Selling season extends its strong march as momentum continues to build across Australia's housing market.
The leading group Ray White's auction metrics remained impressive throughout the last month of summer with Ray White scheduling 1591 auctions in February. The group cleared 83 per cent of all auction stock last month, up 14 per cent on last year, while average registered bidders grew by 2.5 since last year to seven per property. Best of all, the group recorded active bidding on 93 per cent of all lots.
Auctions are clearly the way to go for sellers wanting to achieve the best possible price for their property as the group's data shows its clients achieved prices 12 per cent more on average under the hammer than the highest offer prior.
The Ray White Group has now increased its listing share by 1.71 per cent to 12.6 per cent across Australia, despite the group seeing an 11 per cent decrease in the total volume of listings which is reflective of the tightening stock conditions occurring the nation. However while total listings on the market are ultimately down, new listing authorities over February surged 7 per cent year-on-year and are 12 per cent higher than two years ago.
In Sydney, Ray White New South Wales Chief Auctioneer Alex Pattaro said of Australia’s most active auction market had an exceptional end to the month.
“February auction numbers ended strong, up 20 per cent in volume year-on-year and up 30 per cent in Sydney,” Mr Pattaro said.
“We are up 25 per cent in conducted auctions versus February 2020 and posting a strong clearance rate of 81 per cent, up an outstanding 20 per cent on last year.”
In Sydney’s inner city on Saturday morning, Sydney Lord Mayoral candidate and former Prime Minister Tony Abbott’s sister councillor Christine Forster and wife Virginia Flitcroft will offload their 1880s 535 Bourke St, Surry Hills terrace that they have owned since 2010. The buyer’s guide is $2,300,000.
Ray White Taylor and Partners agent Jeremy Brink and director James Peach have managed the listing which has attracted strong interest from local buyers.
While many Victorians have been moving interstate, the vendors of 95 Marian St, Enmore (pictured above) have decided to do the opposite and have made the move south of the border. Ray White Surry Hills | Glebe | Alexandria | Erskineville director and selling agent Ercan Ersan said young Sydney couples and small families have been eager to snap up the $1,600,000 guided terrace home at auction this weekend.
Near the Drummoyne waterfront, 8/51-53 College St has attracted 116 buyers who are scrambling to get closer to the water. The College Street unit has a price guide of $950,000 and Ray White Drummoyne selling agent Fiona Hellams said interest was strongest from young couples.
“The draw of a bayside Drummoyne lifestyle has been a major factor for buyers looking at the unit. It’s also close to transport, cafes, restaurants and the ferry,” Ms Hellams said.
“The top floor also has a glimpse of the water making for a nice aspect while the current owners have opened up the kitchen and done a renovation to make it quite spacious.”
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Ray White Victoria | Tasmania Chief Auctioneer Matthew Condon said last week’s impressive auction numbers capped off a solid last month of summer.
“Last week has seen yet another increase in auction volume for Ray White and Victoria as a whole,” Mr Condon said.
“It is promising to see that the increased volume has had no effect on the average number of active bidders at auction or clearance rate with both remaining very strong.”
In Wheelers Hill, Ray White Glen Waverley agent Cristine Jones said the auction of 52 Strickland Drive will be a true reflection of what the rising real estate market is doing. The four bedroom home has a price guide of $1,180,000 to $1,280,000.
“The owners have looked after the property beautifully which has been reflected in the solid response we’ve received from buyers who have mainly been families with two to three kids going to the local school,” Ms Jones said.
“It’s a nice, family environment on a leafy street with plenty of room for a family to enjoy.”
The latest Melbourne lockdown may have interrupted the campaign of 84 Bernard St, Cheltenham (pictured above) but it certainly didn’t scare buyers away from the home which has a price guide of $950,000 to $1,020,000. Selling agent Angela Limanis of Ray White Cheltenham said she made the decision to extend the auction campaign by a week to ensure she captured all potential buyers.
“It’s a good property that’s great for starting out or downsizing. For this reason, it’s received a lot of interest from first home buyers, investors and downsizers,” Ms Limanis said.
Ray White Queensland Chief Auctioneer Mitch Peereboom said February was capped off with possibly one of the best weeks on record for the Queensland network.
“I am proud to report an 82.5 per cent clearance rate under the hammer or prior to auction last week,” Mr Peereboom said.
“With an average of 8.3 registered bidders and 93 per cent of the 57 auctions conducted this would easily be one of the best weeks on Queensland's record.”
In Teneriffe, where the median house price hovers around $2 million, Ray White Ascot agent Damon Warat will be taking 63 Kingsholme St (pictured above) to auction this weekend.
The five bedroom home near the water was built by development company Bird Property Group last year and has had more than 100 groups through opens during the campaign.
“The house is unique because it’s hard to find land at the moment and being a new build and not a renovation makes it particularly sought after,” Mr Warat said.
“Enquiry has been great, it’s mostly coming from professional couples and families who plan to occupy the home and take advantage of the lifestyle on offer in Teneriffe.”
On the other side of the river, Ray White Marsden agent Rebecca Cuderman is set to sell a renovator’s dream at 54 Birch St. Ms Cuderman said she has had interest from across Australia with buyers coming from Melbourne, Sydney and SEQ.
“People love a renovation project and this one is on a corner meaning there is a lot more potential than with your standard block,” Ms Cuderman said.
“The majority are looking to flip it or on-sell while others are thinking about keeping it as a rental investment.”
The vendor bought the house seven years ago, stripped the interior then moved away, started a family and bought a new home. Despite leaving the power on for almost a decade, he never got around to finishing the renovation and has now made the decision to sell during a hot market.
Mr Peereboom will conduct the afternoon auction.
In Adelaide, Ray White South Australia Chief Auctioneer John Morris said during February almost 4500 people attended a Ray White auction.
“Of those 4500, just shy of 1000 registered to bid and 360 plus actively participated in the bidding, averaging at 10 and four respectively,” Mr Morris said.
“Of the 105 properties we sold under the hammer, our total reserve price was $42,386,000 and our total sales price was $50,102,360 - almost $7,750,000 sold above reserve price or almost $75,000 per property.
“Our average auction sale was 12.1 per cent above the highest offer and our auction day clearance rate was 83 per cent.”
Ray White Woodville principal Peter Kiritsis has received massive interest during his auction campaign of 110 Osborne Ave (pictured). A huge 150 groups have inspected the four bedroom Woodville home with Mr Kiritsis saying that they have mainly been young couples and families.
“The backyard has been really popular with families, everyone loves a beautiful, big backyard that’s ideal for kids and leaves plenty of room for further extensions,” Mr Kiritsis said.
In Western Australia, Ray White Applecross agent Jake Ecker will be joining the rest of the country’s auction action with the sale of 79B Jean St, Hamilton Hill (pictured). Not only will there be handmade yellow macarons but plenty of buyers at the auction after a campaign that has been popular with first home buyers, small families and downsizers. Ray White WA CEO Mark Whiteman will conduct the 1:30pm auction.
Mr Ecker recently sold the twin house next door 79C Jean St within two weeks of going to market through private sale. Both properties had an asking price of $599,000 and 79C sold for $605,000.
“Most of the buyers I’m seeing at opens are just wanting anything they can find, it’s one of the reasons next door sold so strongly,” Mr Ecker said.
“Buyers are coming from all over Perth and even as far as Kalgoorlie and Exmouth. Stock is tight at the moment so things are getting snapped up quickly. Hamilton Hill is near the well established, hotspot suburb of Fremantle so buyers are keen to get a foot in the door while also staying in the quieter, more family friendly areas bordering the area.”
