Clearance rate hits three-month high as all eyes turn to RBA

All eyes now turn to the RBA. The Board hands down its next cash rate decision on Tuesday 11 August, alongside the quarterly Statement on Monetary Policy, one of the more closely watched calls of the year, given it follows the June quarter CPI print.

A hold at 4.35 per cent is the base case for now, but the tone Governor Bullock strikes on where rates head from here will matter just as much to buyer sentiment as the decision itself. 

If the market gets the stability it's hoping for, this week's improvement in competition could be the start of something rather than a one-off.

Ray White CEO, Performance and Value, Thomas McGlynn said there were some genuinely encouraging signs in this week's numbers.

"The national clearance has pushed back above 53 per cent, but what stands out more to me is the improvement in competition, with active bidders rising to 2.9. We shouldn't confuse this with a market suddenly running hot, but it does suggest buyers are becoming more prepared to compete when the right property is put in front of them," Mr McGlynn said.

"The market doesn't need to be booming to be getting better, and this week feels like a meaningful step in the right direction.

"There is still plenty of caution in the market, but caution and confidence can exist at the same time. We're starting to see a little more confidence from buyers, and that is usually where momentum begins."

NATIONAL SNAPSHOT

Ray White clearance: 53.2% (up from 51.0% last week; 76.9% last year)
Average active bidders: 2.9 (up from 2.6 last week; 4.7 last year)
Median house price: $1,010,000 (+5.7% year-on-year)
Median unit price: $750,000 (+7.3% year-on-year)

CAMPAIGN TRAFFIC

29,596 people came through the group’s Australian open homes in the past week, across 12,104 inspections, an average of 2.0 attendees per open home, down from 2.2 last week and 3.8 this time last year.

Kept in the same family for 57 years, this original three-bedroom Yagoona home, with just one bathroom and no garage, drew a big crowd on auction day and plenty of interest throughout the campaign, including from a buyer just 7-8km away in Earlwood.

The winning buyer, a mother, was bidding on behalf of her son, who has been living in the US for several years, buying the property so he has a home to return to.

Mr Stephenson said this much-loved family home had been well-maintained and kept in the same family for over 50 years and its 90 year old owner had recently moved into care.

“I had 15 people through the campaign which is well above the average right now. And the auction took place in front of a big crowd of neighbours."

MELBOURNE

Early indications show Victoria's auction clearance rate holding firm at around 60 per cent. Ray White Victoria’s Chief Auctioneer, Luke Banitsiotis, said this steady performance provides a welcome sense of stability for both buyers and sellers.
“We have seen the market maintain this consistent level for several weeks now without any major fluctuations,” Mr Banitsiotis said. 
“Rather than the extreme highs or lows that can often fuel market anxiety, this steady baseline suggests a healthy, balanced environment where properties are trading hands at a predictable pace and participants can plan their next moves with more certainty.”
On the ground, one of the most encouraging takeaways is the shifting dynamic surrounding one-bidder auctions. 
Historically, a lone bidder might lead to a tense standoff, but agents are finding these scenarios noticeably easier to negotiate post-auction.
Buyers are showing less hesitation when stepping up to make a commitment, while vendors are demonstrating a pragmatic willingness to meet the market rather than holding out for unrealistic premiums.
“This increased willingness from both parties to bridge the price gap and put deals together shows promising signs that overall market confidence is slightly improving,” Mr Banitsiotis noted. 
“The hesitation that often stalls negotiations seems to be subsiding, replaced by a mutual, commercially-minded desire to achieve a fair and reasonable result.”

268 Lochinvar Lane, The Gap 
Sold under the hammer for $2.8 million
12 registered bidders, 8 active
Lead agent Dwight Ferguson - 0412 385 720 
Ray White Metro North 
Auctioneer Dave Treloar, Ray White 

A piece of local Brisbane history sold under the hammer today for $2.8 million, changing hands after 105 years.  Located at 268 Lochinvar Lane, The Gap, the sprawling 0.6-hectare century-old estate, known as ‘Estrilda’, had been held by the same family since 1921, when it originally operated as a poultry farm.
The four-bedroom, three-bathroom property drew a crowd of 80 people, with 12 registered bidders and eight active participants driving the competitive auction.
Ray White Metro North sales agent Dwight Ferguson said multi-generational holdings of this calibre and tenure are virtually non-existent in today's Brisbane market.
“There was always a possibility for this price, because there were simply no other comparables like this,” Mr Ferguson said. 
“Was I shocked? No... in fact, I thought there might have been even more registered bidders.” The seller, Faye, a 90-year-old woman currently living in aged care, had lived at the property her entire life after it passed down from her grandfather to her father, and eventually to her.
“It was a very emotional day,” Mr Ferguson said.  “Faye was able to speak with the buyers on the phone, and she said it brought tears to her eyes speaking with the new young family, who are going to make this their forever home.” 
The successful buyers were a family with two children, both of whom work in the medical profession. Every bidder on the day was a young family looking to move in as owner-occupiers.
“It's a unique property and very much a family home. The Gap is a great suburb for families, with lovely schools,” Mr Ferguson said.

