Seller's market continues to thrive in the spring sunshine

TODAY was all about sellers as Ray White auctions across the country achieved premium results for those putting their trust in the market.

The Ray White Group booked a preliminary clearance rate of 59.6 per cent, in a week when the leading group conducted nearly 32 per cent of auctions across Australia.

Sydney was the star of the show today with a strong preliminary clearance rate of 66.7 per cent. The leading auction house also saw 5.6 registered and 2.8 active bidders per property, on average.

Ray White New South Wales Chief Auctioneer Alex Pattaro said the spring rush continued with strong open for inspection attendance and bidder numbers at auctions.

“We're seeing strong bidding activity with most auctions obtaining early bids,” Mr Pattaro said.

“Our Ray White data suggests that auctions that see over six registered bidders holds a clearance rate of circa 90 per cent.

“We have an influx of properties coming to market and early indications suggest November will be a bumper month.

“We've also noticed a number of buyers who are upsizing and trying to get into the housing market.

“Buyers understand that there's competition in the market and suggest they're prepared to go above and beyond to secure their dream home.”

The preliminary highest sale of the day belonged to Ray White Surry Hills Associate Director Matthew Carvalho and Sales Executive Bianca Field as they sold 8 Alexandra Road (pictured above, being called by Ray White Auctioneer James Keenan) in Glebe for $2,390,000.

“This was an excellent result for our vendor as the feedback we’d received prior to the auction was in the range of $2,100,000 to $2,200,000 so the sale is further proof of the benefits of taking your property to auction to get the best price possible,” Mr Carvalho said.

“The campaign was really active with around 100 groups coming through the property with mainly locals looking to upgrade and get into this sought-after pocket of Glebe.

“It’s rare to get a single-fronted house in one of the best streets and the winning buyer - one of the four active bidders - is an investor from the Sutherland Shire. The sale price reflects that good properties will achieve good results in the current market.”

The day got off to a cracking start in Stanmore as Ray White Surry Hills Director Ercan Ersan and Sales Executive Monique Jansen (pictured above) sold 207 Corunna Road for $1,647,000 - a whopping $147,000 over the reserve.

“This was an exceptional result for our vendors and it shows how strong the market is in the Inner West of Sydney right now - they’re rightly delighted with the outcome,” Mr Ersan said.

“The campaign itself was incredibly active with over 100 groups coming through the open homes and we also issued 14 contracts - such was the interest on this property.

“That translated into four of the six registered bidders competing on the day as the price flew through its reserve - the sale also smashed the highest offer prior of $1,500,000.”

Vendors Marcus Ward and Su Jing (pictured above left, with Mr Ersan, right) lauded the work Mr Ersan had done throughout the campaign and they commended the timing of listing their property to take advantage of a seller’s market.

“Ercan was absolutely fantastic throughout. He brought together a team of both painters and electricians that allowed us to undertake some renovations in the kitchen and bathrooms in just two weeks to get the property ready to sell,” Marcus said.

“Ercan recommended now was the time to sell to take advantage of low stock and that timing made a big difference - we had lots of interest and the price exceeded our expectations.

“Selling during COVID-19 actually made it exciting because it gave us the chance to take on the negative speculation and Ercan and the team helped us defy all of that speculation.

“Ercan’s communication was wonderful and he attracted such a variety of buyers which gave us the opportunity to pivot throughout the campaign - we’re very happy with the outcome.”

The success continued in Wiley Park as Ray White Punchbowl Sales Agent John Yatman (above) sold 44 Rawson Street for $1,300,000 - $90,000 over the reserve.

“Punchbowl is becoming more and more popular with buyers as it’s just a 25-minute drive from the city and all the train station upgrades are due to be completed by 2024,” Mr Yatman said.

“Interestingly, we had 35 groups through the campaign and more than a third of them actually registered to bid on the day with seven of the 13 actively competing to drive a great price.

“Even more interestingly, the winning bidder was the next door neighbour. They plan on doing a few renovations to the home and then renting it out as an investment property.”

