Selling season continues its hot streak

Australasia’s largest real estate group recorded a preliminary auction day clearance rate of 78 per cent across the country today, with subdued numbers due to the long weekend in many markets.

The standout city was Brisbane again which recorded a 100 per cent clearance rate, all 15 out of 15 Ray White auctions sold under the hammer, closely followed by Melbourne sitting at an 87 per cent clearance, and Sydney on 72 per cent.

Of the 258 scheduled auctions for Saturday, 147 proceeded to auction day, with 56 selling prior.

Average registered bidders sat at 8.3 nationally. Notably, an auction in Melbourne had 39 registered bidders online which demonstrates the intense buyer demand.

Ray White New South Wales Chief Auctioneer Alex Pattaro said there's been plenty of talk in the market this week about the Australian Prudential Regulation Authority stepping in to help slow lending growth.

“We don't expect to see any negative impact on property prices as there is so much confidence, due to record low interest rates, and with the Reserve Bank suggesting they aren't going up anytime soon," he said.

“We expect to see moderate price growth over the next little while. The APRA talk certainly didn’t impact the decision of buyers purchasing this weekend, as we continue to see mass registration numbers and competitive bidding across all Sydney auctions.

“As restrictions start to ease, we are noticing more properties come to market, making it an exceptional time to buy and sell simultaneously.”

The top sale of the day across Ray White nationally was in Glebe where Matt Carvahlo and Ercan Ersan of Ray White Surry Hills | Alexandria | Glebe | Erskineville Director sold 69 Lombard St (above) for $3.760 million. The grand terrace with city views attracted five registered buyers.

Mr Ersan today also sold 203 Trafalgar St, Stanmore for $1.64 million at an online auction conducted by auctioneer James Keenan. There were seven registered bidders for the property, built in 1904, which had been popular with first home buying couples.

Ray White Petersham Principal Nicholas Arena today sold 28 Middle St, Marrickville for $2.2 million, some $400,000 over its reserve.

His Melbourne seller has owned the property for more than 20 years and has been using it as an investment recently. Mr Arena oversaw more than 100 private inspections with interested young professionals and families.

This was one of those houses that just had a good vibe, with lots of natural light and the owners had done a really smart renovation.”

The fast and furious auction run by Chief Auctioneer Alex Pattaro saw bids flying thick and fast from the 22 registered bidders who came from all over the inner and outer east and west.

Meanwhile, Mitchell Hann and Dion Verzeletti of Ray White Cherrybrook | Thornleigh | West Pennant Hills today sold 8 Wisteria Cres, Cherrybrook for $2.383 million, $333,000 over its reserve.

There were 23 registered bidders, some from far and wide, and the bidding started at $1.8 million and quickly rose in $25,000s to hit the reserve of $2,050 million. “It was a great auction and my seller was in tears, she has lived there for 20 years and she can now take the next steps in her life,” Mr Hann said.

“We have never been busier than we have in this lockdown. Our office just listed and sold more stock than we have ever done in September, and I don’t see it slowing down as there's a lot in the pipeline. Many people are looking to buy first, and then sell afterwards now.”

The real estate market in Victoria continues to gather momentum with the return of private inspections in Melbourne.

Ray White Victoria and Tasmania CEO Stephen Dullens discussed the strong results that were continuing to be achieved.

“Despite Melbourne and much of regional Victoria being under strict lockdown conditions for more than half the month, across Victoria Ray White sold over 950 sales during September. Transacting over $750 million of property is not only a sharp increase on last year, but more than 20 per cent above our best ever September back in 2017,” Mr Dullens said.

“With confidence of customers returning now that inspections are once again allowed, more and more listings are coming to market with huge demand from buyers still being seen. Customers continue to embrace the online auction format, with scheduled auctions increasing every week during October,” Mr Dullens said.

Darryl Wickham of Ray White Glen Waverley said there were 39 registered bidders signed up to buy 129 Capital Ave in the popular suburb of Glen Waverley.

“It was a cracking auction, with 39 registered and 10 active bidders and sold for $166,000 over reserve,” Mr Wickham said.

High performing agent and gun auctioneer, Kevin Chokshi of Ray White Cheltenham, today sold 3/235 Wickham Road, Moorabbin for $642,000 for his sellers who have plans to upsize. His sellers are stoked with the result.

There were nine registered bidders and the winning buyers are locked in Queensland, and have now bought the unit sight unseen and will move in around Christmas.

“We have seen a lot of sight unseen sales but not as many now we can hold one on on inspections again,” Mr Chokshi said.

The listing went live the week lockdown number six began so has been on the market for double the time of a standard auction campaign.

Mr Choksi received interest from first home buyers and some investors and said it’s the perfect apartment for young couples.

Meanwhile Ray White Manningham agent Jarrod Tyler today sold 7 Cabena St, Donvale for $1.236 million. The home had been an investment for the seller. Most buyers have either wanted something they can knock down and rebuild on, developers looking to split the block and first home buyers wanting to renovate the house.

Ray White Victoria Chief Auctioneer Matthew Condon (pictured) took bids from the 11 registered bidders.

Ray White Epping agents Ben Pellicori and Brittany Freebairn today sold 9 Brunswick Drive, Epping for $836,000, some $86,000 over its reserve.

Auctioneer Jerry Papaluca, pictured above calling from home, said of the 25 registered bidders, there were six active bidders who placed 64 bids in total.

