National auctions show resilience amid rising rates environment

Ray White scheduled 422 properties to go under the hammer under the nation today.

The leading group recorded a preliminary clearance rate of 70.9 per cent with an average of 3.4 registered bidders and 2.5 active bidders per auctions.

Ray White Group chief economist Nerida Conisbee said this week’s auction data suggests conditions have stabilised following the recent period of softer activity, with some encouraging signs emerging across key indicators.

“National clearance rates improved to 67.5 per cent, up from 55.2 per cent last week and slightly higher than the same time last year,” Ms Conisbee said.

“The sharp lift reflects, in part, the rebound from the Easter long weekend, when auction activity and results are typically more subdued, making this week’s improvement a more reliable read on underlying conditions.

“Open home attendance held steady at 2.4 attendees per property nationally, broadly in line with last week.

“Importantly, there were signs of improvement in some markets, with Brisbane and Adelaide recording higher attendance levels, suggesting buyer engagement remains solid in these areas.”

Average active bidders also remained stable at 2.4, reinforcing the view that while conditions are more measured than earlier in the year, buyer competition has not weakened further, Ms Conisbee said.

“Auction volumes were lower, with 563 properties scheduled nationally, compared with 987 at the same time last year,” she said.

“The Easter period continues to affect activity levels, with volumes expected to normalise in the coming weeks.

“The broader environment remains uncertain, with the recent interest rate increase and ongoing geopolitical tensions continuing to weigh on sentiment.

However, this week’s data suggests the market may be adjusting to these conditions rather than weakening further.”

Ms Conisbee said: “Overall, the combination of steady bidder numbers, improving clearance rates and pockets of stronger attendance points to a market that is finding its footing. The coming weeks will be important in confirming whether this stabilisation continues as activity levels return to normal following the holiday period.”

The top sale of the day went to Ray White Rochedale director Zishaan Omar for a home which sold under the hammer for $3.2 million at 26-28 The Heights, Underwood.

The auction saw 6 registered bidders and 2 active bidders.

The auction with the highest number of registered bidders went to Ray White Para Hills agent Brijesh Mishra who recorded 26 registered bidders and 6 active bidders at the 10B Miriam Road, Parafield Gardens auction. The property sold under the hammer for $1.012 million.

New South Wales

Ray White New South Wales head of auctions Dave McMahon said it was a light Saturday for auction volume as there were only 107 scheduled auctions across the group today.

Mr McMahon said 20 per cent of those sold prior and a further 25 per cent were withdrawn or converted to private treaty.

“We sold 66 per cent under the hammer today with an average of 2.5 bidders which is quickly becoming the norm,” he said.

“Interestingly across the week we averaged 4.9 registered bidders per auction which may indicate buyers beginning to adjust to economic conditions and perhaps beginning to see a finish line for global conflicts.”

231A Woolooware Road, Burraneer

• Sold under the hammer for $2.65 million

• 1 registered bidder, 1 active bidder

• Lead agent: Matt Debreczeni - 0407 204 599

• Ray White Sutherland Shire

Ray White Sutherland Shire direct Matt Debreczeni said a local family can now call 231A Woolooware Road, Burraneer home.

He said the family was looking to get into the area, and searching for a more exclusive enclave pocket.

Mr Debreczeni said there had been a “fair bit of interest” in the four-bedroom, two-bathroom property prior to the auction.

610 King Street, Erskineville

• Sold under the hammer for $1.72 million

• 2 registered bidders, 2 active bidders

• Lead agent: Moira Verheijen - 0414 343 995

• Ray White Surry Hills

• Auctioneer: Dave McMahon, Ray White

Twin brothers Toby and Max Younger bought the property at 610 King Street, Erskineville 13 years ago to get a foothold on the property market.

The brothers lived in the home for the first six years before renting it out.

“A lot of people wouldn’t agree with me, but I loved the King Street lifestyle. It's a unique property in that it's a terrace and you immediately step onto King St. There’s not a lot of residential properties on King St,” Toby said.

“You’re in the hustle and bustle but it's a sanctuary.