Ray White NSW Chief Auctioneer Alex Pattaro calling 44 Rawson Street, Wiley Park, NSW.

Vendor Billy Wong said he was very happy with the final outcome after what was a short and sharp four-and-a-half week auction campaign.

“I was very happy with the strategy John presented with me with - he clearly knew his market very well - and I was pleased with how many buyers he was able to attract,” Mr Wong said.

“It is a different time to be selling your property in but with interest rates so low and so many finance-ready buyers I thought we had a few tail winds that would really help us along the way.

“It wasn’t without risk but we wanted to get it done now. We could see properties were selling and John’s advice was to sell and that gave us confidence - the outcome beat our expectations.”

Vendors of 40 Kinloch Circuit, Bruce.

Canberra has been home to a number of outstanding auction results recently and today was no different in the capital as Ray White Canberra Senior Sales Consultant Andrew Lonsdale successfully managed the $1,400,000 sale of 40 Kinloch Circuit in Bruce.

“This was a really great result for our vendors with the property selling well over the reserve price following competition from five of the nine registered bidders,” Mr Lonsdale said.

“The property attracted more than 60 groups through during the opens with upsizers looking to move closer to great schools and cut that commute into the city right out of their day.

“The market here is buoyant and that’s driven by the demand for property outstripping the supply at the moment. With people unable to go overseas, we’re seeing people wanting to transact and move into their dream home as an alternative.”

Ray White Victoria and Tasmania Chief Auctioneer Matthew Condon (pictured above) said since the reintroduction of private inspections in Melbourne, the number of scheduled auctions for Ray White Victoria this week had significantly increased

“It was great to see that the increased supply was met with even higher buyer demand,” Mr Condon said.

“Based on preliminary data from Ray White Victoria, we averaged over six registered bidders per auction, with a healthy preliminary clearance rate.

“This was evident in our online auctions today with competitive bidding - even once properties were announced on the market and selling.

“It's amazing to see that sellers who decided to launch their properties for sale amid Stage 4 restrictions have been heavily rewarded with exceptional results.”

The return of private inspections several weeks ago in Melbourne are beginning to pay off for buyers and sellers this weekend.

With 34 auctions scheduled by the Ray White Group in Victoria’s capital, it’s clear the property market is trending up.

The stand-out auction of the day was 87 Pakenham Street, Blackburn. The four bedroom home went for $2,105,000 through Ray White Forest Hill Agent Steven Yuen (pictured above).

There were five active bidders of 13 registered who were fiercely battling it out for the chance to call the Blackburn home their own.

In the end it was a family who had been renting who claimed the keys after an hour long auction that began at $1,700,000 and called on the market at $2,050,000.

Mr Yuen said that he has noticed buyers and sellers have been motivated to transact before the end of the year.

“Judging by this sale, buyers are extremely motivated to buy and settle before the end of the year - particularly those who have already sold a house,” Mr Yuen said.

“There’s also been a lift in stock levels over the past week. I’ve had several pop up this week and I think homeowners are becoming confident that now is a good opportunity to sell.”

After a strong campaign with almost 70 individual private inspections, the three bedroom home at 10 Laura Street, Clayton South (pictured below) recorded another impressive sale price.

The morning auction began at $700,000 and was called on the market by Ray White Oakleigh’s Robert Cincotta (pictured above) at $935,000.

But the eight active bidders were ready to push the price higher as it eventually sold under the hammer for $978,100.

The successful buyer was an investor with plans to rent the property before redeveloping the land in the future.

Ray White Clayton selling agent Elroy Malowney said he thought it was going to be a difficult market to sell in but was thrilled with the strong, last-minute buyer demand.

“Buyers are out in full affect. They didn’t give us much indication prior but when it came to the auction there was no shortage of bidders,” Mr Malowney said.

“We have a lot of sellers thinking about putting their homes on the market next year but they've seen the quantity of buyers coming through and that sentiment is starting to change.

“They're realising that now is the time to buy while there is less stock and lots of competition in the market. Many have said the market is almost similar to 2017 with the level of buyer interest around.”

