STOCK is up for Australasia’s leading group but buyer demand is continuing to outpace properties coming to market.
According to Ray White Now's real-time insights, the very same analysts who said that the market was set for a monumental correction a year ago are now saying the market is overheating and that price gains are only being driven by low interest rates and by a lack of supply.
While everyone keeps saying stock is in short supply the fact is our members, across Australia and New Zealand listed 9,394 individual pieces of stock in March 2021 across Australasia, compared to 8,616 in March 2020, and 8,481 in March 2019.
During March, Ray White also scheduled more auctions than ever before, which is particularly notable as 21 per cent of all auctions were managed by Ray White over the month.
After a quiet Easter long weekend, last Saturday auctions were back in full swing with 352 taking place around the country. Buyers again proved to be unstoppable as 6.4 average registered bidders and 3.5 active bidders attended auctions across all states. The national auction day clearance rate attested to this as Ray White sold 78 per cent of all auctions under the hammer. Sellers also achieved 13.21 per cent above their highest offer prior price on average.
In Sydney, where average registered bidders have been consistently one of the highest in the country, the clearance rate came in at 80 per cent while average registered bidders per auction sat at 8.5. And auctions sold under the hammer for 12.44 per cent more than the best offer prior on average.This Saturday, punters can expect another big day of auctions in the New South Wales’ capital with not only the inner city suburbs achieving premium prices but also those further afield representing great value for buyers and solid results for sellers.In his first auction as director and selling principal of the new Ray White St Marys business, Peter Diamantidis is off to a flying start. No. 95-97 Peter St (pictured above) in Blacktown has been with the same owners for 61 years. At 93 years of age the sellers are now ready to move on. Mr Diamantidis said the property has received a lot of interest from developers due to the location and zoning.“Developers and investors have shown a lot of interest because nowadays you can only get single blocks in Blacktown but the sellers bought two blocks originally and built one house on it with a temporary dwelling at the back,” Mr Diamantidis said.In nearby Lalor Park, Ray White Blacktown City agent Samantha Chin will be taking 3 Ibis Road to auction with Ray White auctioneer Tim Snell. The three bedroom home has a bidder’s guide of $680,000 to $740,000.“It literally has a white picket fence so first home buyers are really loving it. While it’s a 63 year old property it was built to last with solid weatherboard cladding, good quality wood and a new roof and renovations,” Ms Chin said.“It’s a prime spot for first home buyers with children or those wanting to start a family as the local schools are within walking distance.“Investors have also been popping up during the campaign because it is a great rental opportunity.”Further north in Edmondson Park, seller Nella Gattellari and her partner are parting with their home of eight years at 88 Diamond Hill Circuit to move to their preferred school catchment. Ray White Carnes Hill selling agent Shafeel Haq said they have hit record numbers of enquiries and open home attendees - especially with the house’s auspicious number 88.Ray White Wetherill Park agent, Mathew Bell has also had 63 families inspect 11 Price St and is confident he will be welcoming one of them as the new owner on Saturday. After being used as an investment, the vendors have given the property a new lease on life with fresh renovations and styling.
In Melbourne, the middle ring and outer suburbs again are the place to be for buyers this weekend. the vendors of 1 Southern Ct, Forest Hill (pictured above) have held on to the house for the last 48 years but are now downsizing. The Forest Hill home has a price guide of $1,050,000 to $1,155,000 and will be sold at a hybrid onsite and online auction here.Selling agent and Ray White Blackburn director Peter Schenck said over the campaign he has had 60 parties inspect the five bedroom house.“This is the first time this house has been offered, the sellers raised their family there but are now ready to move on. They have been working to freshen it up for the last five months to get the best from the market,” Mr Schenck said.“There’s been some great selling success in Forest Hill recently. We have been seeing some frustrated Blackburn buyers - mainly families - who have missed out in their ideal suburb and are turning to Forest Hill.“I grew up around the corner and I can remember playing in these kinds of courts. It has that family friendly environment and that’s what people are really looking at.”In one of Melbourne’s growth zones, Ray White St Albans agent Lam Nguyen is taking 5 Fawkner St, Sunshine North to auction for the first time ever. Mr Nguyen said the hype of the Melbourne Airport Rail is pushing prices up in the area as buyers realise the suburb's value.
“The upcoming Melbourne Airport Rail which is planned to run from Melbourne Airport through to Sunshine Station, then into the Metro Tunnel and the CBD onwards has been a huge drawcard for buyers,” Mr Nguyen said.
“Since the announcement of the Melbourne Airport Rail, prices in the area have been going crazy as it becomes more highly sought after.”
On Friday night, the 9 Gummow St, Swan Hill vendor will be taking the three and a half hour drive from Melbourne to attend Saturday’s auctions through Ray White Swan Hill agent Brian Wood. Hoping to snag a buyer who is keen for a treechange, Mr Wood said the house has been popular with a range of buyers.Later in the afternoon, Leigh Kelepouris of Ray White Oakleigh will end the day with two amazing back to back auction sales at 2/33 Gordon Ave and 82 Carmichael Rd, Oakleigh East.
In Brisbane, the property market is as hot as ever as Ray White agencies continue to celebrate auction wins.
On the southside, Ray White Annerley agent Bevin Powell is expecting some early morning auction success with 3 Appleyard Cres, Coopers Plains (pictured above). Mr Powell said after 26 years, the current owner is ready to downsize.
“It’s quite an emotional sale as it’s been the family home for almost three decades,” Mr Powell said.“We’ve probably had about 100 groups through so far. Every second person likes it and can see themselves living there because of the accessible and easy layout.”Also on the southside, Ray White Sherwood | Graceville agent Douglas May will be including all the furniture with the auction sale of 44 Thomas St, Sherwood which is shaping up to be one to watch.On the Gold Coast, a beautiful Hamptons style home at 63 Alec Ave, Mermaid Waters is set to have new owners after the afternoon auction on Saturday. The five bedroom home will go under the hammer through Daniel Donovan of Ray White Mermaid Beach.
Adelaide’s market continues to grow and auctions have become a Saturday staple in the South Australian capital. Ray White Henley Beach selling principal Anthony Fahey is on a hot streak with another prime property going to auction this weekend at 17 Clyde Ave, Lockleys.Ray White Canberra are leading the way as auctions take off in Australia’s capital city. Treston Bamber of Ray White Canberra has a busy weekend in store with 20 Bancks Cres, McKellar and 4 Karamu St, Harrison both going to auction on Saturday.Meanwhile, fellow Ray White Canberra agent Peter Walker has his listing at 53 Woolner Circuit, Hawker (pictured above) heading to the auction block for a successful sale this weekend.
