a cracking auction with the final sale price not only smashing the reserve - but it was also $150,000 more than the highest offer we had received prior,” Mr Ersan said.

“The campaign was incredibly active throughout with more than 85 groups inspecting and that led to nine registered bidders on the day, with five of them battling it out.

“It really felt like the good old days with both buyer and vendor confidence flowing - there’s no doubt that the property market has real momentum in Sydney right now.

“Selling four from four under the hammer is incredible for our vendors and it flies in the face of all the negative speculation surrounding the property market.

“The fact of the matter is across the four auctions today we had 36 registered bidders - that gives you an idea of just how strong the competition is for property in Sydney.”

Elsewhere, 3/33-37 Crown Street in St Peters sold for $710,000 - $35,000 over reserve. And properties at 58 Juliett Street in Marrickville and 145 Victoria Street in Beaconsfield both sold for undisclosed prices.

NSW success continued in Oatley as Ray White Georges River | St George | Oatley Principal Matt O’Shea and Sales Agent Haydon Sacilotto succesfully managed the $1,600,000 sale of 49 Mi Mi Street (above) - $50,000 over the reserve.

“The campaign was incredibly active with more than 65 groups coming through the opens with four of today’s bidders interested right from the very start,” Mr O’Shea said.

“The vendor is actually a good mate of mine and we play over-35’s soccer together so there was a bit of added pressure with the sale - but he’s very happy with the outcome.

“The highest offer we received prior to the auction was $72,000 less than the under the hammer sale price so that goes to show the value of taking your property to auction.

“The market remains very strong and good property is still demanding good prices so it’s definitely a good time to be listing your house for sale now.”

“We live nearby and wanted to upsize and we loved the location being close to the shops and the train station and it’s just a really big house that catered for our needs,” said buyer Gilberto (pictured above with his wife and two children).

“My wife and I have two young children and they were already running around the big yard and they’re very excited that it’s also so close to the park.

“We’ve been looking to upgrade now for a while and we’re fortunate enough to have steady jobs so when this property came along we thought to ourselves, why wait?

“We didn’t consider holding off because we believe the market is good now and it was the second time I’d bought a property auction so I know how the process works. We’re very happy.”

There was then a great result in Bella Vista as Ray White Castle Hill Sales Executive Sam Shamal managed the $1,533,000 sale of 3 Barina Downs Road (above) - $83,000 over the reserve.

“We had more than 60 groups come through the open homes and that translated into 13 registered bidders on the day, five of whom actively competed,” Mr Shamal said.

“The house itself is 20 years old and in original condition with both the location and the large land size really appealing to buyers - the vendors are over the moon with the price.

“When you compare the sale prices of similar houses in the area to this result today - this price was better than those achieved before.

“Prices are more than holding up in the Bella Vista pocket with demand outstripping the supply - as seen with the 13 registered bidders today.”

Ray White Victoria and Tasmania CEO Stephen Dullens said this week was yet another test for the Melbourne and Victorian property markets and, pleasingly, yet another successful result.

"With another week of significant change and uncertainty, it’s pleasing to see so many strong results for our customers. Buyers were certainly out in force over the weekend," Mr Dullens said.

"Our auctioneers once again called auctions from their homes - be it their bedrooms, garages or lounge rooms. It's been pleasing to see a preliminary clearance rate above 60 per cent.

"While a number of auctions were brought forward to last week and many vendors chose to accept strong offers prior to auction day, those that chose to run their auctions have once again been rewarded.

"​What is clear is buyer demand remains strong with several properties selling hundreds of thousands over vendors' expectations. The Victorian property market remains resilient, despite a full week of Stage 4 and Stage 3 restrictions."

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon (above) said results exceeded expectations once again today.

"Tightened restrictions meant all auctioneers conducted their auctions online and from the comfort of their own homes. It was evident that the shortage of properties is creating demand," Mr Condon said.

"Based on our prelim data, we've seen an average of 6.3 registered bidders per auction. These are some of the highest numbers we have seen all year.

"Sellers that chose to continue their auction campaign today amid the new restrictions were certainly rewarded today with a number of properties selling above reserve.

"It's a privilege to be able to provide exceptional service to our clients while operating in a safe environment 100 per cent online."