Mr Malowney’s stock levels are now beginning to increase and have almost doubled over the past two weeks in the post private inspection restriction landscape.

Laura Steet sellers and siblings Helen, Stan and Silvia were selling the property on behalf of their late parents. Silvia donned her lucky red shirt and the three nervously tuned into the online auction and said they were delighted by the result.

“Mum and dad built the house and it was our family home for many years so it’s a bittersweet moment for us,” the siblings said.

“But we’re very happy with the price it went at which was unexpected as there were concerns about the market. Our parents were definitely looking out for us today.”

It’s been a little while since Ray White Cheltenham’s Kevin Chokshi (pictured above) called an auction but he was raring to go this morning as he sold 2/8 Glyn Court under the hammer.

There were five registered bidders tuning in as the auction began at $650,000 and ended at $745,500 after the home was called on the market at $735,000. The buyers were a local couple and the underbidders were downsizers.

Mr Chokshi said it felt great to get back to auctions with this marking his first since private inspection restrictions eased.

“We’re feeling fantastic about the market. Stock levels are healthy compared to the last few months and both myself and the Cheltenham office are on track to post the biggest month in the industry to date,” Mr Chokshi said.

“In the previous lockdown, buyers were worried about the market but now there are a lot of enquiries and they are very forthcoming. It’s a completely different mindframe.”

Mr Chokshi also sold 23 Delville Avenue, Mentone for $1,010,000 directly after through online auction as three registered bidders watched. The four bedroom, Mentone house went to a family from Mount Waverley.

Ray White Nagambie Principal Mark Boyer also took the top registered bidders spot across the country with his online auction of 391 High Street, Nagambie (pictured above). The auction drew 27 registered bidders and sold for $411,000.

Ray White Queensland Chief Auctioneer Mitch Peereboom said it was wonderful to see another week of great activity with plenty of registrations across auctions this week.

“Buyers are actively competing for properties, they're willing to be involved, and certainly it’s coming through with some great results for our sellers,” Mr Peereboom said.

“If you look at the different market segments as to what’s performing, we’re seeing some excellent results across the board.

“Today, we had an auction with Angela Duncan from Ray White Aspley at 2pm which was outstanding. There were 12 registrations and selling for $875,000 in Banyo.

“It shows that buyers are out, looking to buy, and are looking to settle before Christmas.”

It was an excellent start to the day in Brisbane as Ray White Bulimba Sales and Marketing Consultant Jonathan Peck and Sales Agent/Auctioneer David Farrell successfully managed the $1,452,5000 sale of 7 Birkalla Street.

“Our vendors have owned the property for 10 years and undertook a fantastic renovation just four years ago and they’re delighted to be able to move onto their next chapter,” Mr Peck (pictured above left with vendor Graham) said.

“There was a huge amount of interest in this property with the campaign attracting more than 60 groups through the open homes and eight buyers registering to bid today.

“The Brisbane property market continues to be red-hot and Bulimba has now been on an upward trajectory for some time - it’s great to see so many buyers out and about.”

Sellers Jen Maclaine and Graham (pictured above) said they were very excited and they were pleased to be able to achieve a good result as they now looked to downsize to a new property.

“We just think it’s a good time to be selling. Graham and I have been talking about it for a while and we just decided to do it and to see what the market does for us,” Ms Maclaine said.

“We had a lot of people through and a lot of interest and that was very positive for us. It’s really great living so close to the ferry and Oxford Street and we’ll miss it, but the time was right.

“We’re now the house hunters and whether that be an apartment or a seaside residence or something like that remains to be seen - but that’s something we now get to talk about.”

That was followed by an exceptional result in Mermaid Waters as Ray White Mermaid Beach Sales and Marketing Consultant Daniel Donovan and Co-Principal Connor Malan successfully sold 20 Tequila Court (pictured above) for $1,710,000.

“The campaign for this wonderful property attracted incredibly strong interest - I was taking people through FaceTime inspections from Denmark, Saudi Arabia and the United States - and by the end, more than 130 groups had inspected,” Mr Donovan said.

