Uncertainty in auction market despite high pre-Easter volumes

New South Wales

Ray White New South Wales head of auctions David McMahon said there was a huge surge in volume today with 286 scheduled auctions, up from 230 last year.

“This signals a clear intention by vendors to be sold before the Easter and Anzac Day period,” Mr McMahon said.

"Twenty per cent of properties sold prior with a further 31 per cent of the 286 either being cancelled or withdrawn prior to auction day. The uncertainty of the current climate is creating hesitation for vendors to proceed to the day if they believe interest is low.

"However, it was one of our stronger weeks as of late for buyer behaviour as we averaged 4.1 registered and 2.6 active bidders per auction."

104 Bent St, Lindfield

• Sold under the hammer for $3.58 million

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

• Four registered, three active

The seller, Liz Norton (pictured centre left, with Jessica Cao and the sellers on the right), happens to be the great-niece of company founder Ray White himself. Ms Cao and Ms Norton crossed paths at a chance meeting over coffee at Linfield village.

Ms Norton’s grandmother was Coralie Marion White, Ray White's sister, who married and became Coralie Hobbs. Liz was named Coralie Elizabeth in her honour, carrying forward the family name through another generation.

"Grandma Coralie had three sons, but only my father had children, myself and my sister," Ms Norton said.

“So in many ways, this feels like the Ray White story coming full circle. Jessica's dedication to the community reminds me of the values my great-uncle built his business on."

Ms Cao listed Ms Norton’s home when she decided to downsize.

The buyer story is also one of connection.

“I sold their house three weeks ago at auction and now they’ve bought through us at auction again today!” Ms Cao said.

“They are locals who are downsizing as their kids have moved out.

“This house is single-level with no pool. They are going to renovate and add their own touch but keep it single-storey. It will be much easier for them to look after.”

56 Durham Street, Carlton

• Sold under the hammer for $2 million

• 11 registered bidders, six active

• Lead agent: Nicholas Economos - 0409 553 555

• Ray White Rockdale

• Auctioneer: Alex Pattaro, Ray White

“The seller had owned the property for 50 years and was downsizing,” Mr Economos said.

“Buyer interest came from a lot of local families, downsizers, and investors.

“The winning bid went to a couple who will rent it out to start and may move into it down the track.”

Victoria

Ray White Victoria chief auctioneer Luke Banitsiotis said the final auction weekend before Easter in Victoria had given us a pretty good read on where the market was sitting.

“There were 279 auctions scheduled, and preliminary numbers have the clearance rate at 68.2 per cent. That’ll likely ease back as more results come in, probably landing somewhere around the mid-60s, but even so, it’s a solid outcome for a weekend that can often feel a bit disrupted with the holidays around the corner,” Mr Banitsiotis said.

“More importantly, buyers are still showing up and competing. In Seaford, 3/59 Wells Road saw three bidders go at it before selling for $601,000.

“Down in Frankston South, 4 Harry Court; a large family home backing onto a conservation reserve, had two bidders fighting it out to $1.311 million. One of them hadn’t even seen the property until today.

“The market is really balanced at the moment. Buyers are there and willing to compete, but only if the seller is willing to put themselves in the market, not just on the market.”

13 Hakea Drive, Montrose

• Sold under the hammer for $1.011 million

• Four bidders

• Lead agent: Cristine Jones - 0417 501 000

• Ray White Ferntree Gully

• Auctioneer: Fabian Sanelli, Ray White

Bidding started at $900,000 and the property was called on the market at $970,000 before selling under the hammer to a young family from Mooroolbark.

The property was a one-owner home which had been meticulously cared for by the sellers, who are now looking to downsize.

1/42 Northcliffe Rd, Edithvale

• Sold under the hammer for $991,000

• Five bidders

• Lead agent/auctioneer: Shane O’Sughrue - 0401 119 911

• Ray White Chelsea

“The sellers had a growing family and wanted to upsize. All the bidders were first home buyers,” Mr O’Sughrue said.

“I’ve definitely seen the buyer pool diminish over the last few weeks, but the people that are coming through are highly motivated.

“I’ve seen properties over the $1.2 - $1.3 million mark halt a little bit and become slower to sell.

“People are nervous and are being a bit more cautious. They need to see value in what they’re buying.”

