Buyer demand continues to grow

LAST weekend, Ray White auction volumes across the country made a comeback but increased numbers still couldn’t outpace voracious buyer demand.

The number of bidder registrations for the leading agency hit 4.8 people nationally marking an increase of 2.7 on this time last year.

Despite school holidays, this weekend Ray White auction numbers are holding steady with 175 homes going under the hammer on Saturday including eight through one of the country’s top agencies Ray White Surry Hills | Alexandria | Glebe | Erskineville.

Associate Director Matthew Carvalho from the inner Sydney group is auctioning two of those eight with both being called by Ray White NSW CEO Jason Andrew.

First up will be Terrace 9, 269 Trafalgar St, Annandale which Mr Carvalho said has attracted both upsizers and downsizers from around Sydney.

“Feedback from buyers has been good and they’re particularly liking the size of the house and that it’s got a double garage plus an extra car space which is almost unheard of in the inner west,” Mr Carvalho said.

Later in the day will be 134 Catherine St, Leichhardt (pictured above) which is currently getting interest from first and second home buyers. Mr Carvalho said space is a big factor for these buyers and the three bedroom Leichhardt home ticks that box.

“It’s a good layout on a great size plot of land. The buyers are predominantly a little bit younger - couples or families with one child,” he said.

“They’re coming out of apartments and upsizing for more space and to get into more of a community which Leichhardt offers.”

Despite recent uncertainty, Mr Carvalho also said he is finding that good properties are still in high demand.

“Supply is still so low particularly for free standing homes but we’re finding when they are on the market, prices and demand are quite strong and will continue to be so until inventory begins to spike,” he said.

In south Sydney, Ray White Caringbah Principal Wendy Samrani is predicting a great result for the three bedroom home at 16 Binney St, Caringbah South.

Ms Samrani said she has already had 70 groups through the house for inspections and has given out 30 contracts.

Instead of a price guide, Ms Samrani is pointing buyers to a comparable auction sale from just before lockdown at 20 Binney St which sold for $1.475 million.

“We’re looking forward to a really successful auction, we’ve had huge interest,” Ms Samrani said.

“It will be interesting to see how much it sells for compared to the one a few doors down which sold on the week lockdown measures began.

“The market is a lot more confident at the moment and that fear of the unknown that we saw back then is gone, things are getting back to normal and there is a huge demand for land in Caringbah.”

Ms Samrani said interest on the home was mainly coming from two separate buyer groups.

“There’s been huge interest from young families wanting to renovate the house and recreate their own home because it is already a well presented family home that comes with a huge four car garage,” she said.

“On the other side it has also been attractive to developers wanting to knock the house down and build a dual occupancy property.”

As Melbourne prepares for further lockdowns, Ray White agents and auctioneers are making quick work of converting on-site auctions to online.

In eastern Melbourne, Ray White Mount Waverley Managing Director Courtney Matthews has moved the auction of 10/24-26 Dunoon St, Murrumbeena (pictured above) to a split on-site/online method.

Mr Matthews said the decision was made after increased restrictions meant he couldn’t have more than 20 people per auction.

“The auction will be online and onsite to accommodate any bidders who aren’t able to be there on the day,” Mr Matthews said.

“We’ve had 91 groups through and expect the property to fly. A lot of the interest has been from first home buyers, young couples and a few investors.

“The market appears to be more balanced with stock coming to market taking up buyer demand.

“I think Melbournians are on edge about possible lockdown restrictions but if that happens, as an office, we are well prepared to go back to a selling environment that is conducive to anything the government puts in front of us.”

Ray White Glen Waverley Partner Marc Lum will also be looking at moving his auction at 14 Lea Rd, Mulgrave to the virtual space after receiving strong interest from buyers.

“We’re very confident with this one, we have had 50 groups through and then seven extra repeat inspections,” Mr Lum said.

“It has mainly been young couples, young families and investors - mostly aged around 25 to 35 years old.

“That age group represents good buyers, people who have finance ready and secure jobs not affected by COVID.

Mr Lum is giving out a price guide of $750,000 to $800,000.

In the tightly held Brisbane suburb of Red Hill, the renovated Queenslander at 55 Enoggera Tce (pictured above) will be going under the hammer this weekend.

Ray White Ashgrove Elite agent Tamara Lee said the house has been popular with 106 groups through open homes and several private inspections.

“We’ve been surprisingly surprised with the market which has stayed really strong,” Ms Lee said.

“Most of the buyers who are coming through here are double income couples or families wanting to get into that tightly held Paddington and Red Hill pocket.

“There has also been significant interest from downsizers who want more of a substantial house in a nice suburb but nothing too oversized.”

Not far from the Brisbane CBD, Ray White Alderley licensed real estate agent Kim Ridings will also be auctioning off the two storey 29 Hall St home in Alderley. The auction is set to have some competitive bidding and is being called by Ray White Queensland Chief Auctioneer Mitch Peereboom.

Ray White Labrador Principal Darren Davey said he is starting to see the market pick up in his area after interest on the four bedroom 4 Tuesley Court, Southport hit triple figures.

“We have had 150 viewings of the property. We are getting both investors and owner occupier interest because of the good corner block, granny flat and great location,” Mr Davey said.

“There has been a lot of enquiry and a really good response from the market, we believe it’s starting to pick up for houses and duplexes as confidence comes back.”

In Adelaide, Ray White Glenelg | Plympton Property Sales Consultant Rod Smitheram is predicting a good turnout for 1/13 Second Ave, Glenelg East.

After 65 groups through inspections, Mr Smitheram is expecting some genuine bidders at the 11am onsite auction.

“It’s a downsizers property and the big thing with this one is the location - it’s literally 90m to the Glenelg to City tram and a five minute walk to Jetty Rd which is a major coastal hub,” Mr Smitheram said.

“The market here has been really good, we can’t get enough stock and we’ve got high demand. Turnover is low in this area so with a bit of competition we should have a great result.”