Buyers adapt to ‘imperfect’ property market

Buyers are abandoning the wait for “perfect conditions”, driving a steady wave of transactions across the country despite a noisy economic backdrop.

The Ray White Group scheduled 509 properties to go under the hammer today, recording a preliminary auction day clearance rate of 57.6 per cent.

The group saw an average of 2.6 registered bidders and 1.9 active bidders per auction nationally.

Ray White CEO of Performance and Value Thomas McGlynn said this week’s auction data suggested the property market was becoming increasingly resilient to uncertainty.

“Over recent months buyers have been asked to absorb everything from interest rates and affordability pressures to tax reform debate,” Mr McGlynn said.

“Yet despite the noise, the market continues to find a way to transact. National clearance rates improved slightly this week as volumes increased, reinforcing the idea that confidence hasn’t disappeared, it has simply become more measured.”

Mr McGlynn said: “What’s becoming clear is that buyers are no longer waiting for perfect conditions and are becoming more comfortable making decisions in an imperfect environment”.

“Melbourne showed signs of renewed confidence this week, Sydney continued to transact steadily, and while conditions remain mixed across the country, the broader market is adapting rather than retreating,” he said.

“Buyers are asking more questions, weighing up more variables and becoming more deliberate in their decisions, yet when confidence and value align, they’re still prepared to act.

“The real opportunity for many sellers isn't what they're selling for, it's what they're buying next.

“Moving within the same market often keeps the equation far more balanced than people think and for sellers at the moment this is important to keep in mind when making your final decision.”

The top result for the day went to Ray White Collective sales agent Christine Rudolph who sold 25 Radnor Street, Indooroopilly under the hammer for $4.4 million with 1 registered bidder and 1 active bidder.

The auction with the highest number of bidders went to Ray White Prospect agent Stefan Siciliano who recorded 12 registered bidders and seven active bidders at his 10 Dale Street, Campbelltown auction. The property sold under the hammer for $1,326,000.

Ray White NSW | ACT head of auctions David McMahon said with vendors now benefiting from recent and relevant sales evidence, we are beginning to see the market establish its new baseline.

“As a result, the gap between buyer and seller expectations is narrowing, creating more opportunities for transactions to occur,” Mr McMahon said.

“Of the 155 auctions scheduled today, 17 per cent sold prior to auction, while we averaged 2.6 registered bidders per auction.

“In the current environment, our message to vendors remains consistent: any auction attracting two or more registered bidders should be viewed as a positive sign, as genuine competition continues to drive outcomes.”

Mr McMahon said: “Buyer behaviour remains cautious, with many reassessing their financial position in light of recent market and economic changes”.

“Despite this hesitation, underlying demand remains strong, and motivated buyers are still actively looking to secure property when the right opportunity presents itself.”

35 Sylvan Avenue, East Lindfield

• Sold under the hammer for $2.23 million

• 4 registered bidders, 2 active bidders

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

Seller Jill McGrath, 88, built her home at 35 Sylvan Avenue, East Lindfield 64 years ago and is moving to a retirement village nearby.

“We have always enjoyed living here. We don’t really want to leave, however I am at the stage where I need to leave before I am too old,” said Ms McGrath, who lives with her son.

Ray White Upper North Shore sales agent Jessica Cao said a young family purchased the property on Saturday morning in front of a crowd of 50 people.

Ms Cao said despite a tough market at the moment, her seller was happy with today’s result and ready to start her next chapter.

Felix Li and his wife bought the property this morning after monitoring the market for a while.

Mr Li said: “It’s a good time to buy and that is why we went to the auction”.

“My wife is pregnant with our first child, she is due in November,” he said.

“The location is solid.”

My Li, a builder and small developer, said he was unsure as to what to do with the property.

“We might rent or renovate it,” he said.

“We are still deciding.”

