By all reports from the field, the Australian auction market is showing no sign of slowing down with 333 auctions booked today alone across Ray White, and eight in 10 of those properties sold under the hammer.
Ray White accounts for 26 per cent of the national auction share this week with 544 yellow branded auctions of the 2099 booked nationally across all other agencies and small independents. The group’s all sold clearance rate streak has consistently held at or over 80 per cent now since the start of February.
The property giant reports a 62 per cent year on year lift in new listing authorities in the last month to 5141 new properties across Australia. This volume is 22 per cent higher than two years ago. However total listings on the market have hit a new low, down 25 per cent on two years ago to 16,000 at the leading group. The extra stock is being absorbed quickly with no signs of easing in price or activity.
Ray White’s army is also appraising property in record numbers. In the last month alone, its members appraised almost 4000 prospective sellers, up 174 per cent year on year but more importantly up 45 per cent on two years ago. These leading indicators - along with strengthening online buyer clicks and enquiry plus continued growth in home loan pre-approvals recorded by the biggest and fastest growing home loan broker group in Australasia, Loan Market - all point to a strong winter selling season ahead.
“In fact, there is more new stock coming to market now than there has been for many years. As we look forward to May, we continue to see strong new listings numbers on the back of so many market appraisals currently being conducted,” said Dan White, Ray White's Managing Director.
“Auction clearance rates consistently held above 80 per cent, and agents reported strong private treaty sales. Our members met more buyers at open homes that they ever have before, with more than 152,000 check-ins at our opens during March, and our digital enquiries are also at record levels.”
Ray White New South Wales Chief Auctioneer Alex Pattaro said there were huge crowds out in force today across the harbour city.
“We continue to see strong bidding, and mass auction crowds rolling to Sydney auctions. Auctions are no doubt the best way to obtain the best price for our sellers, compared to other methods of sale. Competition at auction provides sellers with certainty they are obtaining the market’s best and allows the buyers to see the competition. Demand in the market remains strong with open for inspection and auction attendances up, it appears there is no sign of things slowing down anytime soon.”
The executive luxury waterside four bedroom home at 39 Pellisier Rd, Putney in Sydney today sold for $4.2 million, after smashing through its $3.5 million reserve.
Ray White Gladesville Sales Agent Joseph Mazar signed up nine registered bidders and four of them were active.
“They were all young families who were bidding. The winning bidder was a real estate agent from the city. It was a well contested auction, and exceptional properties are getting exceptional prices. The sellers are staying in the area.”
Mr Pattaro took the first bid from the floor at $2.8 million and bidding travelled up in $100,000s to $3.5 million and then in $50,000s and $30,000s increments. Both young families, the buyers and sellers, were delighted with the result today.
Ray White Cherrybrook | Thornleigh | West Pennant Hills Principal and Director Dion Verzeletti was on a roll with his office selling two from two auction sales today. The first at 5 Oak St, Normanhurst saw he and fellow Director Nathan Leuzzi attract four registered bidders and three of them were active. The house sold for $1.91 million in front of a crowd of 25 people.
The vendors are happy as they have bought in nearby Kellyville for extra space.
“We had 180 groups throughout the campaign and we had 27 contracts out. Two years ago this house was on the market for $1.35 million and it didn’t sell, so the sellers are very happy today. The market is very active. The only way to sell is at auction as it’s very hard to guide, so the market will set the price,” Mr Verzeletti said.
Then over at 21 Stuart Ave Normanhurst, agents Karen Page and Shweta Sahani sold for $1.51 million, with four registered and all active bidders. The reserve was $1.35 million and once again local families were the main buying group.
Ray White auctioneer James Kerley (pictured left) who loves to put on a show for his audience drew the biggest crowd scene in the whole country today to the resort-style home at 16 Sylvan Gr, Glenhaven where 200 people gathered to watch the auction which sold for almost $400,000 over its reserve.
Ray White Castle Hill Sales Agent Sam Shamal said the expansive single level six bedroom haven sold for $3.155 million after 18 registered bidders showed up and 10 were active.
“This architecturally designed family home offers an abundance of remarkably appointed resort style living and entertaining areas. It’s got everything,” he said.