“That led to five of the 15 registered bidders competing on auction day as the property sold well over the expectations of the vendor - she is so happy with the final result.

“There’s no doubt demand is outstripping supply. Our office has just had it’s biggest month ever and there’s never been a better time to sell. The buyers from Toowoomba were originally from the coast and loved the north-east facing aspect and the 28 metres of water frontage.”

Ray White South Australia Chief Auctioneer John Morris (pictured above) said the Adelaide property market was red-hot at the moment.

“If I was considering selling in the next 12 to 18 months, I would certainly bring it forward to now with the results we're seeing,” Mr Morris said.

“Last week, we saw 8.2 average registered bidders per auction with at least half of these participating in the action, and that resulted in a 75 per cent clearance rate.

“It looks like we’ll be having much the same this week. We had 53 scheduled auctions taking place across South Australia with 21 being called by Australasia's largest real estate group.

“Preliminary results for this week show 8.9 average bidder registrations so far and every single auction has had bidding and this has led to a very healthy 75 per cent clearance rate.”

The sellers of 33 Fulham Park Drive in Lockleys.

There was a lot to be happy about for the Adelaide network as the auction success came flooding in throughout the day.

First up was the auction of 33 Fulham Park Drive, Lockleys, through Ray White Henley Beach. The property sold under the hammer for an impressive $816,500 - $56,500 above reserve. The four bedroom home went to a young family looking to renovate.

The auction drew a crowd of spectators and bidders alike as 15 buyers threw their hats in the ring for the chance to own their slice of Lockleys real estate. Selling principal Anthony Fahey managed the sale and said the bidding began at $720,000 and quickly went from there.

“It was a fast-paced auction with some very competitive bidding which is unsurprising as there's a shortage of these types of properties on the market at the moment,” Mr Fahey said.

“I think it’s really telling about the state of the market that we were able to attract 15 bidders to the auction - there's certainly a lot of buyer demand out there.”

Daniel Seach of Ray White Unley had his own success with 32 Lisburne Avenue, Mitcham (sold sign below) as the property sold for $791,500 under the hammer with a reserve of $704,000.

The Newell Platten and Robert Dickson designed 1960s home went to a young couple who were interested in the architectural significance of the property. They plan to keep the original home and renovate in the same style.

Meanwhile, the seller was thrilled she can now move on to the next phase of her life and will be moving interstate to be with family.

Mr Seach said the local market in Adelaide had been exceptional and had continued to grow over the last six months.

“Our market has remained tremendously resilient at this time,” Mr Seach said.

“It definitely goes to show there's a lack of property - we are down 15 per cent on this time last year.

“We’re operating with heavy buyer enquiry and with not enough stock on the market and this sale is representative of the competitive prices that seller’s can expect to achieve.”

In Plympton, buyer Samantha Millis’s family were able to bid on her behalf while she tuned into the auction of 39 and 41 Glenburnie Terrace (pictured below) from Victoria.

The house went under the hammer through Ray White Brighton Selling Principal Scott Robinson for $940,000 - $80,000 above reserve.

Ms Millis will use the four bedroom property as an investment with plans to redevelop it in the future.

“If you’re in property for the long-term then you’re not going to lose money and it’s a lot safer than many other investments,” Ms Millis said.

“We aren’t concerned about the investor market for that reason and plan on buying another investment property in the next year.

“However, it does make it difficult being interstate so I was lucky that Scott and my family were able to help. We organised the terms of the sale well before the date of auction and were very clear about expectations.”

Half of the 14 registered bidders were active at the Plympton auction which was conducted by Mr Morris (pictured above). Mr Robinson said he had seen buyer activity from all segments of the market.

“There’s a good mixture of buyers out there from first home buyers to developers, downsizers and even upsizers,” Mr Robinson said.

“In our market, we’ve particularly seen great results from developments where the buyers are able to get construction and first home buyer grants.

“There are quite a few of those properties coming on the market to meet demand.”