Seller's market reigns supreme both online and onsite

BUYERS have once again proved that there is no obstacle insurmountable when it comes to buying a property as bidders across the country flocked to auctions - both onsite and online.

Ray White Group booked a preliminary clearance rate of 57.6 per cent in a week when more than one in every four auctions were conducted by the leading group.

Melbourne, despite the return of lockdown measures, was the star of the show with a preliminary clearance rate of 61.8 per cent - and a whopping average of 5.1 registered bidders per auction.

Ray White Victoria/Tasmania Chief Auctioneer Matt Condon said given the circumstances in the Garden State right now, the results today were nothing short of tremendous.

“I have to pay tribute to our members for standing by auction as the method of sale and for taking confidence in the fact we have perfected the online auction process,” Mr Condon said.

“Every member can be proud of the results they’ve produced for their vendors today and it shines a light on just how innovative and fleet-of-foot the Ray White Group is, when challenged.

“Today we saw an auction that had 40 registered bidders so that defies all of the negative speculation that the market will soften with the return of restrictions - we’re just not seeing it.

Not only were registered bidder numbers up today, but so were the number of active bidders, meaning increased competition and the seller’s market staying red-hot right now.”

The preliminary highest sale of the day for Victoria came at the hands of Ray White Carnegie Partner and Sales Consultant Josh Hommelhoff and Sales Consultant and Auctioneer Tom Grieve, as they sold 32 Elimatta Road (above) for $1,356,000 - $106,000 over reserve.

“Things do feel fine in the market and that's despite what's going on in Victoria at the moment,” Mr Hommelhoff said.

“We have an advantage as we've been through this before, so we have the process working efficiently now. We have all the right tools in place.

“The online auctions are really working well for us - a lot of our competitors have stopped auctions all together but we're pushing on because we know it works for our vendors.”

Mr Hommelhoff then made it a double-delight day as he went on to sell 2 Matthew Street in Carnegie for $1,006,000 - $16,000 over the reserve price.

“The property was really well received. It’s a beautiful little art deco home and the young couple who bought it off me four years ago were wanting to upsize as their family is growing,” he said.

“The winning bidder was an investor and the under-bidders were first home buyers. All parties are really happy with the result today.”

There was then an excellent result in Malvern East as Ray White Oakleigh Senior Sales Executive and Auctioneer Jonathon Eaves and Sales Agent Tom Carroll sold 19 Mountfield Avenue (below) for $1,248,000 - $78,000 over the reserve price.

“I met the vendors a couple of years ago when I had first started out and was door knocking, and they said they would call me back in a few years,” Mr Eaves said.

“Sure enough, they actually did. So it was quite special to achieve this result for them today - it's a great day for everyone.

“The winning bidders are a local family who live a couple of streets away and they plan to build their dream home on this block.”

“Today went so well. I was feeling apprehensive, particularly with the restrictions coming back into place in Victoria, I didn’t think it would go well,” said vendor Sandra.

“I thought the figure would be nowhere near what it got to, but Jonathon remained so calm and professional, so we had faith that he could get it across the line.

“He really hit the mark and did such a fantastic job, and we're so thrilled the home went to a young family who are planning to build their dream home here.”

It was then the turn of Ray White Cheltenham Director and Auctioneer Kevin Chokshi and Sales Consultant Nakita Tate, as they orchestrated the $1,191,000 sale of 54 Wallingford Street (above and below), $41,000 over the reserve.

“This is the highest sale in the suburb for a three-bedroom property since the beginning of the COVID-19 pandemic,” Mr Chokshi said.

“That gives you an indication of how the market is not wavering at all since the restrictions have come back into place.

“We had five auctions today and all five had registered bidders, four out of five sold under the hammer, and the fifth one was just shy of the reserve price.”

Three of five active bidders then competed as Ray White Glen Waverley Area Manager and Agent Belinda Van Suylen sold 817 Waverley Road (below) for $990,000 - over reserve.

“The people looking at the moment are seeing it as a good value opportunity. There is a little bit of uncertainty since restrictions came back in, but if the house represents good value, then there’s definitely still demand,” Ms Van Suylen said.

“This home was an older but solid home with good bones, and of course in the desirable Glen Waverley pocket, so we were able to create some great competition today.

“The buyers were a family who have just sold a townhouse, and they wanted to be in a pocket that’s in between their children’s schools.”

There was then an exceptional result in Preston as Ray White Craigieburn Sales Consultant and Auctioneer Trish Orrico sold 2/65 Pender Street for $655,000 - $145,000 over reserve.

“After this auction today, you can see there's massive confidence in the market, the negative speculation certainly isn't putting buyers off,” Ms Orrico (below) said

“If anyone is considering selling their home in Preston, they should definitely give us a call - I now have 39 buyers that missed out because we had a massive 40 registered for this one.

“This is the trend we're seeing at the moment. There seems to be competition everywhere you look and there's no doubt the time to be selling is now.”

“I've been to a few online auctions and that was certainly the biggest we have ever seen,” said buyers Kate and Christine (below).

“We’ve been looking for just over a year, so it has been a long road to get here. It has not quite sunk in yet - we’re just overwhelmed and incredibly excited”

“It was the exact style of property and exact location that we were looking for. We wanted an older unit rather than a new-build apartment. We also love the outside space of the courtyard and how central the unit is.”

Ray White NSW Chief Auctioneer Alex Pattaro said it had been yet another cracking week in terms of auctions for the state.

"Our auction campaign clearance rates suggest we are selling seven out of 10 properties when you include those sold prior to auction," Mr Pattaro said.

