Time to sell is now as buyer confidence flows at auctions

BUYERS have flocked back to the auction market today as a number of standout sales for the Ray White Group signaled that buyer confidence was back and the time to sell really was now.

The leading auction house booked a preliminary clearance rate of 73.3 per cent, with Melbourne stealing the show with an initial clearance rate of 72.2 per cent, with Sydney not far behind on 70 per cent.

Ray White Group Managing Director Dan White said the preliminary clearance rate represented a fantastic result in any market.

"Despite all the speculation, we prefer to talk to our customers about what is happening now. The fact is, this month, we're on track to have more registered bidders per auction than we've ever had," Mr White said.

"We're averaging 4.6 registrations nationally, with Sydney at 6.5, and Melbourne at 5.1.

"So far in May, our national auction campaign clearance rate sits at 53 per cent, which is only marginally down from the 57 per cent recorded in the peak 2019 spring selling season.

"Some of our vendor customers will be more concerned about future risks than others. For those who are concerned, now is an opportunistic time to take advantage of the low supply of property for sale, and the strong demand from buyers."

Ray White NSW Chief Auctioneer Alex Pattaro said today was arguably one of the strongest auction Saturdays he had seen since before the COVID-19 Pandemic.

"Buyers are circulating the market in their dozens with one open home today notching up a whopping 54 groups - while adhering to physical distancing requirements," Mr Pattaro said.

"We're seeing an average of six registered bidders per auction - with three of them raising their paddles. With competition and such great sales - the shortage of stock really is puzzling."

The undisputed highlight of the day was the incredible sale at the home of Home and Away as Ray White Prestige Palm Beach Principal Noel Nicholson and Sales Executive Tom Fernon managed the $4,350,000 sale of 91 Florida Road (pictured above) - a whopping $350,000 over reserve.

"The team ran a faultless campaign throughout with strong inspection numbers and then a meticulous follow up of the interested parties ahead of auction day," Mr Nicholson said.

"We had nine contracts out before the auction and had four registered bidders on the day. Three of those bidders competed ferociously to really drive up the final sale price.

"Our sales this month have been the biggest ever and buyers just completely understand the importance of Palm Beach as a whole - they’re turning their dreams into a reality here.

"There was a huge amount of work and communication going on behind the scenes to make this result possible and the vendors are understandably ecstatic."

That was followed by an incredible result as Ray White Carlingford Sales Agent Nathan Circosta sold 25 Amberlea Court in Castle Hill (above) for $1,338,000 - a huge $338,000 over reserve.

"You can really feel the energy lift in the property market since open homes and on-site auctions returned - buyers seem to have a lot more certainty now," Mr Circosta said.

"When you have a property that's presented well in a good area and benefits from a great school catchment area then buyers are simply all over them - they're not afraid to pay the price.

"We had an incredible 17 registered bidders for this one, seven of whom were active, and it was the competitive bidding that drove the price way beyond the reserve.

"There's such a deep buyer pool at there. When you think about - 16 buyers missed out on this property alone - that's 16 buyers who will now go elsewhere to another property."

"We had a massive 81 groups through a combination of private inspections and open homes and we fielded a number of offers prior to the auction," Mr Bolin said."Everything that we're listing is selling - there's no doubt that supply is below the level of demand at the moment - sellers should be thinking about getting their property on the market now.

"You can see from the number of groups we had through this property that the demand is there and we're certainly not seeing prices drop in the Upper North Shore.

"The buyers were a local family upsizing which is in-keeping with the interest we had as most of the buyers we had through loved the area for being so close to schools."

The success continued over in Erskineville as Ray White Surry Hills Directors Shaun Stoker and Ercan Ersan managed the $1,687,000 sale of 26 Nassau Lane (above) - $87,000 over reserve.

“It was a great campaign and it honestly couldn’t have gone any better - the interest and sale price was right up there with when the market was at its peak,” Mr Stoker said.

“This is a prime example of how deep our buyer pool is right now. We had 47 groups through, 10 contracts out and six registered bidders on the day, this is the ideal time to be selling.

“The energy throughout the campaign was great and I think both agents and potential buyers are really happy that open homes are back in a socially-distanced manner.

“This is as good as it gets and the owners are thrilled with the result - the sale was well and truly above the expectations.”

Mr Ersan was at it again over in Stanmore as he made it two from two for the day by successfully orchestrating the $1,410,000 sale of 215 Corunna Road - $110,000 over the reserve price.

"We had 127 groups through open homes during what was an incredibly active campaign - and that translated to 10 registered bidders on the day -seven of whom competed," Me Ersan said.

"We're seeing a huge rush of activity at the moment with buyers doing all they can to get into the market now because they fear they'll miss out when it comes to the spring selling season.

"Shaun Stoker and I have had four properties open this week and we've averaged 30-40 groups through each - so if you're thinking of selling in six months - you need to at least halve that timing.

"The competition between bidders drove the price well beyond the reserve and the lucky winning buyers were renting in Newtown and this is their first home."

Ray White Victoria/Tasmania Chief Auctioneer Matt Condon said confidence in the Victorian real estate market continued to strengthen.

"Our preliminary data shows us there's been an increase in the number of scheduled auctions and the number of registered bidders per auction," Mr Condon said.

"Today, we've seen properties sell online, on-site, and a hybrid in some cases. But most important is that no matter what method was used - we achieved exceptional results in a safe environment."

The preliminary highest Victorian sale of the day belonged to Ray White Carnegie Sales Consultant Andris Crawford and Director/Auctioneer Matt Hurlston as they successfully sold 34 Canterbury Street (above) in Hughesdale for $1,725,000 - well over the reserve price.

"Both parties were really happy with the result. They had a very excited conversation when they met each other at the end," Mr Crawford said.

