ACROSS the country, buyers are flooding the market and proving they will stop at nothing to secure their dream home.
Recent record results for Ray White were clearly driven by the current record volume of buyer demand. To understand exactly how buyers are influencing the real estate landscape, the initial buyer metric to take into consideration is the number of buyers viewing properties online. Over February, the Ray White group has seen over 5.27 million views across Ray White websites. This is 65 per cent higher than this time last year. This has resulted in over 57,691 enquiries being sent, a volume which is 35.1 per cent higher than the same period last year.The demand hasn’t stopped at online activity. Across auctions since 1 January, Ray White recorded an average of 6.5 registered bidders per auction and of these bidders an average of 3.6 actively participated. Vendors who proceeded to auction were rewarded with almost 12 per cent more under the hammer than the highest offer prior.The final consideration to look at when measuring the volume of demand in the market, and arguably the most significant, is the number of people obtaining pre-approvals for finance. Pre-approvals are a key leading indicator to buyer confidence knowing they have the financial capacity to buy the property.Loan Market is seeing record numbers of pre-approvals across the country with 53.44 per cent more than this time last year.As Ray White continues to see strong numbers across these buyer metrics, the question is - what factors are contributing to buyer confidence? Ray White Managing Director Dan White said it’s a combination of three elements.“Firstly, interest rates are at record lows. Importantly, the general consensus among economists is that they will remain at these low levels for the foreseeable future,” Mr White said.“Secondly, banks and lenders remain very supportive of lending for residential property. Then thirdly, record levels of government stimulus continue to support buyer sentiment.“At the moment, despite our expectation of a lift in new listings numbers in March and April, buyer demand is still outpacing new stock additions.“Demand is expected to remain strongest from first-time buyers and upgraders, many of whom are spending money on a house they might otherwise have used overseas on holidays.”Since January 1, the Sydney market has exceeded expectations with 82 per cent of auctions selling under the hammer as an average of 8.1 registered bidders attended. Average active bidders is also up on last year at 4 per auction. However, 32 per cent of auctions sold prior despite the fact that on average those that made it to game day sold almost 12 per cent more than the highest offer prior.On Saturday, the childhood home of renowned explorer Sir Douglas Mawson will be up for auction for the first time in 50 years through Ray White Surry Hills | Alexandria | Glebe | Erskineville director Matthew Carvalho. The 285 Glebe Point Rd (pictured above) terrace, built in 1882, is a landmark home among the Palmerston Terraces in Glebe. Sir Mawson and his elder brother William moved with their parents to Glebe from Rooty Hill in 1893. They first lived in one of the Glebe Point Road homes which was opposite the old Valhalla, then later moved to a property near where the Toxteth Hotel now stands.While the historic house, which has a price guide of $2,000,000, needs a complete renovation, Mr Carvalho said that due to demand for unrenovated homes during COVID, along with its location and history, he is confident of a strong result on Saturday.Increasingly desperate buyers who have failed to secure a house are now turning to apartments like this 1/2-6 Bridge Rd, Stanmore unit which will be going under the hammer this weekend. Selling agent Tina O’Connor of Ray White Inner West said with houses being snapped up so quickly, she is seeing many people turning to apartments as the easier solution.“At the moment we’re seeing an average of 11 registered bidders at our auctions, meaning there are 10 people walking away without buying at all,” Ms O’Connor said.“Our auctions have been highly competitive and people are starting to get a bit frustrated trying to buy something so they’ve widened their search and are now considering townhouses and apartments when maybe a year ago they wouldn’t have.”After 125 groups through OFIs, Ms O’Connor is expecting another competitive auction that will draw plenty of young couples looking to snap up something trendy and close to the city. Ray White NSW Chief Auctioneer Alex Pattaro will conduct the early morning auction.
Melbourne is heading for another what feels like Super Saturday with 120 properties set to go under the hammer on the weekend.A smart home in Ashwood is expected to be one of the stand-out auctions. The 2/26 Teck St (pictured above) townhouse comes with CCTV, app and voice controlled technology, electric roller blinds, temperature controllers and alarm system. Ray White Mount Waverley Managing Director Courtney Matthews said almost every aspect of the home is voice or WI-FI controlled.“The seller is an engineer who has created a state-of-the-art smart home where every room has a thermostat that can be set even before you get home. It has almost every technological amenity you might need,” Mr Matthews said.With a price guide of $1,050,000 to $1,150,000, the townhouse has been popular with a broad range of buyers from young professional couples, to small families with primary school age children, and even early downsizers.Downsizers and first home buyers will be competing this weekend for 7/57 Bayswater Rd, Croydon. The location, livability and $540,000 to $580,000 price guide have all been big draw cards for buyers according to selling agent and Ray White Ringwood Director Chris Watson. Mr Watson expects another great auction result after a string of strong sales over the past few months for the office.“More stock is selling at auction and we’ve had a lot of great results from that - we’re getting prices we didn’t think were achievable,” Mr Watson said.“Buyer demand is huge. At the moment, our average registered bidders at auction is close to nine.“There is more stock coming to the market but it still feels like levels are low because properties are getting snapped up so quickly.”
