Selling season shows no sign of stopping

THE Great Australian Dream of owning your own home is still strong for many buyers.

CoreLogic data from November has recorded a second consecutive month of increased property prices, with values up 0.8 per cent over the month. Demand remains strong and homeownership is still a top priority for many Australians, which has been mirrored at a federal level.

The important retirement income review, chaired by Treasury veteran Mike Callaghan and released by the Morrison government last week, found that while compulsory superannuation played an important role in retirement, owning your own home was perhaps the most critical plank of retirement income. Treasurer Josh Frydenberg said the report pointed out how important home ownership was to people’s security in retirement.

“It points out that around 76 per cent of people over the age of 65 own their own home and...this allows them to have more discretionary income. It also provides an opportunity for them to draw down on the equity in their home in retirement,” Mr Frydenberg said.

The Callaghan report highlighted the importance of home ownership in achieving security in retirement — such as removing the need for income to pay for rental accommodation and providing an asset that can be drawn on to supplement retirement income.

Auction data from Australasia’s leading real estate group has further backed this home ownership demand, particularly throughout the spring months. During the three months of spring, September through to November, Ray White has conducted 3036 auctions nationally resulting in a 64 per cent auction day clearance rate and five average registered bidders per auction.

Meanwhile, in November the leading group conducted 1173 of these auctions, recording a 65.9 per cent auction day clearance rate and 5.3 average registered bidders. These clearance rates and bidders numbers are all up on this time last year.

All numbers point, not only to a wider housing market recovery, but as CoreLogic’s Head of Research Tim Lawless said if the current growth trend persists, we are likely to see CoreLogic’s national home value index surpass pre-COVID levels in early 2021.

While November was clearly a strong month for Ray White Queensland, the first weekend of December will set the tone for another impressive month.

Ray White New Farm, Ray White Bulimba, Ray White Spring Hill and Ray White East Brisbane are set to host their inaugural ‘prestige auction event’ to showcase some of the river city’s best homes for sale.

The auction extravaganza scheduled for Saturday, December 5, will feature 10 highly sought-after properties – with a date with the hammer at The Calile Hotel in Fortitude Valley from 10am.

Properties from across Brisbane’s inner city and western suburbs, and even out to the Samford Valley, are set to sell as Ray White New Farm Principal and Auctioneer Haesley Cush calls the auction marathon.

Ray White New Farm Principal Matt Lancashire said Christmas always compressed the property market, making now the perfect time to host the group’s prestige auction event.

“Buyers want to buy and sellers want to sell during this time,” Mr Lancashire said.

“The 2020 Brisbane property market has been exceptional and before we close the door on the year, there is still a chapter to write in the prestige market.”

To add to this, Mr Lancashire said confidence was built during the COVID lockdowns for several reasons.

“The confidence in the market comes largely off the back of low interest rates, great value in the Brisbane market, and all of us spending more time inside our homes than ever before,” he said.

“That confidence is across all price sectors and has woken the previously dormant Brisbane prestige market.”

Mr Cush said that during lockdown there was only a limited offering of Brisbane’s finest homes which attracted attention from locals, interstate, and international buyers.

“This attention turned to competition and we saw a shift start to happen in the high end of the market,” he said.

The ones to watch will be this glamorous Hollywood-inspired art deco beauty at 68 Kitchener Rd Ascot (pictured at top) and the well-known former day spa at 1 Wybelenna St, Brookfield (pictured above).

The prestige auction event will feature:

• 68 Kitchener Road, Ascot
• 39 Ormuz Road, Yeronga
• 25 Maxwell Street, New Farm
• 31 Kitchener Road, Ascot
• 1 Wybelenna Street, Brookfield
• 85 Macquarie Street, Teneriffe
• 80 Moreton Street, New Farm
• 24 Mackay Terrace, Bardon
• 130 Crescent Road, Hamilton
• 227-237 Hulcombe Road, Samford Valley

Ray White Sydney has far outstripped expectations over the spring selling period, posting a 70 per cent auction clearance rate, 5.1 average registered bidders and conducted 902 auctions. Over November itself, Ray White Sydney auctioned 299 properties, selling 71.6 per cent to an average of 5.4 bidders per auction.

Christmas doesn’t seem to be slowing down the Sydney property market with Ray White taking another 89 homes to auction this Saturday.

Ray White Touma Group’s Charles Touma will have one of the standout auctions in Sydney this weekend. The three bedroom terrace home at 586 Bourke St, Surry Hills (pictured above) has attracted 100 groups through inspections. Mr Touma said buyers have ranged from investors, to renovators and home owners on the three bedroom home in the heart of Surry Hills.