“I ran an extensive campaign with 175 groups through the property and 100 of those were property owners in the area who all want to sell now,” he said.
“The sellers were approached to sell off market eight weeks ago for $2.4 million and they countered at $2.6 million. Then two weeks later they met me! I went in with a strong auction approach and the result speaks for itself. They are downsizing and over the moon now.”
In the Sutherland Shire, 51 Austral St, Malabar now has new owners after its auction today. Ray White Kingsford selling agent Theo Felekos said the auction flew after 19 registered bidders signed up for the house which has been in the same family for decades.
“The house was in a great location, right near the beach and is the perfect home for a buyer who wants to get their foot in the door of the sought-after Malabar area,” Mr Felekos said.
“We had 19 registered bidders and the final price was $2.030 million. The sellers are content as they knew their much loved house was worth top dollar. The buyers live in Kensington and have missed out on a few auctions with me, so they ended up hiring a buyers agent as they were so frustrated and fed up with processes. It worked for them today.”
Further west at 33a Cullens Rd, Punchbowl, the full brick four bedroom duplex sold for $1.150 million, after the public auction in front of 45 people was conducted in the front yard of the popular street which is close to Punchbowl Station. The bidder was said to have kicked off at $900,000 and there were two active bidders.
Ray White Queensland Chief Auctioneer Mitch Peereboom said had been another outstanding week the whole state with a number of properties selling under the hammer today and across our in-room auction events throughout the course of the week.
“We are seeing extraordinary selling prices, that's a direct result of competition being created between buyers. We are seeing reserve prices and sellers expectations being exceeded on a regular basis. And that's across Queensland not only in Brisbane, but if you look at the Gold Coast, Sunshine Coast and in North Queensland as well.
“The market is performing at a high level at all price points - from apartments in the $200,000s range, right through to multimillion dollar properties - all down the coastline.
“We look forward to the next few weeks and months ahead and we do so with so much confidence as we've got a lot of pent up buyer interest and buyers who are obviously missing out at auctions and we have under bidders that we know have the cash and they're ready to go.
“Our messages to sellers. If you get an offer early in your campaign or off market from a buyer, don't take it too early, get them in competition with other buyers that are prepared to pay similar numbers and you'll find the price will drive higher than what you could have ever imagined.”
The standout auction of the day nationally was in Brisbane where Ray White Ascot agent Damon Warat (pictured abpve) signed up 13 registered bidders for the auction of the grand estate at 28 Palm Avenue, Ascot which sold for $6.9 million. The sprawling 1,453sqm allotment looked like an extravagant Tuscan-inspired villa.
“This campaign had all the right ingredients. There had been huge enquiry and interest from buyers, we have had 70 plus groups inspect the house. Enquiries come from both local and interstate buyers,” Mr Warat said.
In front of a huge crowd in the garden, the bidding kicked off at $4 million, and progressed to $5.6 million when it was called on the market by veteran Ray White auctioneer Phil Parker.
“It was called on the market at $5.6 million and three bidders carried it up to $6.9 million, in fact the underbidder threw in a $1000 bid and was just $7000 away in the end. I knew this campaign had the right ingredients,” Mr Warat said.
“The sellers are over the moon, and they had their whole family there. The buyers fell in love with this house.”
On the south west of Brisbane, Ray White Wellington Point agent Stephen Sheppard today sold this well maintained four bedroom brick and tile home at 16 Osprey Drive Thornlands for $880,000.
Mr Sheppard had conducted almost 50 buyer inspections with several further second inspections during the campaign and there were six registered bidders today, four of those were active in the bidding action.
Ray White South Australia Chief Auctioneer John Morris (pictured in action) said it had been a massive week of auctions throughout the state with one shy of 200 auctions across all of the brands.
“Some 46 of them are Ray White auctions this weekend which is probably the biggest weekend we've seen for a long time. With 173 auctions scheduled throughout South Australia today, and 33 of them are Ray White auctions today.
“Last week, CoreLogic reported a clearance rate of 72 per cent while the same metric applied to Ray White came in at 77 per cent - I love seeing that slight difference that our members make when they apply everything that they should to the auction process.
“This resulted in a 9.1 average bidder registrations and a third of those participating and only 11 per cent of our auctions last week did not receive bidding.