The team at Ray White Cheltenham are set for another big weekend of auctions with 2/11 Rossmith Avenue, Beaumaris from agent Angela Limanis starting the day off. The apartment has had a huge amount of interest, particularly because it’s the only two-bedroom townhouse unit currently for sale in the entire suburb. Not only have first home buyers been flocking to inspections, but investors are starting to come back to the market and have their eye on the Beaumaris unit. The on-site auction will also be streamed live on Gavl here.Only an hour later, Ray White Cheltenham’s Kevin Chokshi will host his own auction at 1/6 Johnston St, Mentone which has a price guide of $860,000 to $920,000. The auction is sure to be a success after a massive 150 groups attended inspections over the course of the campaign.In the sought-after and family friendly outer suburbs of Melbourne, Ray White Mernda Director John Metaxas and Ray White Gladstone Park Agent Dom Zampaglione can both boast some auction highlights to come this Saturday.Mr Metaxas had received strong interest on 20 Jondarvan Dr, Mernda (pictured above) from first and second home buyers while Mr Zampaglione’s 38 Catherine Ave, Tullamarine is sure to be snapped up in the hot Melbourne market.
It may be cooling down in Brisbane this week but the market is still red-hot. An Annerley cottage at 38 King St (pictured above) will be one of the big highlights of the weekend after Ray White New Farm Agent Meaghan Bakker was “bowled over by the response”.“It’s the kind of home that everyone is looking for at the moment because it has so much potential,” Ms Bakker said.“There’s been a good mix of interstate interest from buyers in Sydney and Melbourne who will be flying up here for the auction and from local families looking to develop the site for their children.”In Manly West, Ray White Victoria Point agent Vern Jensen will be welcoming a new owner to 111 Whites Rd which is up for sale after 45 years. The home has appealed mainly to the younger generation who aren’t afraid of a renovation project with many interested buyers planning to renovate or lift the property.In the afternoon, 108 Hakea St, Crestmead is also set to sell well at auction through Ray White Marsden agent Cory Boyd.
In Adelaide, the Ray White Norwood team have become an auction force to be reckoned with and the powerhouse team have several stand-out auctions scheduled for Saturday.In the morning, Ray White Norwood agent Nick Rogers will finish off a brilliant campaign for 13 Karong Avenue, Edwardstown. The three-bedroom home has garnered 4,400 property views which has translated to 75 property inspections from prospective buyers. Mr Rogers said he is seeing equal interest from first home buyers and upsizing families.“Like everywhere, buyer demand is out of control. There is still not enough stock and buyers are becoming progressively more desperate," Mr Rogers said.There’s been no shortage of buyers in Valley View either where fellow Ray White Norwood Agent Lawrence Cocca has had almost 100 groups through 62 Knightsbridge Avenue. Mr Cocca said it’s typical of what everyone in Adelaide is experiencing.“The market is great right now, I think everyone is seeing that at the moment. We decided the best sales method for Knightsbridge Avenue would be auction because of the price point and competition in the market,” Mr Cocca said.Nick Borrrelli, also of Ray White Norwood, is expecting a good turnout for his auction at 5 Korong St, Hope Valley. The property has been popular with developers and renovators because of its great potential for an upgrade or development.Ray White Henley Beach selling principal Anthony Fahey will also share in the auction success with 13 Shirley Crescent, West Beach and 63 Main St, Beverley (pictured above). Both properties have attracted huge numbers at opens and are expected to sell for above expectations.
A hot market in Perth has led to some amazing results at auctions conducted by Ray White WA members. Ray White Whiteman & Associates Agent Gregory Swiatek will be taking an unusual listing to auction this Saturday with 7 Clifford Way, Noranda. Called “the perfect family home” by Mr Swiatek, the five-bedroom property has attracted buyers from across Perth.Off the back of a series of impressive auction successes, Ray White South Perth Principal Jannine Blum will also be taking 36 Bradshaw Cres, Manning (pictured above) to auction on Sunday at 12pm. The South Perth agent said there’s not really anything which has sold like this in the last year in her area.“We’ve had 85 groups through opens since going live, which is crazy. Twelve months ago you would be lucky to see 10 groups - it’s completely changed in a year,” Ms Blum said.“Stock levels have reduced by about 50 per cent for us compared to before COVID and rental vacancies are the lowest we’ve seen in a while which has been helping demand for houses.“Properties are generally selling within the first week so buyers have been taken off-guard and are scared of missing out”Ms Blum added that Perth buyers are now also becoming more receptive to the auction method because of the transparency of the transaction.