Ray White Brunswick took out the preliminary highest sale of the day as 63 Bruce Street (above) in Coburg sold under the hammer for a huge $1,815,000.

Marketing agents Alex Ilyin and Jamil Allouche attracted 11 registered and five active bidders, which achieved a result for their vendors of over $100,000 above reserve price.

The winning bidders in the end were a young family looking to relocate locally to their dream home.

“I essentially camped out at the home from 8am-8pm just before we went back into full lockdown. I gave buyers 30 minute private time slots so they could take in every aspect of this beautiful trophy home,” Mr Ilyin (below) said.

The vendors Lillian and Daniel actually designed and built the home themselves, and had poured a lot of love into it over the past five years.

“The home has been so wonderful to us. We have a one year old son and decided that we wanted a tree change so have bought 10 acres and are excited to live rurally - motorbikes and all,” Lillian said.

“We were very nervous when the lockdown was announced, only days after we listed the home. The commitment from our agents though was incredible and they still generated so much interest.

“While the media seems to be saying otherwise, we think it's an amazing time to sell, and today's result is proof of that.”

Over in Melbourne’s south east, Ray White Cheltenham Director Kevin Chokshi (above) and Sales Consultant Nakita Tate sold 5 Gilford Grove (below) for a huge $1,105,000, a record price for a three-bedroom, one-bathroom home in the suburb.

“The very similar house across the road with an extra bathroom sold for $986,000 in a better market last year,” Mr Chokshi said.

“So as you can imagine, the vendors are really thrilled with the result today and it gives you an idea of how strong the market still is.

“Luckily, we were able to show groups through private inspections prior to lockdown, but even now we're still listing and selling homes sight unseen - the buyer demand is there.”

This was the first time in 65 years the home was sold, and the winning bidder was Alex Edney, a gentleman originally from the UK who had been renting in Hampton for the last five years.

“I've been watching the market closely for six months now, and have been saving to achieve my dream of purchasing a home in the Bayside area,” Mr Edney said.

“This home ticked all the boxes for me. I'm looking forward to moving in and making a couple of little adjustments such as a small kitchen renovation.

“The guys from Ray White were really helpful - my first viewing was about six weeks ago and I arranged to go back for a second viewing before we went back into lockdown. This was the first time I have bid and the whole process was really smooth.

“There seems to be a shortage of stock now in the Bayside area, so I'm really glad I took the plunge today and I can stop looking now.”

Over in the auction powerhouse office that is Ray White Oakleigh, Agents George Midas and Robert Cincotta sold 8 Gamble Street in Oakleigh East for $940,500, a whopping $130,500 over reserve price.

The auction saw 66 bids stretched over a nail-biting 45 minutes of bidding and the winning bidders were a couple moving from their unit in Mount Waverley and looking to build their dream home.

“The buyers were actually the only one of the eight bidders who didn’t physically inspect the property. They only viewed it from a virtual video that I did on my phone just before restrictions tightened back up,” Mr Midas said.

Mr Midas said that properties going under the hammer this weekend were fortunate enough to have had viewers through just before Stage 4 lockdown was put back into place in Victoria.

“Our team at Oakleigh are working together better than we ever have before to ensure the online auctions run smoothly, and guarantee the best results for our valued clients,” he said.

Ray White QLD Chief Auctioneer Mitch Peereboom said he was thrilled to report another strong week of auction results across the Sunshine State.

"The average number of registered bidders is consistently over four, and the clearance rate is tipping over 60 per cent yet again," Mr Peereboom said.

"That's been a number of weeks now with a strong clearance, just showcasing the activity in the market. We know buyers are competing and the competition created at auctions is leading to outstanding prices.

"We're so proud of how hard our members are working to get these outcomes. Right now is a great time to take advantage of the competition.

"We've seen a number of sales from $300,000 through to $2,000,000 this week - every segment of the marketplace is seeing activity and doing well.

Perhaps one of the most unique properties of the day to go under the hammer was 72 King Street in Buderim, a fully rented block of five flats in the sleepy Sunshine Coast pocket. The hammer dropped at a huge $1,650,000, substantially over the reserve price.

Ray White Buderim’s Lloyd Edwards (above right) said there was huge interest in the campaign, right from the start.

“The fact that we had eight strong bidders today for quite a unique property gives you an idea of how successful the campaign was,” Mr Edwards said.