“Being able to get a bacon and egg roll and a coffee in two minutes was amazing.”

Now growing families of their own, Toby and Max decided it was time to sell.

“Max and I are going our own ways. I'm having my first child in about a month, so we wanted to sell the property before then,” Toby said.

Ray White Surry Hills agent Moira Verheijen said she was not surprised by today’s auction result of $1.72 million.

She said a young couple purchased the five-bedroom, two-bathroom property.

Victoria

Ray White Victoria chief auctioneer Luke Banitsiotis said the auction market continues to show resilience this week, with the current clearance rate sitting at 68.5 per cent.

As more results roll in from across the network, we expect this figure to settle in the mid-60s by the end of the day, Mr Banitsiotis said.

“A key takeaway from recent activity is the quality of engagement at our auctions.

“Both registered and active bidders are currently averaging two per property. This indicates that those registering are not just spectators; they are there to actively compete, ensuring a transparent and competitive environment for our vendors.

“Overall, the market is rewarding those who are adjusting to the current climate and positioning themselves well”

He said strategic pricing and presentation remain the most effective ways to achieve a successful result in the present landscape.

98 Golf View Drive, Craigieburn

• Sold under the hammer for $897,500

• 1 registered bidders, 2 active

• Lead agent/auctioneer: Phong Ho - 0432 031 601

• Ray White Craigieburn

A four-bedroom, two-bathroom home at 98 Golf View Drive, Craigieburn sold under the hammer to a young couple who had previously missed out on a few auctions prior to today.

Ray White Craigieburn agent Phong Ho said while there were signs the market was shifting, there were two buyers still keen to battle it out for the winning bid of $897,500 this morning.

“The couple who purchased the property went to their maximum budget of $895,000 but stretched it to secure the winning bid,” he said.

He said the sellers were looking to relocate to Berwick in the south east, due to their kids’ schools.

8 Nolita Street, Wollert

• Sold under the hammer for $670,000

• 3 registered bidders, 3 active bidders

• Lead agent/auctioneer: Nick Petrovski - 0412 838 020

• Ray White South Morang

Ray White South Morang agent Nick Petrovski said a crowd of 30 people watched as 8 Nolita Street, Wollert was sold under the hammer today for $670,000.

The four-bedroom, two-bathroom property was purchased by a local couple upsizing from their two-bedroom home.

He said bidding was “spirited” right from the start.

“We started at $580,000 and were on the market at $660,000,” Mr Petrovski said.

“Interest was great throughout the campaign, with around 25 inspections done.”

Mr Petrovski said the sellers were a young couple looking at building their own place after purchasing a block of land

Queensland

Ray White Queensland auctioneer Tom Gunness said auction floors across south east Queensland had plenty of activity throughout the day.

“Bidder numbers were strong across the board and buyers were bidding freely without showing too much hesitation compared to previous weeks,” Mr Gunness said.

Newly built stock performed the best today, Mr Gunness said.

“The market seems to have remained resilient with buyers acting with confidence and vendors ready to meet the market.”

26-28 The Heights, Underwood

• Sold under the hammer for $3.2 million

• 6 registered bidders, 2 active bidders

• Lead agent: Zishaan Omar - 0430 515 113

• Ray White Rochedale

More than 100 people gathered to watch a home at 26-28 The Heights, Underwood, spread across two titles, sell under the hammer - and fetch a suburb record - for $3.2 million.

Ray White Rochedale agent Zishaan Omar said the four-bedroom property was “very unique”.

“Thee property is on a 1406sqm block of land, and there’s a huge granny flat on one of the blocks,” Mr Omar said.

“Something like this is hard to find in Underwood.”

Mr Omar said the sellers purchased the property one year ago for $2.75 million however have plans to move back overseas due to family commitments.

He said a local buyer bought the property with the intention of living there with his extended family, including three sons.

Mr Omar said today’s result indicates there is still confidence in the market.

