Seller’s market surges on first weekend of new financial year

IT may be a new financial year, but some things don’t change, and that was certainly the case across the country today as competing buyers helped produce some outstanding results in what remained very much a seller’s market.Ray White Group booked a preliminary clearance rate of 61 per cent on a week when the leading auction house had an auction market share of 31 per cent.

Ray White Group Managing Director Dan White said auction results for the first week of July rewarded customers that decided not to wait for spring.

“Not only was average registered bidder numbers at 4.2, but the national auction day clearance rate today of 61% is far stronger than last year,” Mr White said.

“It was also on the back of a seven per cent increase in the number of auctions scheduled this week, and a 30 per cent increase for July 2020.

“With strong buyer activity and less properties on the market for them to choose from than this time last year, we continue to ask the question, “Why would you wait until spring to sell?”

“July has started with some exciting momentum, on the back of very strong June figures.

“Our residential Australian sales in June were up six per cent on last year, at $2.4BN. NSW alone was up 15 per cent. Together with our New Zealand, commercial and rural networks, our June sales were up eight per cent at $3.7BN.”“Re-imposed restrictions in Melbourne didn’t dampen activity either. Results were consistent with recent weeks, as our members and the community are now very comfortable with online auctions, and confident they can produce great results.”

Ray White NSW Chief Auctioneer Alex Pattaro said campaigns across the last week had seen seven out of 10 properties sell.

“Based on all the evidence, the competition across properties is red hot and the market continues to grow in confidence,” Mr Pattaro said.

“Good properties in desirable locations within a 15km radius from Sydney are all seeing strong attendance at open homes and competition at auction.

“We’re currently in a market where buyers need to see competition, for sellers to obtain a maximum price, and auction is the only method of sale that allows this to occur in an open and transparent forum.

“If you are considering selling and wanting maximum price, then auction must be your preferred method of sale.”

The undisputed stand-out of the day, and preliminary top sale, came in Wahroonga where Ray White Upper North Shore Director David Walker and Sales Associate Belinda Edwards managed the $3,910,000 sale of 12 Kintore Street(above) – a huge $410,000 over the reserve price.“This is a truly sensational result for a property that was only half finished – there’s no better sign of just how strong the market is right now than this result here,” Mr Walker said.

“Demand is outstripping supply and that’s creating incredible competition. This one had 18 registered bidders and the five active parties drove the price up and up, way past reserve.

“The feedback we’re getting is people are seeing the market is strong and good properties are achieving good prices everywhere you look. It’s a great time to sell.

“The local family who purchased the property saw it as a blank canvas and an opportunity to deliver their dream home on one of Wahroonga’s best streets.”

Elsewhere, Ray White Surry Hills Associate Director Matt Carvalho was having a great day. He, along with fellow Director Ercan Ersan, successfully sold Terrace 9, 269 Trafalgar Street(above) in Annandale for $2,320,000 – a whopping $320,000 over reserve.“This was an absolutely outstanding auction with four of the registered bidders competing vigorously throughout to drive the sale price well beyond the reserve,” Mr Carvalho said.

“We had more than 120 people through the property and it reality hit the sweet spot of appealing to both downsizers and upsizers – the lucky winning bidder was a single lady.

“The North Annandale school catchment is highly sought-after, and in a few years when the Westconnex is completed, it’s going to be an even better place to live.

“The result is further evidence of just how strong the market is right now – if you’re still on the fence about whether now is the time to sell – there really is no reason to wait.”

Ray White NSW CEO Jason Andrew Calling the auction at Terrace 9, 269 Trafalgar Street in Annandale.Vendor Glenn Beddall, who was a retiree and planned a champagne breakfast with his family after the sale, said they were delighted with every aspect of the campaign.

“We intended to go to the market in spring but we couldn’t be sure what’s going to happen down the track so we decided to bring the listing forward,” Mr Beddall said.

“We doubt we would have got this much for the property even at the market’s peak prior to COVID-19 – we’re exceptionally pleased we decided to sell now.

“We made sure the presentation of the property was spot on and the purchaser said she felt right at home the moment she stepped through the door.”

Mr Carvalho then made it two from two, with the help of Sales Executive Nathan Briggs, as they sold 134 Catherine Street(above) in Leichhardt for $1,740,000 – $40,000 over reserve.“This auction was pretty similar to the first sale of the day in that excellent competition at the auction drove a price above and beyond the expectations,” Mr Carvalho said.

“It was another prime example of there being more buyers than properties as four out of the eight registered bidders actively competed – and that was after we had 125 groups through.

