Auction market stabilises

The leading group recorded a preliminary clearance rate of 56.5 per cent with an average of 2.8 registered bidders and 2.2 active bidders per auctions. 

Ray White CEO, Performance and Value, Thomas McGlynn said one trend he was watching closely was the growing divide between properties attracting genuine competition and those that simply aren’t. 

“We often talk about the market as though it’s moving together, but that isn’t what we’re seeing on the ground,” Mr McGlynn said.

“Buyers are becoming increasingly decisive when they recognise value and increasingly comfortable walking away when they don’t.

“The result is a market producing very different outcomes for properties that, on paper, might appear remarkably similar.”

This week’s results also reinforce that the national clearance rate is becoming a less useful measure on its own, Mr McGlynn said.

“Ray White’s Sydney clearance continues to perform well above the national average, Brisbane has rebounded strongly, while other markets remain more subdued,” he said.

“Even within each city, the variation between suburbs is becoming more pronounced. Broad market averages still provide context, but they rarely tell the full story. 

“Understanding where demand is concentrating has become far more important than trying to define the market with a single number.”

Perhaps the most interesting shift is that we’re seeing a more selective market rather than a weaker one, Mr McGlynn said.

“Buyers are still inspecting homes, they’re still registering and they’re still bidding, but they’re doing so with greater conviction.

“That’s reflected in the lift in active bidders this week despite softer overall clearance rates.

“It suggests demand hasn’t disappeared ,it has simply become more discerning. 

“In many respects, this is becoming a market where quality, presentation and pricing are separating outcomes more than they have for several years.”

There is no doubt these remain softer market conditions than we’ve experienced over recent years, and the numbers continue to reflect that, he said.

“Buyers are still engaging, properties are still selling in a reasonable time frame and competition remains for homes that are well positioned,” Mr McGlynn said.

“Markets like this have a way of restoring balance. While conditions remain challenging, there are enough positive signals beneath the surface to suggest there will be good opportunities for both buyers and sellers as we approach spring.” 

The top sale of the day came from Ray White Springwood sales agent Johnson Teo, with 29 Lynette Way, Daisy Hill in Queensland selling under the hammer for $3.52 million. 

The auction with the highest number of bidders went to Ray White Wilston sales agent Holly Bowden who recorded 12 registered bidders and 5 active bidders at the 77 Eleventh Ave, Kedron auction. The property sold under the hammer for $1.85 million.

The open home which attracted the highest number of attendees came from 7 Boonah street Wandal, where Ray White welcomed 57 attendees.

NEW SOUTH WALES

Ray White NSW | ACT head of auctions Dave McMahon said the first Saturday of August delivered one of the quietest auction days he had seen this year, with just 66 auctions scheduled - down significantly from 99 on the same weekend last year. 

“As sellers position themselves for the traditional spring selling season, combined with softer market sentiment, August is shaping up to be a relatively subdued month for auction activity,” Mr McMahon said.

“Despite the upcoming RBA meeting, buyer confidence appeared largely unaffected. We recorded an average of 2.9 registered bidders per auction today, suggesting committed buyers are still actively participating when quality opportunities present themselves.”

While the market remains cautious, each passing week provides valuable new data on buyer behaviour, listing activity and sales results, he said.

“This growing body of market evidence is helping both vendors and buyers better understand and adapt to the evolving market conditions,” Mr McMahon said.

11 Thompson Street Wetherill Park

- Sold under the hammer for $1.2925 million 

- Patrick Jerji - 0478 061 166

- Ray White Wetherill Park

- Registered 8 bidders, 4 active bidders 

Ray White Wetherill Park sales agent Patrick Jerji, sold 11 Thompson Street, Wetherill Park under the hammer for $1.2925 million, in front of a crowd of 70. 

The single-level, brick home gained huge interest with a mix of owner-occupiers and investors bidding for the Wetherill Park property. 

“The fact that it has granny flat potential brought a lot of interest, particularly from investors who are coming back to the market,” Mr Jerji said. 

Ultimately, it was an owner-occupier who made the final bid -  and he doesn’t have far to move. The buyer actually lives on the street! He is looking to do a knock down and rebuild.. He just loves the area.” 