17 Isabella Street, Queens Park

• Sold under the hammer for $2.3 million

• 4 registered bidders, 4 active bidders

• Lead agent: Angus Gorrie - 0418 282 853

• Ray White Eastern Beaches

Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis said there was a better feel across the auction market this week.
“Early numbers have ADCR sitting at 61 per cent, with 2.7 registered bidders and 2.1 active bidders per auction,” Mr Banitsiotis said.
“After a quieter few weeks, it feels like a small step back in the right direction and a reminder that there is still plenty of buyer depth when campaigns are run well.

“The market is still making vendors earn it. Buyers are selective, they are doing their homework, and they are not getting carried away for the sake of it. But this week was a good reminder that well-run campaigns are still getting rewarded.”

Mr Banitsiotis said: “For agents, the message remains pretty simple”.

“Build the engagement early, have honest conversations around price, keep your buyers warm and give them the belief they can own the property. When that happens, the auction floor can still do what it does best,” he said.

67 Koala Cr, Westmeadows

• Sold under the hammer for $795,000

• 3 registered bidders, 3 active bidders

• Lead agent/auctioneer: Malek Younan - 0411 504 016

• Ray White Gladstone Park

Two sisters sold their childhood home at 67 Koala Cr, Westmeadows under the hammer for $795,000 at auction.

The three-bedroom, two-bathroom home was on a 575sqm block.

Ray White Gladstone Park sales agent and auctioneer Malek Younan said the third bidder “came out like a dark horse” in front of a crowd of around 40 people.

“Today’s sale shows there is still confidence in the market,” Mr Younan said.

“What we are getting is buyers who are definitely ready to buy.

“Lots of investors have been shut out - part of our market is 25 per cent investors.

“What the budget has done is give more opportunity to buyers.

“Everyone bidding today was planning to live in this home.”

109 Darebin Boulevard, Reservoir

• Sold under the hammer for $830,250

• 5 registered bidders, 4 active bidders

• Lead agent/auctioneer: Domenic Torzillo - 0457 275 113

• Ray White Bundoora

1/53 Rosslyn Avenue, Seaford

• Sold under the hammer for $720,000

• 2 registered bidders, 2 active bidders

• Lead agent: George Devic - 0400 022 192

• Ray White Frankston

27 Churchill Avenue, Cheltenham

• Sold under the hammer for $2.3 million

• 2 registered bidders, 1 active bidder

• Lead agent/auctioneer: Kevin Chokshi - 0430 195 517

• Ray White The Bayside Group

29 York Street, Richmond

• Sold under the hammer for $1,568,900

• 6 registered bidders, 4 active bidders

• Lead agent/auctioneer: Leigh Grixti - 0414 098 557

• Ray White CRE

Ray White CRE sales agent Leigh Grixti sold a three-bedroom property at 29 York Street, Richmond under the hammer for $1,568,900 to a local couple this morning.

Mr Grixti said the property was rich in history and originally home to a lemonade and soft drink manufacturing and bottling facility for Marchants.

He said the couple had recently sold their home in Eltham and were looking for an inner-city vibe.

Mr Grixti described the auction as incredible, with more than 80 bids placed in front of a crowd of around 50-60 people.

“Even when the sentiment in the market has shifted, if you get a home, present it well, create competition, it will do well in any market,” he said.

“We had a lot of owners there as well, the property is part of a corporation complex -and they were just in awe of today’s auction.

“They were saying the market is doing OK.”

Ray White Queensland auctioneer Tom Gunness said there was a mixed bag of results throughout the course of the week and today across auction floors in Queensland.

“Bidders remain present however uncommitted to overextend themselves simply to purchase an auction with many buyers preferring time to continue negotiations post auction with conditions,” Mr Gunness said.

“They don’t want to overextend themselves simply to purchase at auction with many buyers preferring time to continue negotiations post auction.”

Mr Gunness said: “Now more than ever we must ensure that each and every registered buyer has a strategy in place before the auction that we can refer to”.

“One bidder and two bidder auctions are becoming increasingly common and ensuring buyers' comfortability in that negotiation forum can make the difference between selling and passing in,” he said.

Ray White Collective CEO and auctioneer Haesley Cush said $8.5 million worth of properties sold under the hammer in Brisbane on Saturday.