66 Antill St, Wilston 

Sold under the hammer for $1.9 million 

3 registered bidders, 2 active bidders 

Lead agent: Alistair Macmillan - 0410 636 221 

Ray White Wilston

Auctioneer Christian Hamilton, Ray White Wilston 

A picture-perfect character home in one of Wilston’s most coveted streets sold under the hammer for $1.9 million, in front of a crowd of 70.
The auction opened at $1.5 million for the three-bedder and increased through competitive bidding increments of $100,000.

It was sold to a young couple relocating from the Sunshine Coast.

The seller, Julie Herrington, is downsizing to an apartment in Ascot.

“I’m really happy and excited that a gorgeous young couple bought it, and that they are so excited about creating a beautiful future in this house,” Ms Herrington said.

“In a climate where there has been such negativity, it’s been nothing but a positive experience for me.”

Lead agent Alistair Macmillan from Ray White Wilston said the result speaks for itself amid comments surrounding the property market.

“It’s more about the choice of the agent as opposed to the market,” Mr Macmillan said.

20 Deborah Street, Geebung

Sold under the hammer $1.610 million 

7 registered bidders, 4 active 

Lead agent: Corey Shipp - 0448 043 913  

Ray White Wilston

Auctioneer: Christian Hamilon - Ray White

A renovated post-war home in Geebung sold under the hammer for $1.610 million, with 7 active bidders competing during the auction.
The charming four-bedroom property sold to a local young couple looking to upsize from a townhouse.
Corey Shipp from Ray White Wilston, who marketed the home, said it was an extremely popular listing from the start of the campaign.
“It’s been a very successful campaign, there were around 60 people who came through, and we received multiple offers even before the auction,” Mr Shipp said. 
“As long as the process is run correctly, it’s going to sell.”

11 Janelle Street, Bellbird Park
Sold under hammer $1.32 million 
2 registered and actibidders
Lead agent Luke Mclver - 0408 746 689 
Ray White Springfield 
Auctioneer - Phill Broom, Ray White 

 

11 Janelle Street Bellbird Park sold under the hammer for $1.32 million, with 2 registered bidders.
The family who purchased the property only saw it for the first time this morning. 
“I only met them this morning when they walked through for the first time before the auction!” said Luke McIver from Ray White Springfield.
Mr McIver said he is seeing a lot of families seeking homes in Bellbird Park, where you can get the acreage living but still remain connected. 
“You get the acreage dream, but you are still within 10 minutes to Springfield, Ipswich and motorways, and enjoy the peace and quiet.” 

ADELAIDE 

Ray White South Australia chief auctioneer John Morris said the heavens opened here in Adelaide, and the rain is pouring down but that did not stop the bidders from turning up at auctions. 

“I've had 2 auctions this morning, and both of them have sold with an average of 4 registered bidders. So, great numbers, great prices as well, thanks to the incredible campaigns run by those agents. We entered the weekend with a preliminary clearance rate of 90 per cent from the 25+ auctions that we've had throughout the week. We've got 35 auctions to go over this weekend. It's looking like the market is still quite buoyant despite the stories about how bad the market is at the moment, I'm seeing bidders at the auctions. 

“Yes, the auctions are taking a little bit longer. Yes, there is a bit more negotiation to be had, but when the campaigns are run well, by seasoned agents who know exactly what they're doing, it's still incredibly strong numbers. 


“Ray White is still holding the lion's share of auctions - in excess of 50 per cent over the last month or so of all auctions in South Australia are flying the yellow flag of Ray White.” 

27 Sandra Ave Rostrevor 

2 registered bidders, 2 active bidders

Sold under the hammer for $1.115 million

Lead agent Linda Clemente

Ray White Norwood

Auctioneer: John Morris, Ray White

Linda Clemente said it had been a tough campaign, with only six groups through the open homes and a vendor who grew nervous and was tempted to switch strategy.

"This was what I would call a dismal campaign, we only had six people attend the open homes. My vendor was very nervous and very keen to go with a change of direction. But I knew if we stuck to the auction process, we would get them an unconditional contract of sale. And we did."

Two bidders competed on the day, with the winning buyer purchasing sight unseen, their first look at the property was on auction day itself.

"Oftentimes owner-occupier buyers will come and view a house multiple times. This young family are first home buyers, with two small children, are now moving in."

Linda Clemente said the result reinforced her confidence in the auction process, even when a campaign looks shaky.

"If we had changed this house to a private treaty sale, I know it would still be sitting here today. People will think there's something wrong with the house. Auctions mean we are still in control."

The vendors, she added, are "very relieved and very happy," and can now proceed with their downsize.

12 Reid Ave Tranmere

Sold under the hammer for $1.040 million

2 registered and 2 active bidders

Lead agent Linda Clemente

Ray White Norwood

The house is completely uninhabitable and on a main thoroughfare with huge trees. 

Ms Clemente sold the property to a local developer. “SMSF buyers have been very active with the deadline looming for them to be able to buy.”

11 Karawirra Ave, Rostrevor 

5 registered and active bidders

Sold for $1.750 million

Lead agent: Sumit Khatri - 0433 577 970   

Ray White Adelaide City

Auctioneer: John Morris, Ray White