WHILE overall listings may be down, the monthly trend says otherwise with new properties coming to the market outstripping that of previous years.
Ray White Managing Director Dan White said every community is abuzz with stories of amazing local sales results which are being driven by record levels of buyer interest that is fast outpacing increasing levels of stock.“Many people seem to think that these results are caused by a lack of stock available for sale. This is not the case,” Mr White said.“It is true that the total number of listings on the market across Australia are down on last year but total listings aren’t that relevant as they include all kinds of old stock.
“A more relevant question is: how many properties came to market in the past month?”
In Australia, in February Ray White listed 5,977 properties which was nearly 10 per cent more than was listed in February 2020 and 15 per cent more than 2019. Ray White also sold 4,819 properties in the month. Meaning Ray White is listing more property than they have for the past two years, and listing more than they are selling. There are also some early signs in March that listing numbers are continuing to rise.Last Saturday was also a great start to March auctions for Ray White with a recorded national clearance rate of 83 per cent after 146 properties proceeded to auction. Average registered bidder numbers continue to prove high buyer demand after an increase of 4.6 from last year brought the number up to 7.5, while an increased 3.9 buyers actively bid.In Sydney, auction metrics also trended up with the most notable number being the 9.9 average registered bidders across all auctions. The auction clearance rate increased by 40 per cent on last year bringing the number to 89 per cent.Auctions may not be the standard sales method for properties like 15 Woodlands Rd, East Lindfield (pictured above) but selling agent Jessica Cao of Ray White Upper North Shore said the auction method will yield the best sales result in today's competitive market.
“It is quite rare to auction this type of property, usually they are sold by private treaty or expression of interest, but because the market is so strong, we are confident that we can achieve the best result through auction,” Ms Cao said.
The five bedroom home, which was built by the current vendors a year ago, has been popular with local families in the area who are looking for more space after spending half of last year in lockdown.
“It has space for everyone and with separate living areas, no one has to live on top of each other. Open plan living is very attractive for a lot of buyers at the moment,” Ms Cao said.
In the leafy, family-orientated suburb of East Lindfield, the home has attracted massive interest with 220 groups inspecting the house while Ms Cao has been quoting a price guide of $4.1 million to $4.5 million based on recent sales in the area.
In Redfern, Ray White Touma Group principal Charles Touma and agent Max Klimenko have an auction fight on their hands with first home buyers, downsizers and professionals eager to battle it out for 6/83 Marriott St. The two bedroom unit in the popular inner city suburb has a price guide of $1.2 million.
In Melbourne, Ray White Cheltenham auction king, Kevin Chokshi is backing it up for another weekend with two auctions shaping up to be roaring successes following last week’s $110,000 above reserve success at 1/23 Tulip Grove. Tipped to be the standout is 4B Shipston Rd, Cheltenham with a price guide of $730,000 to $800,000. Closely following will be 24 Sycamore Avenue, Mentone (pictured above) priced at $850,000 to $920,000. Like many others, the vendors of Sycamore Avenue have made the decision to move interstate and plan to be on their way to sunny Queensland soon.
If COVID has taught the vendors of 2/13 Cassels Rd, Brunswick anything, it’s that you no longer need to sacrifice lifestyle for location. The young family will be moving closer to family and the beach after their auction this weekend which is expected to be one of the standouts of the day.
Selling agents Abdul and Jamil Allouche aren’t confident for no reason, they’ve overseen close to 300 inspections of the two bedroom townhouse - the most they’ve ever seen by a mile. Mr Jamil Allouche said the townhouse, which is priced at $710,000 to $750,000, is in a great location and utilises space well.
“The functionality of the space is amazing, every bit has been utilised well by the current vendors. It’s really attracted buyers upsizing from small apartments wanting to get into a really cool pocket of Brunswick,” Mr Jamil Allouche said.
Unit 1/19 Lillimur Rd, Ormond was only built a few years ago but is unusual for it’s time. Selling agent Tom Grieve of Ray White Carnegie said it’s not often that you see brick and concrete apartments anymore with a decently sized courtyard.
“The huge courtyard is drawing buyers in but once they inspect it, they are finding it’s a really well built unit. There are a lot of apartment buildings going up in the area but we are finding that the percentage of properties with a courtyard are decreasing,” Mr Grieve said.
“It has a lot of lifestyle appeal, especially now and it’s squeaky clean with no body corporate issues so people are really warming to that.”
The apartment, with a price guide of $560,000 to $610,000, has attracted both first home buyers and downsizers along with a few investors.
Meanwhile, on sunny Brisbane’s southside, Ray White Bulimba agent Trevor Egan won’t be left out of the auction success with 123 Canopus St, Coorparoo (pictured above). Mr Egan said after an impressive four week campaign, the auction will be one to watch.
And in Adelaide, Ray White Norwood agent Ryan Stapleton’s 28 Camelia St, Tea Tree Gully vendors are parting with their home after 54 years. Ray White SA Chief Auctioneer John Morris will conduct the auction.
“It’s a bittersweet moment for them but there are a lot of young family buyers showing interest because it’s in an amazing location with a lot of renovation potential,” Mr Stapleton said.
“The vendors are hoping the next owners will give it a new lease on life.”