“The property was listed on August 6 just as Melbourne entered it's sixth lockdown and we received 96 email enquiries over this time. Once private inspections were allowed we scheduled a two week auction campaign and held 51 private inspections,” Ms Freebairn said.

“Epping once was one of Melbourne's best kept secrets but with major infrastructure projects in the area over recent years we have noticed a trend of out of area buyers especially those from inner city suburbs looking to raise their families in a great community.”

She said the buyers were from Fawkner and had moved from Tasmania 10 years ago.

Ray White Queensland Chief Auctioneer Gavin Croft said the local auction market continued to see high clearance rates.

“Queensland for the first time in such a long time is the standout performer right across the country, who would have thought? Brisbane is the standout performer. The strength of the market is what's underpinning the fuel again - particularly those southern buyers and investors.

"I've just sold a property in Ipswich to a Sydney investor. We're certainly seeing parts of the market with lots of interstate buyers. This weekend is probably a little bit quieter than normal given the long weekend as a lot of people are going away ahead of an imminent lockdown, with the COVID-19 cases that are slowly starting to trickle up. I think a lot of people saw this opportunity to just to get away for a few days if they will soon be stuck at home.

“October is shaping up to be a really strong auction month for Queensland. It’s coming with much anticipation and we see a lot more as supply starts to hit the market.

“It will be really interesting times ahead for Queensland as the clearance has been hovering around 90 plus per cent. Will we start to see it cut back? We don’t have a crystal ball but right now it’s a strong time to sell.”

Tom Lyne, sales agent at Ray White New Farm today sold 131 Adelaide St East, Clayfield for $3.615 million. There were three registered bidders and two were active and a local family who lived nearby won the keys.

“Clayfield is such a beautiful family friendly suburb and it’s always been sought after.”

On the outlook for the market, Mr Lyne said he believed Brisbane’s value will always stand up.

“Once the border opens I can expect to see people flying into Brisbane in their droves and looking at our stock and seeing great value. Even if there’s a squeeze on credit, I think Brisbane will still be attractive and it’s hard to see prices easing given the intense demand.”

Damon Warat, sales agent of Ray White Ascot, sold 69 Barlow St, Clayfield for $1.539 million.

It’s been a big week for Mr Warat and his partner Gracie Harris, who just welcomed their beautiful second son Woody, in the last 24 hours.

“I literally just left the hospital to get to the auction,” he said.

“I had taken more than 50 groups through during the campaign and we received multiple offers prior. Of the nine registered bidders, seven were active in the auction run by experienced auctioneer David Treloar.

“Once we declared on the market, three bidders competed for the home and our eventual winners were a lovely young local couple who were looking for their dream home.”

Ray White Annerley sales agent Bevin Powell ran out of bidder paddles at 30 at the auction of 18 Allarton St, Coopers Plains (pictured) which eventually sold to a local couple for $821,000.

“This is what everyone wants - three bedrooms, two bathrooms and lowset brick. The engagement level on this property was very high among locals.”

The auction kicked off with an opening bid of $550,000 and traveled right up to sell at $821,000.

Meanwhile at 68 Merchiston St, Acacia Ridge at least five interstate investors were among the 12 registered bidders vying for the three bedroom home. Mr Powell sold the property for $605,000, some $155,000 over its reserve, to a local investor.

Ray White South Australia Chief Auctioneer John Morris (pictured above) said it’s been another very strong week in Adelaide which is now “the auction capital of Australia”.

“There was a strong clearance last week if you go by Corelogic's data. They had a 87.5 per cent clearance rate for Adelaide, while Ray White’s was 91.4 per cent with more than nine registered bidders per auction with 3.9 of those participating,” Mr Morris said.

“This week it is still looking pretty much the same with eight registered bidders so far and the preliminary clearance rates of above 80 per cent.

“A lot of auctions have bidding above 94 per cent. Today, everything seems to be selling with bidders out in force.

“I’ve just come from an auction with 17 registered bidders in a traditionally non-auction area. I don't think there are any non-auction areas in Adelaide at the moment and any agent who is not taking their property to auction is making a big mistake and possibly leaving money on the table.”

An interstate investor won the keys to this brand new Henley Beach home at auction today.

Ray White Woodville Principal Peter Kiritsis said the home at 63 Cheadle St attracted five registered bidders, with all bidders active in the auction.

"Two of the bidders were from Melbourne, one was from Sydney and two were from Adelaide, and the Sydney buyer bought it as an investment. Hands down buying as on investment," he said.

Bidding opened at $900,000 and the property sold for $1.203 million.

The seller was a local developer who has a few projects under construction at the moment.

Later Mr Kiritsis sold 22 Trinidad Court, West Lakes for $955,000, also with five active registered bidders.

“It was a battle of the developers as this one as it could be knocked over. We had big crowds of 50 to 60 people at each auction. Such a ripping day in Adelaide, with blue skies and 23 degrees.”

Ryan Stapleton of Ray White Norwood today sold 42 Meath St, Salisbury Downs for $477,000 after some 17 registered bidders arrived to buy the four bedroom lowset 1970s brick home.

Ray White Mount Barker Sales Agent and Auctioneer Joshua Bagley just sold 4 Albion Court, Mount Barker for $435,000. There were four registered bidders vying for the near-new three bedroom home in the Parkindula Village of the Bluestone Estate.