2/55 Sir Thomas Mitchell Road, Bondi Beach 

- Sold under the hammer for $2,300,000

- 6 registered bidders, 3 active 

- Lead agent - Angus Gorrie 0418 282 853

- Ray White Eastern Beaches 

- Auctioneer: James Hayashi Ray White

77 Rosemont Street, South Punchbowl 

- Sold under the hammer for $1.55 million

- 2 registered bidders, 2 active

- Lead agent - John Yatman 0423 344 868

- Ray White Punchbowl 

Ray White Punchbowl sales agent John Yatman sold 77 Rosemont Street for $1.55 million, a freestanding, fully renovated character home in Punchbowl. 

Howard Nguyen and his wife, Margaret, purchased the four-bedroom property, upgrading from a one-bedroom unit in Chatswood. 

“We really liked the location, and wanted to take advantage of how close it will be to the upcoming metro,” Mr Nguyen said.

This is the first house the Vietnamese native has purchased since moving to Australia two years ago, previously spending 15 years in Singapore. 

“I started this house journey in January, on and off, but I rarely saw something I liked that was in our budget.

“I am feeling relieved, but also a bit stressed as I just paid a lot of money!”, Mr Nguyen laughed. 

VICTORIA

Ray White Victoria chief auctioneer Luke Banitsiotis said following a period of adjustment over recent months, there were some highly encouraging shifts in buyer sentiment and auction floor energy this weekend.

“Looking at our early results, the auction day clearance rate is currently sitting above 60 per cent,” Mr Banitsiotis said.

“This is a significant milestone for the Victorian property market, marking the first time we have broken through this threshold since the budget was handed down. It is a clear indicator that a renewed sense of confidence is steadily returning to the sector.”

Alongside this rising clearance rate, we are seeing a tangible increase in bidding competition on the auction floor, he said.

“The average number of active bidders has climbed to two per auction, which is another crucial post-budget first. 

“Buyers are actively looking, their financing is in order and they are demonstrating a genuine willingness to compete for the right homes.

“What these metrics ultimately tell us is that the market is absolutely there, provided you are willing to align with where the activity is. While purchasers are eager and ready to raise their paddles, they remain selective about where they see value.”

 16 Eunice Drive, Cheltenham, VIC 3192 

- Sold under hammer for $930,000

- 2 registered bidders, 1 active bidder

- Lead agent: Dylan Jansma - 0421 673 663

- Ray White The Bayside Group

- Auctioneer: Dylan Jansma, Ray White 

Ray White The Bayside Group sales agent and auctioneer Dylan Jansma sold 16 Eunice Drive, Cheltenham under the hammer on Saturday morning for $930,000. 

The red brick three-bedder was purchased by a young family from Mentone, who were the only active bidder, with the auction going to open negotiations.

“The buyers actually sold their unit in Mentone with us a few months ago, so I love the fact it was a full circle transaction through us, and I am glad we were able to help them find their new home,” Mr Jansma said. 

9/21 Powlett street, East Melbourne

- Sold under the hammer for $868,000

- 5 registered bidders, 3 active 

- Lead agent/auctioneer: Toby Campbell - 0409 965 146

- Ray White CRE

Ray White CRE director Toby Campbell sold 9/21 Powlett street, East Melbourne under the hammer for $868,000, in front of a crowd of 50. 

The renovated two-bedroom unit is positioned just metres from the MCG, and has been in the same family for more than 50 years. 

Kathy Braddon was selling her mother’s property, as she had passed away. 

“My mum bought it when we were quite young and she lived there for about 30 years,” Mrs Braddon said. 

“The MCG was the appeal! I remember AFL grand final days..we would hear the siren at the beginning of the game, It was very special. 

We would always walk through the park in the evenings, we would feed the possums at night. It had such a warm, nice vibe to it.”

The property was purchased by a young couple buying their first home. 

“Selling it felt right and we are very happy with the price. But what adds to it, is a young couple bought it who are going to get a lot of pleasure out of it.. You can't put money on that.” 

304C Warrigal Road, Cheltenham 

- Sold under hammer for $675,000 

- 2 registered bidders, 2 active 

- Lead agent/auctioneer: Angela Limanis - 0414 664 374 

- Ray White The Bayside Group 

Ray White Bayside Group sales agent Angela Limanis sold 304C Warrigal Road, Cheltenham under the hammer for $675,000 to a young couple purchasing their first home. 

Buyer Carol, 34, said: “I kind of had forgotten how much I liked it until I walked back this morning…we have seen over 35 places”.

“This was going to be our last house hunting weekend for a while because I was so drained, so I am definitely feeling relieved and happy.” 

The couple were competing with one other active bidder - an older couple looking to purchase an investment property. 