With a clearance rate of 50 per cent and 14 registered bidders in total, Mr Cush said there was still plenty of interest in luxury properties.

A five-bedroom Indooroopilly property listed by Ray White Collective sales agent Christine Rudoplh sold for $4.4 million, and sales agents Tom Lyne and Zach Taylor sold 11504/600 Coronation Drive at Toowong for $4.1 million.

Ray White Collective Luxury agent Matt Lancashire sold 999 Brunswick Street, New Farm prior for $5.515 million.

Mr Cush said the high-end property market is firing on all cylinders, but a single word can still stand between a motivated seller and a done deal.

During the auctions of two River Terrace, Kangaroo Point properties, a standoff perfectly illustrated how political ambiguity can halt an otherwise seamless luxury transaction, he said.

The offering was unique: one owner, one building, and two premium, never-been-lived-in units born from a developer deal.

Mr Cush said while the room buzzed with local and international interest - including one overseas buyer and another waiting on funds - it was a highly motivated bidder who brought the auction to a standstill.

Though the units were pristine, the buyer refused to bid until the government clarified its definition of a “new” property in the budget.

“We had a vendor who wanted to transact and a buyer who wanted to transact, but because they didn’t understand what 'new' means under the impending government guidelines, ambiguity took over,” Mr Cush said.

The standoff highlights a frustrating quirk in today's booming prestige market: demand is voracious, but regulatory uncertainty is the enemy of action, said Mr Cush.

25 Radnor Street, Indooroopilly

• Sold under the hammer for $4.4 million

• 1 registered bidder, 1 active bidder

• Lead agent: Christine Rudolph

• Ray White Collective

• Auctioneer: Haesley Cush, Ray White

Ray White Collective sales agent Christine Rudolph said the sale of 25 Radnor Street, Indooroopilly was a great result for the Indooroopilly market.
The landmark riverfront holding in Indooroopilly was on the market for the first time since it was custom-built in 1992.
“The buyer was an ex-pat from Papua New Guinea,” Ms Rudolph said.
“There were bidding on the phone and went through the property last weekend.

“They have owned properties in the local area and were looking for the perfect riverfront site.

“They could see it was a solid build and loved it.”

Ms Rudolph said the family has older children and plan to do a beautiful renovation.

She said while there was only one registered bidder at today’s auction, 80 groups had been through the property throughout the four-week campaign.

“We had lots of parties interested but many who couldn't buy under auction terms today,” she said.

Maria McGarry sold the home on behalf of her 88-year-old aunty, Maeve Donnelly, who is now in aged care and her uncle, Peter, who passed away two years ago.

Ms McGarry said her uncle was a graphic designer and property investor with a keen eye for orientation.

“The home was specifically engineered to capture dual-reach views of the Brisbane River while ensuring absolute privacy via a restricted-access driveway and adjacent parkland reserves,” Ms McGarry said.

“The estate is distinguished by its multi-generational floor plan, comprising a substantial main residence and a fully self-contained standalone studio.

“The main home centers around a grand dining room and a Gaggenau-appointed kitchen, reflecting my aunty’s passion for large-scale entertaining.”

Ms McGarry said: “This home was my aunt and uncle’s 'forever' property, built from the ground up after they purchased and amalgamated two original home sites to create one significant estate”.

“Every detail, from the specific orientation for river breezes to the high-end European appliances, was chosen by Peter to ensure the home would never be built out or lose its connection to the water.

“It has been a cherished family sanctuary for over 30 years, designed to grow with a family through every stage of life.”

11504/600 Coronation Drive, Toowong

• Sold under the hammer for $4.1 million

• 2 registered bidders, 1 active bidder

• Lead agent: Tom Lyne - 0423 696 862 and Zach Taylor - 0431 278 890

• Ray White Collective

• Auctioneer: Haesley Cush, Ray White

Ray White South Australia and Northern Territory chief auctioneer John Morris said South Australia's property market continues to prove that buyer behaviour speaks louder than headlines.