Not too far away is 45 Breillat St, Annandale which will also be on the auction block this Saturday. Ray White Surry Hills | Glebe | Alexandria | Erskineville associate director Matthew Carvalho said that while he has overseen inspections with young professionals, it’s the downsizer market that is really loving the two bedroom terrace. The most appealing features to downsizers have been the single level, two bedroom layout and being on one of the best streets in North Annandale.

In the northern prestige suburbs of Sydney, Ray White Upper North Shore agent Rowan Lazar is anticipating one of his best weekends this year. The agent will be taking two highly popular properties to auction, 10 Cross St and 130 Livingstone Avenue (pictured above) in Pymble.

Earlier in the morning, 10 Cross St will go under the hammer in what Mr Lazar expects to be a competitive auction. The agent said he has already had 100 groups inspect the three bedroom home.

“The price guide of $1,750,000 is entry level for Pymble and a good first step for many buyers wanting to get into the area,” Mr Lazar said.

“It’s a massive opportunity for renovators to put their own stamp on it and really bring it back to life. I’ve mostly had either builder types who are looking to make money, young families or investors because the house has such good bones - it just needs a lick of paint and some new carpet.”

Meanwhile, 130 Livingstone Ave, which has a price guide of $2,000,000 to $2,200,000, is set to be one of the best auctions of the year for the Ray White Upper North Shore office according to Mr Lazar.

“It’s a cracking flat block, it has beautifully manicured gardens and a sought-after single level, three bedroom layout. It’s ideal for everyone whether they want to knock down and rebuild, downsize or live as is with a family,” he said.

The Ray White Upper North Shore agent said the positive outlook for these auctions are in-line with strong buyer demand in Pymble.

“Everything is selling but there is still a shortage of stock. Anything not on the market now won’t come till next year but buyers are not slowing down,” Mr Lazar said.

“We are working on a lot of listings for next year so I think come January we will have a lot more stock.”

Others to watch this weekend are 9 Loblay Cr, Bilgola marketed through Ray White Warriewood’s Paul Franks, Ray White Caringbah Principal Wendy Samrani’s listing at 56 Turriell Point Rd, Port Hacking and 11 Hurlstone Ave, Summer Hill going through Ray White Summer Hill Principal Erik Polsek.

Spring selling season may have started off slow for Victoria’s capital due to recent Stage 4 restrictions but Ray White Melbourne have made up for lost time taking 658 properties to auction over the three month period. Average bidders were up 2.2 since that time last year at 5.7 per auction, while clearance rate sat at 69 per cent. November numbers were similarly strong as 73.2 per cent of 347 auctions conducted sold under the hammer and average bidders were 5.3.

This Saturday, there will be 81 opportunities for buyers to claim the keys to their dream home in Melbourne. The highlights will be 5 Woodleigh Cres, Vermont South and 15 Joan Cres, Burwood East.

Listing agents, Ray White Blackburn agent Trista Lee and director Peter Schenck have given the four bedroom Vermont South home a price guide $1,00,000 to $1,100,000. Ms Lee said investors in particular have been showing interest.

“It has lots of potential for those owner occupiers who want to renovate whereas investors are loving the location,” Ms Lee said.

The auction will take place on-site and online and can be watched here.

Ray White Glen Waverley agent Calvin Huang said his listing at 15 Joan Crescent has drawn huge interest from developers.

“It’s value lies in the land as it’s a good size block, perfect for subdivision or a knock down and rebuild. It’s never been on the market before so there’s been some strong buyer enquiry,” Mr Huang said.

The four bedroom Burwood East home has a price guide of $1,00,000 to $1,100,000. Ray White Glen Waverley Director Andrew Davies will be conducting the on-site auction.

Also set to sell is 17 Kirkham Rd, Murrumbeena (pictured above) through Ray White Carnegie agent Gerry Setiyadi. Mr Setiyadi has already had close to 60 groups inspect the property with another few to come today.

“Most of the buyers have been families looking to renovate. There’s a massive front and backyard perfect for kids so I think the strongest competition on Saturday will come from families with a couple of children,” Mr Setiyadi said.

Fellow Ray White Carnegie agent Tom Grieve will conduct the on-site auction and Mr Setiyadi has given out a price guide of $1,350,000 to $1,450,000.

In Adelaide, Ray White Henley Selling Principal Anthony Fahey will continue his streak of hot auctions with another going under the hammer on Saturday.

Mr Fahey said he expects some competitive bidding from eager Adelaide buyers on the four bedroom home at 50 Mellor Ave, Lockleys (pictured above). The Ray White Henley selling principal said this well-established family home is perfectly set midway to the beach and city.

“It offers an exciting opportunity to stake your claim in this highly sought-after locale,” Mr Fahey said.

“Built in 2009, with great attention to details to all fixtures and fittings, this classy residence boasts a versatile layout and provides extra space and comfort living for the growing family.”