80 Armfield St, Stafford

• Sold under the hammer for $1.9 million

• 13 registered bidders, 6 active bidders

• Lead agent: Alistair Macmillan - 0410636 221

• Ray White Wilston

• Auctioneer: Perry Edmondson-Clark, Ray White

Ray White Wilston agent Alistair Macmillan said a young couple won the winning bid of 80 Armfield St, Stafford on Saturday morning.

Mr Macmillan said once the four-bedroom property was called on the market, three bidders ended up fighting it out with incremental bids of $1000 and $500, up to $1.9 million.

“A young couple who currently live in Wavell Heights bought the house,” he said.

“This was a property that attracted a lot of interest - it’s a unique house and a really nice architecturally renovated post war home.”

He said the owners are a professional couple who do renovations and new builds.

“They do a fantastic job and the properties they build or renovate are always very well received from buyers.

“This is a unique renovation in Stafford as it is architectural as opposed to what is normally done in the area.”

He said the auction was highly competitive, with buyers wanting a fully renovated home under $2 million.

49 Mannington Road, Acacia Ridge

• Sold under the hammer for $976,000

• 4 registered bidders, 3 active bidders

• Lead agent: Bevin Powell - 0405 650 609

• Ray White Annerley

Ray White Annerley sales agent Bevin Powell said a second-time buyer purchased 49 Mannington Road, Acacia Ridge under the hammer this morning.

Mr Powell said the buyer wanted to live closer to the city and the seller was looking to move overseas.

The three-bedroom, two-bathroom property sold for $976,000 after a 35-minute auction, Mr Powell said.

Mr Powell said the market had changed in recent weeks.

“There is a lot of uncertainty, however we have people who want to buy and people who want to sell.

“We had 50 per cent less than what we would see, but those who did come through liked the property.

“Three months ago we would have had half a dozen groups through the house, not just one or two.”

He said people were being “100 per cent more cautious”.

30 Henry Street, Kalinga

• Sold under the hammer for $2.331 million

• 7 registered bidders, 5 active bidders

• Lead agent: Nicholas Given - 0439 193 920

• Ray White Clayfield

• Auctioneer: Peter Burgin, Ray White

26/15 Magellan Road, Springwood

• Sold under the hammer for $748,000

• 7 registered bidders, 6 active

• Lead agent: Johnson Teo - 0422 804 811

• Ray White Springwood and Shailer Park

• Auctioneer: Phil Parker, Ray White

Ray White Springwood and Shailer Park agent Johnson Teo sold a two-bed, one-bath property to an owner-occupier who is excited to call 26/15 Magellan Road, Springwood home.

Mr Teo said the sellers (pictured above) had owned the property for three years and were now planning to upsize to a smaller house.

South Australia

Ray White South Australia chief auctioneer John Morris said: “A clear story is emerging in the South Australian market right now - hesitation”.

“We’re seeing some reluctance to list via auction, and even when properties are listed, not everyone is seeing it through,” he said.

“Around 15 per cent of properties are selling prior to auction, and auction market share is sitting at just 29 per cent - well below where we’d typically expect in a more confident market.

“We’re seeing around 95 per cent of auctions generate active bidding, translating into an 80 per cent clearance rate.”

On average, there are five registered bidders per auction, with three actively competing, he said.

“Sellers who stay the course and take their property all the way through to auction are achieving, on average, around 11 per cent above their highest prior offer,” Mr Morris said.

10B Miriam Road, Parafield Gardens

• Sold under the hammer for $1.012 million

• 26 registered bidders, six active bidders

• Lead agent: Brijesh Mishra - 0430 140 905

• Ray White Para Hills

• Auctioneer: John Morris, Ray White

Ray White Para Hills sales agent Brijesh Mishra said a crowd of around 80 people watched the hammer fall at the auction of 10B Miriam Road, Parafield Gardens.

Mr Mishra said there was no standing room left in the street, with onlookers keen to check out today’s auction of the four-bedroom new build which sold for $1.012 million.

“The property was sold to a local resident who is keen to downsize,” Mr Mishra said.

“The home is really nicely built and we had a lot of interest during the marketing campaign.”

Mr Mishra said about 60 groups had looked at the property, which was being sold by a developer.