The first weekend of winter brought with it hundreds of property transactions across the country, proving that any pre-election jitters are well and truly behind us.
Australasia's largest real estate group Ray White reported a national preliminary clearance rate of 76 per cent. The standout state of the day was Queensland coming in at an 87 per cent clearance.
While auction volume remains steady, the national clearance rate represents a slight softening in comparison to the first Saturday of June last year which sat at 80 per cent.
Resounding feedback from auctioneers today was that buyer numbers were very strong, but some bidders showed a little more caution in their approach.
Vendors are still reaping the rewards when it comes to choosing an auction as their method of sale. On average, sale prices achieved under the hammer were 10 per cent higher than the highest offers prior.
With growing families upsizing and empty nesters downsizing, the topic of the week was around spare bedrooms.
In her recent economic update, Ray White Chief Economist Nerida Conisbee analysed the Australian Bureau of Statistics latest Survey of Income and Housing.
“Australia is overall well supplied with spare bedrooms. Although four per cent of households didn’t have enough bedrooms, primarily those with multi-families residing in the one property, more than three quarters of households have a spare bedroom. In comparison, 12.5 per cent have more than three spare bedrooms. Overall, there are around 13 million spare bedrooms across the country. Australia has a shortage of suitable homes in well located areas but it certainly doesn’t have a shortage of bedrooms,” Ms Conisbee said.
SYDNEY
Ray White NSW chief auctioneer Alex Pattaro said that in line with the last couple of weeks, top-tier properties were selling the best.
“Sellers can have confidence that there is still very strong buyer activity, despite it being less than last year,” he said.
“The buyers in the market today were still paying good prices, particularly for those homes that ticked all the boxes.”
“Buyers are slightly more cautious due to the fact the cash rate will likely rise this week again, however they’re already factoring repayments into their bidding strategy.”
“Sellers need to be reminded that they are transacting in the same market they are buying,” Mr Pattaro said.
16 Powell Street, Coogee (pictured above)
Sold under the hammer for $5.711m
Ray White Eastern Beaches - Nicholas Wise and Jack Rex
Four registered bidders, with three active
Auctioneer - James Hayashi, Ray White
This federation home topped the highest sale of the day across the country for Ray White. Mr Wise said this result was indicative of the market performance for high-end properties in the eastern beaches of Sydney.
“Freestanding homes or good quality semis are attracting as much interest as ever,” Mr Wise said.
“One of the main reasons for today’s success was the tight amount of stock in this market; we were competing with one other comparable property which was snatched up early in its campaign,” he said.
The winning bidders were a local young family who were upsizing.
Sold under the hammer for $1.8m (reserve was $1.6m)
Ray White Punchbowl, John Yatman
14 registered bidders, five active
Auctioneer - Alex Pattaro, Ray White
Mr Yatman said the auction provided a brilliant show of strength in a market which many are doubting.
“We did see an adjustment in the market about a month ago, but things are really starting to stabilise now and the good properties are yielding great results,” Mr Yatman said.
Most of the buyers were developers, and the lucky winning bidder was a builder who is looking to do a potential subdivision (pictured above).
“The sellers were over the moon, they were expecting around $1.5-$1.6m so they were thrilled with how far over we went,” he said.
MELBOURNE
Ray White Victoria / Tasmania chief auctioneer Matt Condon said today had seen a slight change in pace in Melbourne, with buyers being slightly reactive rather than proactive in their bidding strategy.
“We have seen an increase in registered and active bidders per auction, and once properties were announced on the market, we saw a lot of bidding activity continue,” Mr Condon said.
“We continue to see a high level of demand for quality properties across Victoria,” he said.
13 Fintonia Street, Hughesdale (buyers and sellers pictured below)
Sold under the hammer for $1.626m
Ray White Carnegie - Jin Ling and Matt Hurlston
Four registered bidders, with three active
Auctioneer - Matt Hurlston, Ray White
“The owners had been here for 30 years and the buyers were actually the family who had been renting next door,” Mr Ling said.
“It was a really special moment. We have been working with the buyers for many months but they always had a special interest in the next door home.”
“The two families are great friends, with the children often running between the two houses.”
“The sellers were very happy that the home would not be knocked down, and would now be loved by people who already love it.”
4/103 Willesden Rd, Hughesdale
Sold under the hammer for $846,000 (reserve was $830,000)
Ray White Carnegie - Jin Ling and Tom Grieve
Eight registered bidders, with six active
Auctioneer - Tom Grieve, Ray White
In another great sale for the Carnegie team today, this house-sized townhome in Hughesdale was sold to an international buyer.
“The winning bidder had actually flown in from Japan and is planning to move here,” Mr Ling said.
“The sellers (pictured below) are over the moon with the result; they are moving back to New Zealand with their toddler and are looking to be closer to family after the years of Melbourne’s lockdowns.”