“Since the beginning of May, Ray White has scheduled 345 auctions across South Australia, representing an extraordinary 48 per cent of the entire auction market and an increase of 31 per cent year on year,” Mr Morris said.

“More importantly, three quarters of those properties have proceeded through to auction day,

demonstrating that sellers remain confident and buyers remain engaged.

“We're averaging more than four registered bidders per auction, with around half of those actively competing.

“That competition has delivered a 65 per cent clearance rate and prices achieved averaging more than 10 per cent higher than the best offers received prior to auction.”

Following the Budget, many expected investor activity to fall away, Mr Morris said.

“Instead, investors continue to account for around one-third of successful buyers at auction,” he said.

“While owner occupiers remain the dominant force in the market, investors clearly haven't abandoned South Australia.

“South Australia remains one of the most stable, affordable and fundamentally undersupplied housing markets in the country.”

10 Dale Street, Campbelltown

• Sold under the hammer for $1,326,000

• 12 registered bidders, 7 active bidders

• Lead agent: Stefan Siciliano - 0403 171 489

• Ray White Prospect

• Auctioneer: John Morris, Ray White

89C Whitington Road, Davoren Park

• Sold under the hammer for $730,000

• 2 registered bidders, 2 active bidders

• Lead agent: Jaya Prageeth - 0430 397 878

• Ray White Para Hills

• Auctioneer: Crispian Fielke, Ray White

In a tale of two very different sales strategies, leading agent Jaya Prageeth of Ray White Para Hills has proved exactly why the auction process remains the undisputed king of a tough property market.
On a block of three side-by-side Davoren Park homes, two were listed with Mr Prageeth, while the third sat with a competing agency.
Today, Mr Prageeth walked away having sold both of his listings under the hammer, while the competitor's property remains unsold.
The campaign wasn't without its hurdles, Mr Prageeth said.
“The vendor, a property investor, was initially highly reluctant to go to auction, constantly questioning the strategy in a quiet market,” he said.
“He was incredibly reluctant throughout the whole campaign and kept asking me, 'who is going to buy this?'.

“During the entire open-inspection campaign, we only had one single attendee. But I kept pushing and told him on auction day, we only need one right person. If it’s sold, it’s sold.”
While the competing agency’s property is still on the market in its fifth week, Mr Prageeth wrapped up two successful sales in under twenty-one days.
“This is the absolute power of the auction process,”he said.
“I am just so glad the vendor trusted the process and listened to the advice, as the results speak for themselves."
Meanwhile, buyer Shamal Weerakoon bought his first investment property at 89C Whitington Road, Davoren Park under the hammer this morning.
“It was mainly due to the budget changes and how the negative gearing is no longer available for established properties,” Mr Weerakoon said.
“For the $750,000 range - there’s not many available right now.
“There’s house and land packages but when they get done that will be one and a half years away, I wanted to get in as soon as possible.”

89B Whitington Road, Davoren Park

• Sold under the hammer for $720,000

• 1 registered bidder, 1 active bidder

• Lead agent: Jaya Prageeth - 0430 397 878

• Ray White Para Hills

• Auctioneer: Crispian Fielke, Ray White

17 Railway Terrace, Cheltenham

• Sold under the hammer for $1,656,000

• 6 registered, 3 active bidders

• Lead agent:Nick Psarros - 0400 506 555

• Ray White Grange

• Auctioneer: Sam Grover, Ray White

Ray White Western Australia CEO and auctioneer Mark Whiteman said listing levels rose above 5000 properties for the first time in two years.

“Buyers remain committed to securing their future with renewed confidence that they have a little more choice,” Mr Whiteman said.

“As the market continues to shift in this way it is becoming critical that agents deliver up to the minute information so that sellers can make the best decisions in their pursuit of a sale.”

17 Hillway, Nedlands

• Sold under the hammer for $3.353 million

• 10 registered bidders, 4 active bidders

• Lead agent: Vivien Yap - 0433 258 818

• Ray White Dalkeith Claremont

• Auctioneer: Mark Whiteman, Ray White