3/26 Munro Avenue, Mount Waverley

• Sold under the hammer $835,000

• Two bidders

• Lead agent: Jacob Biviano - 0416 088 586

• Ray White Mount Waverley

• Auctioneer: Max Turner, Ray White

“The sellers initially bought it to live in, then they moved to Sydney and rented it out for a while. They are now hoping to use the funds from this sale to buy something in Sydney,” Mr Biviano said.

“We had a mix of first home buyers and young families interested. The winning bid went to a buyer's advocate bidding on behalf of a first home buyer relocating from China.”

3/59 Wells Road, Seaford

• Sold under the hammer for $601,000

• Four bidders

• Lead agent: George Devic - 0400 022 192

• Ray White Frankston

The vendors were investors from out of the area and the purchaser was an investor buying for his maturing father to live in.

Queensland

Ray White Queensland auctioneer Tom Gunness said the Brisbane property market remained strong.

“Strong buyer demand continues to fuel the Brisbane marketplace with registration numbers holding steady over the weekend and throughout the past seven days,” Mr Gunness said. “Despite a changing landscape and shifting sentiment from key stakeholders in negotiations, buyers remain confident on the auction floor, clearly displayed through high registration numbers and clear aggressive bidding strategies.

“The only sign of caution I can see showing through at the moment is in bidders' reluctance to increase in large bidding increments. This was demonstrated at 9 Wallaby Parade, Rochedale today where we had nine registered bidders and bidding travelled over $200,000 in $5,000 and $1,000 increments before selling under the hammer for $2,001,500.”

54 Gardiner Road, Waterford

• Sold under the hammer for $8 million

• Six registered bidders, four active

• Lead agent: Syed Ali - 0416 498 295

• Ray White Rochedale

• Auctioneer: Daniel Diamantopoulos, Ray White

One of five castles in Queensland sold under the hammer today, after being hand built by seller Brian Rumble and his son Daniel. Mr Rumble decided it was time to downsize from the four-storey castle home.

“The sellers are over the moon,” Mr Ali said.

“They had tried to sell three times in the past with other agencies, and this is the first time they have achieved a price they were happy with.

“The buyer was a developer. They have said they will try their best to keep the castle intact.”

2/56 Goulburn Street, Gordon Park

• Sold under the hammer for $815,000

• Seven registered bidders, four active

• Lead agent: Holly Bowden - 0431 922 110

• Ray White Wilston

• Auctioneer: Christian Hamilton, Ray White (pictured above)

The seller, Glen Rossi (pictured above), was selling in order to move to Melbourne to take advantage of the city’s cheaper property prices.

“The buyers were a young couple of first home buyers who had been looking for some time,” Ms Bowden said.

“They loved the fitout and that it was move-in ready. They loved the courtyard as well as they have pets.”

2/158 Stafford Road, Gordon Park

• Sold under the hammer $760,000

• Seven registered, two active

• Lead agent: Holly Bowden - 0431 922 110

• Ray White Wilston

• Auctioneer: Christian Hamilton, Ray White

“The sellers were starting a family and have upsized to a beautiful house out in Ipswich,” Ms Bowden said.

“The eventual buyer was bidding over the phone. Both the bidders were single women bidding strongly. The phone buyer was local but was away in Sydney for work.

“For this sort of stock properties are still in high demand with a high volume of buyers for properties in the sub-$1 million price point.

“Given we had seven registered bidders on both, and they were predominantly first home buyers, it shows that if you educate your buyers on auctions and bidding strategy they will have the confidence to bid and purchase at auction.

“Both of our townhouses up for auction today sold for complex records.”

Ray White Collective had six properties go under the hammer today as part of their luxury auction event. Stand out results included 6 Comus Avenue, Ascot which sold under the hammer for $6 million with seven registered bidders and three active bidders, marketed by Ray White New Farm’s Matt Lancashire and Will Blewitt. Another standout sale was for 2 Beachcrest Road, Wellington Point which sold under the hammer for $5.3 million with five registered bidders and three active bidders, marketed by Ray White Bulimba’s Ben Osborne.

Ray White Collective principal and auctioneer Haesley Cush said he didn’t believe the Brisbane market would slow down anytime soon.

A fantastic on-site result from Ray White Collective today went to Ray White New Farm agents Jo Langstaff and Evan Bancroft who sold 42 Gubberley Street, Kenmore under the hammer for $1.87 million with 11 registered bidders.

Ray White Clayfield’s Nicholas Given and Natalie Rasmussen sold 10 Sandringham Street,

Clayfield, under the hammer for $3.78 million with five registered bidders.