Sold under the hammer for $1.121m (reserve was $970,000)
Ray White Oakleigh - Nick Strilakos and Daniel Seyran
Seven registered bidders, all active
Auctioneer: Matt Condon, Ray White
With nearly 100 attendees in the crowd, the atmosphere in Rowville was palpable until the final hammer drop in favour of a first home buyer family (pictured below).
“I was dealing with a son and daughter selling on behalf of their elderly mother. Their late father built the home 30 years ago,” Mr Strilakos said
“It was a fantastic result for the family in the end, who were imaginably emotional about handing their home over to a new family.”
6 Wallace Avenue, Oakleigh South
Sold under the hammer for $1.22m (reserve was $1.15m)
Ray White Oakleigh - Nick Strilakos and Daniel Seyran
Three registered bidders, all active
Auctioneer - Matt Condon, Ray White
“The sellers were six adult siblings (pictured below), moving on from their family home of 70 years. It was an incredibly emotional but rewarding experience,” Mr Strilakos said.
“It is definitely the longest time a vendor has owned any home that I have sold!”
The winning bidder was an investor who plans on renting it out and renovating it further down the track.
“As an agent, you have to manage vendors very well at the moment. You must be empathic, understanding and informative with daily communication,” he said.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said since the election and interest rate rise, he could sense the market was going through a slight transition of buyers and sellers finding their feet.
“What we have seen today is that when a fair and reasonable offer comes throughout the campaign, sellers are tending to take it instead of holding out,” Mr Croft said.
“Of the eight auctions I had booked in for me personally today, five sold prior.”
“The next week or two might be the same, however June auctions are looking particularly good. It is usually a quieter month of the year, but volume numbers are not slowing down.”
55 Bank Tce, Paddington (pictured above)
Sold under the hammer for $1.82million
Ray White Paddington - Judi O’Dea and Michael Kleimeyer
12 registered bidders, 5 active
While gale force winds rushed through Brisbane this morning, the bidding action couldn’t be hampered at this quintessential Paddington cottage.
“It was a fabulous auction, it was a little slow to start but then it really got going!”
“The winning bidders (pictured below) were a lovely couple who were downsizing and wanted to take advantage of this gorgeous Queenslander in such a great neighbourhood,” Ms O’Dea said.
The seller was developer Grant Mclennan, who had kept the property as an investment for 10 years and was absolutely thrilled with the outcome.
3 Jack Street, Gordon Park (pictured below)
Sold under the hammer for $1.455million
Ray White Wilston - Holly Bowden
7 registered bidders, with 5 active
Auctioneer - Phil Parker, Ray White
Selling agent Holly Bowden said this home in sought-after Gordon Park with separate level living attracted a huge number of buyers looking for a dual-let opportunity, or families with older children.
“In the end the winning bidder was a Dad wanting to be closer to his two daughters, and we are particularly thrilled for him because he has been the under bidder every weekend for the last month or two,” Ms Bowden said.
ADELAIDE
Ray White South Australia / Northern Territory chief auctioneer John Morris said the rain in Adelaide was relentless today, and an icy blast had hit the city for the first weekend of winter. The weather didn’t seem to dampen the spirits of buyers.
“We have a preliminary clearance rate of 83 per cent, and while bidder rates have been slightly lower this week at just over five per auction, three of these bidders are participating,” Mr Morris said.
“Ray White are holding 36 per cent of all auctions throughout the state this week, but the most impressive statistic is that 48.6 per cent of all vendors chose the auction method to sell their property with Ray White.”
117 Sydenham Road, Norwood (pictured above)
Sold under the hammer for $851,000 (reserve was $770,000)
Ray White Kensington - Andrew Welch and Tim Knowling
Seven registered bidders, with two active
Auctioneer - John Morris, Ray White
“The agent rarely does Saturday auctions and hasn’t for 20 years, but the lovely young couple owners insisted, and they were neatly rewarded today!” Mr Morris said.
“Four weeks ago we sold them a property in Dulwich for $1.4 million, and as we were signing the contracts on that home, they were thrilled to realise I would be auctioning their Norwood home,” he said.
The sellers Nick, a psychologist and Kate, a town planner, were absolutely delighted with the result and are looking forward to enjoying more space with their growing family.
Sold under the hammer for $1.435m (reserve was $1.35m)
Ray White Norwood - Brandon Pilgrim and Damien Fong
Six registered bidders, four active
Auctioneer - George Kargiotis, Ray White
Mr Pilgrim said he had noticed the market slowing down a little, particularly with bidder numbers and open home inspections.
“We are still clearing all of our auctions; you just have to be running a really good process and marketing the properties well,” he said.
The winning bidders (pictured above) were a local family who were excited to move out of a rental after relocating from Victoria a few years ago.
“Our vendors were a family selling on behalf of their mother moving into care, and they were absolutely thrilled with the result as the hammer dropped.”
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Media contacts
Nina Clarke
Ray White Group
Media team
nclarke@raywhite.com
0448 841 606
Nerida Conisbee
Ray White Group
Chief economist
nconisbee@raywhite.com
0439 395 102
