Supply demand balance tipped in favour of vendors now

BUYER confidence continues to ride high, two weeks after onsite auctions began again with limited crowds, but with a sharp decrease in property listings means the competition is as fierce as ever at auction.

After nine weeks of uncertainty, Ray White urges potential sellers to take advantage of the heightened buyer activity to list now and capitalise on the supply demand balance which is tipped in favour of vendors now.

With average bidder numbers from last weekend up from this time last year at 5.6 this means after each auction there were roughly four bidders still on the hunt for their dream home.

This weekend, Ray White will be heading into the weekend with 113 auctions scheduled and plenty of eager buyers ready to prove that auctions are still the best method for achieving competitive results.

The Ray White Surry Hills | Alexandria | Glebe | Erskineville team clearly cannot be stopped with another four inner-city Sydney homes going to auction this weekend through the office.

Director Ercan Ersan said the one to watch is the two bedroom property at 215 Corunna Rd, Stanmore (pictured above).

“It’s going to be a belter, it’s been really popular and has probably had the most number of groups through of any property I’ve listed since the beginning of COVID,” Mr Ersan said.

“We’ve had 86 people through the home which is like having 150 groups back in the day and have given out 25 contracts.

The property has a buyer’s guide of $1.2 million and Mr Ersan expects between five and 10 registered bidders on the day.

Also going under the hammer is 26 Nassau Lane, Erskineville, 149 Bedford St, Newtown and 512/133 Goulburn St, Surry Hills.

In Leichhardt, Ray White Balmain sales agent Chris Williams said the two bedroom home at 1/4 Bungay St (pictured above) had been popular with 82 private inspections in less than two weeks.

“The home has been pretty well received, there’s been a lot of enthusiasm,” Mr Williams said.

“We are seeing a mixture of first home buyers and empty nesters, two demographics in the market that are still looking quite strong for us.

“There has been lots of buyer activity recently but stock levels are down so as the curve flattens, buyer confidence increases - there are lots of buyers out there looking for something.”

Mr Williams said the Leichhardt home could attract anywhere up to 10 registered bidders on the day.

In Sydney’s west, Ray White Wetherill Park Agent Marcus Biasetto was feeling confident about the Hoxton Park property at 3 Armidale Avenue.

“We’ve had 51 groups through which is not something I would have expected even three weeks ago because logistically you just couldn’t get that many people through private inspections,” Mr Biasetto said.

“We are expecting between five and six registered bidders - interest has mainly come from first home buyers and downsizers because it’s single level, neat and tidy and there’s nothing to do.”

Mr Biasetto also said buyer confidence has been surprisingly high considering the circumstances.

Ray White offices in Melbourne are getting ready for their second weekend of eased auction restrictions meaning many under the hammer sales are now able to take place on-site or in-room.

Cheltenham Director Kevin Chokshi hosted one of the first onsite auctions last weekend and is backing it up this weekend with an auction at 109 Patty St, Mentone (pictured above) which he said already has two interested bidders.

“It’s a development opportunity so we are getting interest from developers and young couples willing to take it on as a renovation project,” Mr Chokshi said.

“It’s been in the family since 1946 so this is the first time it’s been on the market in 70 years.”

The Mentone home has a price guide of $1.05 million to $1.15 million and has already had 22 buyers through the property.

Ray White Frankston Sales Agent Ellis Schofield is selling 11 Burns St, Frankston this weekend through an online auction.

The Frankston agent said there was plenty of buyers interested in the three bedroom home which should translate to a good result on the day.

“It’s been a mix of investors with the vision to develop the site to home buyers wanting to renovate,” Mr Schofield said.

“Buyers have been attracted to the location, the house is in the Golden Triangle part of Frankston.

“There has been no shortage of buyers across the board but we are seeing a shortage of homes which is keeping supply and demand really high. With most of our auctions, we are getting multiple bidders turning up to buy.”

The property has a price guide of $480,000 to $520,000.

Melbourne buyers looking for a tree change have flocked to the five bedroom home at 85 Army Road, Boronia (pictured above) which has a price guide of $850,000 to $930,000.

Being sold through Ray White Ferntree Gully’s Michael Nguyen the property has received 27 visits and been popular with upsizers and families.

“The auction was online but as soon as restrictions were lifted we decided to convert it to onsite instead and we already have strong bidder interest in the property,” Mr Nguyen said.

In Brisbane, the Ray White Ascot team haven’t skipped a beat and will be continuing their in-room auctions at the Ascot office for another weekend.

Ray White Ascot Sales and Marketing Consultant Alexander Shean is feeling optimistic about the two bedroom Clayfield home at 90 Barlow St. The Ascot agent said they already have two confirmed bidders and are expecting another four.

“We’re having it at the office, some buyers will be participating in-room and others will be on the phone,” Mr Shean said.

“We have had great numbers through the property so we do expect the property to sell.

Mr Shean said that interest has come from first home buyers and downsizers who aren’t ready for a unit.

“The interest from those demographics has been good, mostly from first home buyers. Obviously interest rates are low, money is cheap and they have to live somewhere,” he said.

“First home buyer interest has always been strong around that Ascot, Clayfield and Hamilton area.”