“Questions are being asked about whether fuel prices and interest rates are impacting house prices, but the other levers are pulling harder in the other direction including construction costs, limited supply, and the positive future outlook for Brisbane.

“It’s unlikely we're going to see any downturn. Most people looking to buy at the moment are looking at the bigger picture with the future of Brisbane’s property market looking strong.”

11/50 Alexandra Parade, Maroochydore

• Sold under the hammer for $1.395 million.

• 16 registered bidders, six active

• Lead agent: Ari Wisson - 0449 690 995

• Ray White Maroochydore

• Auctioneer: Dan Sowden, Ray White

South Australia

Ray White South Australia chief auctioneer John Morris said South Australia was in the middle of one of its busiest weeks of auctions in many years, with activity levels hardly seen since the peak of market conditions in 2021 and 2022.

“Around 220 auctions were scheduled this week, marking a significant uplift in market activity, and a clear signal that confidence is returning to the auction space. This represents a strong increase year on year with volumes climbing sharply as we move deeper into the autumn season,” Mr Morris said.

“Ray White, once again, leading from the front with 100+ auctions scheduled, accounting for almost 50 per cent market share. Indeed, a dominant position and consistent with the groups standing as South Australia's leading auction house.

“This week's volumes are particularly notable, with it being the first time in several years that South Australia has pushed beyond that 200 mark in a single week, highlighting the depth of both buyer and seller engagement currently in the market.

“In terms of results, clearance rates have rebounded strongly with Ray White currently sitting at 81.5 per cent auction day clearance for the week so far. It's a significant lift from last week’s 65 per cent, which was likely impacted by softer conditions around election timing and reduced by urgency.

“Buyer activity does remain steady with an average of around five registered bidders per auction. And while numbers are slightly more measured than earlier in the year, there is still consistent competition at the point of sale.

“From a personal perspective, my performance has also strengthened after last week. It was quite a challenging week with only a 60 per cent clearance, but this week so far, a sharp rebound to a preliminary clearance of 91 per cent.

“What does that reinforce? When competition is present and campaigns are well managed, strong outcomes are still being achieved.”

136 Augusta Street, Glenelg East

• Sold under the hammer for $1.82 million

• Eight registered bidders, five active

• Lead agent: Adam Rice - 0402 936 953

• Ray White Glenelg

• Auctioneer: Rod Smitheram, Ray White

The sellers were four siblings who were selling the home they grew up in. It had been in their family for 50 years.

“The buyers were local family upsizing and looking for another project,” Mr Rice said.

“They will bring the property back to life which will be great to see.”

19 Neston Avenue, Plympton

• Sold under the hammer for $1.57 million

• Nine registered bidders, and four active

• Lead agent: Adam Keane - 0421 225 630

• Ray White Glenelg | Brighton

• Auctioneer: Rod Smitheram, Ray White

“The sellers had an unwell grandchild so they hadn’t been able to travel,” Mr Keane said.

“But he’s doing much better now so they are now selling up and have bought a caravan and a new car and are going to set off around Australia.

“The bidders were predominantly downsizers. The buyers were looking for six years and this was the first home they really loved, so he really wasn’t going to miss out on this one and was bidding aggressively to make sure they secured the home.”

4 Berno Court, Parafield Gardens

• Sold under the hammer for $930,000

• Nine registered, three active

• Lead agent: Nick Borrelli - 0432 270 893

• Ray White Campbelltown

“The buyers were a young couple of first home buyers. They had been to a few of our auctions before to watch, but this was the first one they actually bid at,” Mr Borrelli said.

“The family who sold it, this was their first home, so they were stoked to see more first home buyers buy it.

“They have a family now and have upsized. They bought through us before Christmas.”

Mr Borrelli said the Adelaide market had been a bit of a mixed bag.

“Some properties go really well like this one. The sub-$1 million price point is still really buoyant, but development stock and properties with higher price points have been a bit slower.”

29 Annette Street, Athol Park

• Sold under the hammer for $880,000

• Nine registered bidders, five active

• Lead agent: Jessica Earle

• Ray White St Peters

• Auctioneer: Liam McDevitt, Ray White

The property was being sold by three brothers on behalf of their 99-year-old mother. The bidding started at $690,000 and went up in $10,000 increments.

The winning bid went to two brothers and their mother who had been looking for some time.

“Nothing was stopping this family from buying today!” Mr McDevitt said.

“We were told by the under bidders that they had seen these brothers miss out at other auctions and they’re actually quite happy that they ended up successful today.”