“The proof is in the pudding on how well the market is going. We came into contact with buyers from all sorts of age groups and demographics, and we still have seven underbidders who are keen now and looking for the next opportunity.

“The units were built in 1974 and are well maintained. The people who rent there are all wonderful local people and were so accommodating throughout the process, allowing us to do our job.

“The winning bidder in the end Lynn, was keen to invest in Buderim, and was prepared to pay whatever it took to win the auction because she loved the tenants and was really keen to keep it going.

“It was the first investment purchase for Lynn, and we are really happy that she came out on top in the end.

“The seller is a long term client of ours. He has recently committed to the purchase of a high-end penthouse in Maroochydore so was over the moon when I called him after the auction today. This result is exactly the reason to use the auction method.”

In the leafy suburb of Ashgrove, in Brisbane’s north, Ray White Paddington agent Sonya Browne successfully sold a renovator’s dream home at 17 Yates Avenue (above) for $770,000.

The campaign drew in 12 registered bidders and over 70 groups through prior to auction day. In the end, the winner was an investor from NSW who was hoping to retire to Queensland one day.

“The buyer actually never physically saw the property. He was due to fly up last week to have one final look before bidding, but of course, the new COVID-19 restrictions came into place,” Ms Browne said.

“He had a friend viewing the property and bidding on behalf of him, whom he trusted very much to make the right decision.

“The sellers were emotional but very happy with the result today, with the deceased estate being managed by the previous owner's son.

“It was an end of the era for the seller today. The home was his mother’s and was built by his uncle, and he grew up here. The settlement actually falls on his mother’s birthday too which was quite beautiful.”

In another huge sale for the Sunshine State, 25 Mako Avenue (above) in Aquatic Paradise on Brisbane’s Bayside sold for $1,230,000.

Ray White Birkdale Principal Andrew South said the campaign drew interest from young families and boating enthusiasts wanting to secure a spot on the canal.

“The winning bidders were a young family who are relocating from Manly. They're thrilled to have a place to put their boat now. The sellers are very happy to pass the home onto the new family, after 15 years of living there,” Mr South said.

Mr South said families were increasingly attracted to the Redlands because of its fantastic lifestyle offering near the water, and the excellent schools in the region.

“It's a really tightly-held little pocket around here, so there are plenty of interested buyers and a lack in quality listings. It's a great time to sell,” he said.

Ray White SA Chief Auctioneer John Morris (above) said the leading group held a massive 65 per cent of all auctions in South Australia this week.

"This last week, Ray White have held a massive 65 per cent of all auctions in SA. Next week it does fall down to 36 per cent and then the following weeks look extremely healthy for the group indeed," Mr Morris said.

"Last Saturday we saw an average of 5.5 registered bidders per auction - a quarter of auctions didn't have any bidding but we still had a healthy clearance rate of 62 per cent.

"This Saturday we had 15 scheduled and so far the clearance rates are looking very positive. The Adelaide market is looking to continue going from strength to strength over the coming weeks and months."

Down under in South Australia today, one of the standout sales was at 8A Claire Street (above) in Lower Mitcham, selling under the hammer for a huge $1,005,000 with seven registered bidders.

Ray White Norwood Sales Agent Jed Redden and Director Justin Kurenda said the auction was a huge success.

“The highest offer prior to auction was $880,000 so the sellers were obviously ecstatic that we took it all the way through to auction day,” Mr Redden said.

“We had just under 200 groups through the property in three weeks, which is pretty incredible. We're an auction focused business and it's certainly a seller's market at the moment with the amount of buyer demand out there.

“The winning bidders in the end were a downsizing couple who fell in love with the beautifully designed modern home, as soon as they saw it.”

Arguably the best story of the day came in Pennington where Ray White Norwood Sales Executives Ryan Stapleton and Eliyas Alemayo sold 10 Helen Street (above) for $495,000.

"Buyers Sarah Cain and Scott Smith actually dropped into the open home last week when they were on their way to their own wedding and they fell in love with the property," Mr Stapleton said.

"It's a beautiful character cottage that attracted 45 groups through during the campaign, with seven parties registering to bid today.

"The highest offer we'd received prior to the auction was $420,000 - so the under the hammer competition really did drive the price up for the vendor."