“Auction volume this week is up 65 per cent year on year, signalling that auction is the preferred method of sale. It remains the only sale process to ensure maximum price.

“Buyers require a platform that allows them to see the competition, in order for them to reach their maximum budgets."

The highest preliminary sale of the day came in Arncliffe as Ray White Rockdale Sales Associate Nicholas Economos and Principal Con Economos successfully managed the $2,014,000 sale of 120 Forest Road (above) - a whopping $264,000 over reserve.

“This was an incredible result with a huge 77 bids taking place as the final two bidders slugged it out as if it was the twelfth round, from $1,850,000 onwards,” Mr Nicholas Economos said.

“The emotional attachment for both final bidders was clear with the eventual under-bidder - who was there with his family - even considering pooling their finances to ensure they won.

“The eventual winning bidder actually lives next door and has dreamed of owning this property for many years so, as you can imagine, it’s a great day for both vendor and buyer.

“The market, in particular houses, is performing particularly well now and the fact we had 10 bidders register on the day gives you an idea of just how strong and competitive the market is.”

“The champagne has already been poured. We’re absolutely over the moon and this result was way beyond our expectations,” said vendor Daniel Brady (above with auntie Monique Howell).

“We set the reserve at $1,750,000 and the highest offer we received before the auction was $1,550,000 - incredibly the winning bidder was the buyer who made that pre-auction offer.

“Nic and Con Economos were fantastic and the auctioneer Alex Pattaro did a fantastic job. We’ve been to Ray White Rockdale auctions before and I can honestly say I would only ever sell my property with them at auction because I know they get their vendors the best price.

“There will always be people who question that market, but from my point of view, it’s still incredibly strong. There was never a thought in my mind about waiting six months because I was confident it would sell now.

“I’m certain this is the best price we would have got anytime and it’s completely life-changing.”

The success continued in Beacon Hill as Ray White Freshwater Senior Property Consultant Jacquelynn Watson managed the $1,500,000 sale of 7A Lady Penrhyn Drive (above).

“This was a strong campaign with 45 groups through during the opens and that translated into a really good auction result for the vendors - they’re very happy indeed,” Ms Watson said.

“The property has been with the same owners for 23 years since it’s construction and it’s really lovely that a new family gets to come in and make memories of their own.

“We decided to go with an auction because it provided that set deadline for the vendor and it was a great result for them - it’s absolutely the time to be selling now.”

“I have two elder children in their 19’s and 20’s and they’ve grown up on the Northern Beaches so we were determined to stay here and it’s such a wonderful home,” said buyer Michael (above with his daughter).

“You can tell the property has been really well maintained by the sellers and it had that great family home feel to it - we also loved the substantial bedrooms and ocean glimpses.

“There are arguments for why we could have waited longer before buying but if you wait for a market drop then you’ll be waiting forever. If you see a property you like and it looks like it could be your next long-time family home, then why would you wait?”

It was then the turn of Ray White Oatlands Associate Director Broderick Wright to take centre stage as he sold 33 Kerrie Road (above) for $1,085,000 - $16,000 over the reserve.

“This really was a cracking auction and it really came down to the wire as the last $20,000 worth of bids were made in $1,000 increments,” Mr Wright said.

“What we’re seeing now is a much higher quality calibre of buyers coming through - we had nearly 30 people through the open homes and a quarter of them registered to bid.

“Half of those bidders were active too and it’s just another example of auction doing what auction does - providing a competitive environment where bidding thrives. Price guides throughout the campaign pointed at a $950,000 price, so the vendor is delighted.”

Ray White QLD Chief Auctioneer Mitch Peereboom (below) asked the question for any seller that was looking at coming to the market, what were they waiting for?

“We've had an average of four registered bidders across all our auctions in Queensland this week,” Mr Peereboom said.

"We're seeing some outstanding sale prices that are coming from the competition we are able to create - buyers can see the other buyers and they can see the social proof of what someone else is willing to pay, and its the best way to sell real estate in this marketplace.

'Overwhelmingly, we're so confident to talk about what's happening and the great results we're getting. The buyers are out in force, they're confident with the marketplace and they're making decisions.”

The stand-out sale of the day in the Sunshine State belonged to Ray White Buderim Sales Manager and Auctioneer Brodie Rodgers and Sales and Marketing Consultant Gregory Ward who sold 57 Tulip Lane (below) for $630,000.

“Listings are down, especially in Buderim at around 30 per cent, so anything that gets listed pretty much gets sold,” Mr Rodgers said

“Auction properties are performing a lot better because of the demand. Listings are sparse in our area at the moment which creates more competition.

“The winning bidders today were a family who are builders, and were originally going to flip the house and sell it, however they've decided it'll be their own dream home to live in after they renovate.”

“We've been looking for two or three months - we weren’t going to buy it and were just going to the auction today as a matter of curiosity,” said buyers Richie and Donna.

“Today we decided we loved it and that we would bid. The location and the street is just perfect and we were really happy with the price point.

“I'm a builder, so we're going to transform it into a Hamptons style home for us to move in to eventually.

“All of our new neighbours in the street at the auction today said they can’t wait to see what we do with it.”

Last but not least, Ray White West End Sales Agent Michael Nolan and Sales Executive Adam Edwards sold 75 Bracken Street in Moorooka (above) for $950,000.

“The vendors were thrilled with the result today, and the winning bidders are a young couple with three kids, who live locally,” Mr Edwards said.

“The market is really strong - we had at least 20 groups through most of our opens which shows the strength of properties like these - particularly ones with a city view.”