"It's almost business as usual at the moment. As soon as COVID-19 kicked off nine weeks ago it was a bit manic, but ever since the restrictions have eased, we're finding people are absolutely still wanting to sell and buy.

"The impact at the moment isn’t as great as we first thought - whether that continues remains to be seen. Our team has sold six out of seven properties at auctions in the past two days."

Success continued in Mentone where Ray White Cheltenham Director Kevin Chokshi and Sales Consultant Nakita Tate managed the $1,055,000 sale of 109 Patty Street (above).

“The market is very interesting at the moment because bidders are a little timid at first, but once they see the other bidders jumping in, then the confidence rises,” My Chokshi said.

“The buyer is going to raise her children here and is planning to restore the property to its beautiful original character.

“Overall, the buyers and sellers of this property are very happy, and they're both really thrilled with the result.”

Over in Boronia, Ray White Ferntree Gully Sales Consultant Michael Nguyen was getting in on the act, as he orchestrated the $944,000 sale of 85 Army Road (above), $44,000 over reserve.

“The sellers are absolutely thrilled with the result - the final sale price was a lot higher than they were expecting,” Mr Nguyen said.

“I'm feeling confident at the moment as an agent. The most important thing is choosing the right method of sale and going through the best process possible to help owners sell their properties.

“I felt like I worked twice as hard than I would before COVID-19 - but the extra work does get results across the line.”

Then it was a case of double delight for Ray White Oakleigh as Senior Sales Executive Leigh Kelepouris and General Sales and Operations Manager Robert Cincotta successfully sold 2/16 Sumersett Avenue (above) in Oakleigh South for $906,000 - $26,000 over reserve.

"The winning bidder was actually in Hong Kong today and bidding over the phone and watching online," Mr Kelepouris said.

"They never inspected the property physically and I'd been doing inspections with them over FaceTime. They're looking at relocating to Melbourne soon.

"I'm confident in the market at the moment. The lack of stock is really holding prices very well and people are fighting it out for stock.

"I sold a very similar front home in February when the market was at its peak for $940,000 - so prices are very comparable."

Mr Kelepouris was then at it again, this time with Sales Agent/Senior Sales Executive Jonathon Eaves as they sold 50 Golf Road in Oakleigh South for $970,100, $180,100 over the reserve.

"This was a fantastic result and both the seller and buyer were really happy. The interest in this property was enormous - we had 83 private inspections and 108 bids today, with lots of $500 and $100 bids towards the end," Mr Kelepouris said.

Last but not least Ray White Forest Hill Sales Agent/Auctioneer Janelle Gu successfully managed the $838,888 sale of 17 Alvaston Avenue (above) in Wantirna.

"This result gives me a lot of confidence in the market," Ms Gu said.

"The market is holding steady and I really haven’t noticed a big change over the past couple of months."

Ray White QLD Chief Auctioneer Mitch Peereboom said he was proud to report across the Sunshine State there was an average of 3.4 registered bidders per auction.

"This has translated into a preliminary clearance rate - when you take into account under the hammer and sold prior - of just over 53 per cent with a number of properties transacting straight afterwards as well, with buyers and sellers wanting things finalised," Mr Peereboom said.

"If you're looking at coming to the market - we know there are less listings - this means buyers have less choice and that's translating into buyer interest actually being stronger."

The preliminary highest sale of the day for the Queensland came in Windsor as Ray White Ascot Sales Agents Ian Cuneo and Jack Cuneo sold 24 Oakwal Terrace (above) for $1,175,000 - a property that attracted five registered bidders.

"The buyers, seller and I are really happy with the result this morning," Mr Cuneo said.

Ray White Ascot Director and Auctioneer Philip Parker calling 90 Barlow Street in Clayfield.

"It's a good sign of the market holding strong and reconfirms that it's business as usual. We're all looking forward to a strong and healthy market continuing in Brisbane."

The success continued in Clayfield as Ray White Ascot Sales and Marketing Consultant Alexander Shean and Principal Dwight Ferguson managed the $930,000 sale of 90 Barlow Street.

The home had 52 groups through during the campaign and a highly competitive auction saw 46 bids exchanged between the active bidders.

"Obviously this is a clear indication that there’s strong buyer demand right now. Having six unconditional bidders ready to buy on the one day is really positive," Mr Shean said.

"There’s a very high demand for property and a shortage of stock, and the sheer competition between buyers is pushing up the prices, so it really is a great time to think about selling."

Ray White SA Chief Auctioneer John Morris said despite low auction numbers across the state, the leading group still maintained a preliminary share of over 40 per cent.

"The initial auction day clearance rate for the week sits at 66.7 per cent with average bidder numbers remaining high at an average of 7.3 per auction," Mr Morris said.

"Next week is looking much healthier with 30 auctions scheduled to take place across the state and a whopping 43.5 per cent of these will be held by the Ray White Group."

That didn't stop success today though as Ray White Gawler I Willaston I Mallala Sales Representative Ross Whiston sold 14 Mooltan Avenue (above) in Largs Bay for $500,000.

"The sellers were really chuffed and the first home buyers were thrilled with the result. They really were ecstatic - there were a few emotional tears and a lot of excitement," Mr Whiston said.

"We actually brought this auction forward because of how strong the interest was. It's only been on the market for three weeks but all buyers were pre-approved and we wanted to take advantage of the lack of stock at the moment."

"We're first home buyers and we've been looking since early January," purchaser Lachlan said, of him and his partner Vanessa.

"We've always been looking for something in the Peninsular, we wanted to stay close to home, and we wanted a decent sized backyard and block of land.

"Overall, we're really happy with the result - we went in feeling hopeful - but trying not to get too excited.

"There were less houses on the market over the past couple of weeks but in saying that, a lot of people are scared to spend money, that's why we thought we might have a chance."