205 Cranbourne, Frankston 

- Sold under the hammer for $810,000 

- 4 registered bidders, 2 active bidders

- Lead agent - Ashley Weston 0439 101 677 

- Ray White Frankston

QUEENSLAND

Ray White Queensland sales performance specialist and auctioneer Tom Gunness said clearance rates had become the hot topic of conversation among agents and homeowners across south east Queensland.

He said over the past week, the region recorded a preliminary clearance rate of 45 per cent from just under 150 auctions. “While that headline figure may suggest a softer market, it doesn't tell the full story,” Mr Gunness said.

“Buyer engagement remains strong across all price points and property types, with competitive bidding continuing to be a consistent feature on auction day. What we are seeing instead is a market characterised by hesitation on both sides of the transaction.

“Many homeowners believe that holding out after auction may allow them to achieve a higher sale price, while buyers are equally confident that patience could present an opportunity to secure a property on more favourable terms. Both sides are waiting for the other to blink - but only time will reveal who has judged the market correctly.

“What remains certain is the value that auction day provides. It delivers an unfiltered view of current market value, showcases an agent's ability to negotiate under pressure, and equips sellers with clear, real-time market feedback to make informed decisions about their next move.

“In a market where uncertainty is influencing behaviour, the auction process continues to provide something increasingly valuable: certainty.”

29 Lynette Way, Daisy Hill 

- Sold under the hammer for $3.52 million

- 5 registered bidders, 5 active

- Lead agent: Johnson Teo - 0422 804 811  

- Ray White Springwood

- Auctioneer: Phil Parker, Ray White

In a suburb-breaking auction today in Daisy Hill, Ray White Springwood sales agent Johnson Teo sold 29 Lynette Way, Daisy Hill under the hammer for a whopping $3.52 million.

Mr Johnson said the sales result broke the suburb record by $220,000.

He said a couple with four children purchased the palatial European-inspired estate in the exclusive enclave of “The Sanctuary” in Daisy Hill.

The buyer, Shoaib Irshad from Tanah Merah, said he was still digesting the purchase of their new home.

“Our four kids are going to love it here, they are currently spread out across the house,” he said.

Mr Irshad said he and his wife had only started looking for a new home eight days ago.

“When my wife saw this home, she just fell in love with it,” he said.

For Mr Irshad, it was the first time bidding at an auction on Saturday.

“It was really nerve wracking, but also interesting at the same time. We enjoyed it. Hopefully we won’t have to do it again for a while, but if it’s for an investment property, I would definitely do it again.”

Current owner Doris, a senior chief financial officer, purchased the property eight years ago in 2017 shortly after moving to Australia from China with her husband.

Seeking the quintessential Australian lifestyle for her growing family, the home immediately stood out as a perfect match.

“The home completely captivated us upon arrival,” said Doris, a mother-of-two.

“My husband instantly fell in love with it.

“It has provided a highly flexible sanctuary which effortlessly handled both high-level corporate working arrangements and massive international family milestones.”

Doris and her family are reluctantly parting with the home to relocate closer to East Brisbane, where their eldest son is entering senior high school at Churchie.

77 Eleventh Avenue, Kedron 

- Sold under the hammer for $1.85 million

- 12 registered bidders, 5 active bidders

- Lead agent: Holly Bowden - 0431 922 110

- Ray White Wilston

Ray White Wilston sales agent Holly Bowden sold a post war family home under the hammer for $1.85 million this morning to a buyer who has not even seen the property at 77 Eleventh Avenue, Kedron.

Ms Bowden said the three-bedder on a 653sqm block was a knock down rebuild which was directly across from a park.

“The campaign I did was about marketing the property to every single buyer group,” Ms Bowden said.

“The auction attracted first home buyers and young families - there was a huge crowd there.” She said the sellers were a family who had bought the house and lived in it before moving to Western Australia.

“It had become a rental for them,” she said.

“They had owned it for almost 30 years.”
Bernadette McIntyre was bidding from her weekender - a farm at Mount Mee - on Saturday morning when she placed the winning bid on the home she lives just around the corner from.

“We were just looking out to the Glass House Mountains having a go,” Ms McIntyre said.

“We have a few properties - we love outbidding builders!”

Ms McIntyre has three adult children and said she was always on the lookout for properties for them.

“It’s going to be impossible for them going forward - we saw it and were like, we will give it a go!

“I am a big believer in if it’s meant to be it’s meant to be.”
While her children don’t know about the latest property purchase, Ms McIntyre said it was likely they would rent the property out.

“Everything is on the table at the moment. It needs to be cleaned and painted,” she said.