“The preliminary clearance rate this week has been sitting on 77 per cent again and our average registered bidders have risen to 9.4 and every single auction so far this week has had bidding.
”Next week, it does go up a level, and we have 65 auctions for the Ray White Group throughout the week so I'm hoping to report some fantastic results from those.”
Ray White Henley Beach Selling Principal Anthony Fahey had a cracker of an auction today at 3 Castlebar Rd, Lockleys which sold for $1.005 million (pictured above are the happy buyers and seller).
“There were 12 buyers who registered to bid, and six of those were active. It was a strong auction with all local buyers who either wanted to move straight in or demolish it and redevelop. The winning buyers are planning on rebuilding the house, and retaining the huge rear studio. It was a great auction, the market activity is still at a very high level.”
Ray White Norwood agents were very busy this Saturday with Ray White Norwood agent Linda Clemente selling 2 Swan Ave, Rostrevor today for $760,000. Her colleague Nick Borrelli sold 23 Wecoma St, Holden Hill for $551.000.
“We had 28 registered bidders, it’s crazy! They were all mainly local home owner occupiers. It’s a good area and it was bought by an investor who will now rent it out," Mr Borrelli said.
Congratulations to Reece Pilgrim of Ray White Norwood for selling 45 Sussex Terrace, Hawthorn today. There were eight registered bidders and three were active, and the gorgeous sandstone fronted cottage sold for $1.180 million to the family pictured above.
"This circa 1910, solid brick, freestone fronted cottage has been significantly upgraded. It's a beautiful home on a 1170sqm block."
Meanwhile, Ray White Victoria Chief Auctioneer Matthew Condon said the state’s real estate market continues to exceed expectations with yet another day of strong auction results.
“Although we are seeing high volumes of auctions, it is clear that there's still more demand than supply. First time buyers were out in force today with properties under $1 million, experiencing high levels of competition and exceptional results. Based on preliminary data from the right wide group we have seen an increase in the average registered and active bidders per auction,” Mr Condon said. The network cleared 85 per cent today under the hammer.
“The strong buyer demand, combined with the market conditions continue to create conditions that are conducive towards sellers, achieving a premium price.”
Ray White Carnegie Sales Agent and Auctioneer Tom Grieve today sold the pretty as a picture little four bedroom house at 11 Kooringa Rd, Carnegie for $2.525 million.
“We had two bidders and they literally went head to head. There was a buyer’s range of $1.75 million to $1.925 million and there was no way we’d have sold prior. The result today shows that’s the power of auctions, as buyers need that social proof and evidence.”
The home - rich in character with its leadlight windows, 11ft high ceilings, original hardwood floorboards, picture rails and delightful verandah- has a big beautiful garden.
“The seller paid $1.72 million in late 2019, it only settled 19 months ago and he’s only painted it. He had plans to demolition it and rebuild but COVID put an end to that dream.”
Ray White Cheltenham Agent Alex Pearson continued his recent auction success this weekend with 21 Rosella Rd, Parkdale which sold for $1.324 million.
“The sellers are over the moon. It was a great auction with four registered and all active bidders. Two bidders dropped off at $1.2 million but then we put it on the market and bidders were flying after that.” Mr Pearson said.
“The new buyers are a middle aged couple who moved from Sydney three months for a change of scenery.”
Auction powerhouse office Ray White Ferntree Gully had 12 auctions scheduled today.
Ray White Ferntree Gully agent John Arroyo was always confident with both 25 Nathan St, Ferntree Gully which sold for $833,000 and 22 Barrett St, Upper Ferntree Gully which sold for $775,000.
Both properties had been popular with first home buyers while Nathan Street has also been attracting investors.
Mr Arroyo said there were definitely more properties hitting the market now and sellers are still achieving great prices over reserve.
“Sellers are realising now is a good time to sell while buyers are becoming more savvy too.”
The Gold Coast based seller of 25 Nathan St was delighted with the $833,000 result at the 9am auction.
“John did an amazing job rounding up eight registered bidders after we only decided three weeks ago to put the house on the market. It was a short and sharp campaign. John has kept in contact with us for many years so we knew that now was a good time to sell and not wait until next year. Never in doubt, it was a great result," she said.