“This one was in a really nice location, within walking distance of Annandale and Norton Street in Leichhardt, and the single level also appealed.

“The buyers were a couple with a young child and they may look to use plans – that are not yet approved – to extend the property in the future.”

The success continued in Botany as Ray White Maroubra I South Coogee Directors Nader Hotait and Philip Elmowy successfully sold 2A Ivy Street(above) for $2,200,000.“There’s so much confidence out there right now and you can tell that buyers are desperate to get into the market ahead of the spring selling season,” Mr Hotait said.

“Demand is far outstripping the supply of properties at the moment and that’s keeping prices really strong – this one in particular was a big price for Botany.

“To have more than 60 groups through this one and having all four registered bidders on the day compete is pretty impressive and in-keeping with what we’ve seen recently.

“This particular property ticked all the boxes for both upsizers and people looking to check down from a big home – the buyers were downsizers from Randwick.”

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon (above) said a large number of auctions converted to online once restrictions were announced for 10 post codes.“This raised a lot of questions around how properties located within and on the fringe of these hotspots would perform,” Mr condon said.

“Based on preliminary data from the Ray White Group, it’s great to be able to report that the properties auctioned within these locations performed exceptionally well, with a number of them selling well above reserve price.

“This just goes to show the confidence that buyers have in Victoria’s real estate market, but also buyers willing to embrace technology and bid online for their desired property.

“Overall, Ray White Victoria has seen a spike in registered bidders, an increase in active bidders, and our data is trending towards a strong clearance rate this week.”

The highest preliminary result in the Garden State came in Thornbury as Ray White Brunswick Agent/Auctioneer Alex Ilyin and Director/Auctioneer Jamil Allouche successfully orchestrated the $1,125,000 sale of 102A Collins Street(above) – $125,000 over reserve.“We do trade in the areas that are currently experiencing re-imposed restrictions in and around Melbourne – but people are still wanting to buy property regardless,” Mr Ilyin said.

“Competition drives demand, and when you take things like record-low interest rates into account, you can see why buyer demand is returning.

“We like the online platform and it gives us faith we can work through the COVID-19 period. Today, I had potential vendors watching the online auction to see how it worked.”

“We’re actually in lockdown ourselves – so we couldn’t attend the auction today. We were anxious about the conditions after what unfolded in Victoria last week, but it has been an absolute success and we couldn’t be happier,” said vendor Christine.

The success continued over in Heidelberg as Ray White Bundoora Sales Executive Maggie Sun managed the $1,105,000 sale of 24 Olive Grove(above) – $105,000 over the reserve price.“This was an excellent auction campaign. We had more than 85 groups through during the opens and 10 bidders on the day – incredibly there were over 100 bids,” Ms Sun said.

“We’re seeing there are less investors looking at properties – but the families and the first home buyers are very much still there.

“You can see there’s still strong activity in the market and it’s a great time to list your property with the amount of demand that’s out there.

“You could see the delight on the face of both the seller today and the young family who are now the proud owners of this home.”

There was still activity within Melbourne’s restricted post codes as Ray White Craigieburn Sales Agent Daniel Diamantopoulos and Sales Assistant Jesse Beams successfully managed the $685,000 sale of 9 Emblem Way(above).“This was a really great result for the vendor. When you look at comparable properties in the same estate – none of them are priced above the $650,000 mark,” Mr Diamantopoulos said.

“We had more than 70 groups through the open homes and all feedback pointed to a value of also under $650,000 – but then the auction did what the auction does best.

“Despite re-imposed restrictions in Craigieburn, we still attracted 11 registered bidders, and I have no doubt it was that competition that drove the price up to the final sale figure.

“It was quite a lovely story because it was young first home buyers buying off of what were first home buyers of the property themselves when it was first built.”

Elsewhere, Ray White Mount Waverley Managing Director Courtney Matthews was having a great day. He, along with Area Manager Jay Warnak, successfully sold 1/1 Beal Street(above) for $885,000 – $85,000 over reserve.“This property was listed with another agent previously, and they didn’t get it away at auction, so the owners were disappointed,” Mr Matthews said.

“The owners are three sisters who decided to take one last roll of the dice and came on board with us at Ray White.

“The young couple, who bought it as an investment and eventually as their own home, are also thrilled with the result today.

“We’re feeling super positive about the fact there’s strong buyer demand, and even more confidence in the way that our team are managing listings throughout this time, and that our staff are really getting it right.”

Mr Matthews made it two from two, with the help of Sales Operation Coordinator Abby Huang, as they sold 10/24-26 Dunoon Street(above), Murrumbeena for $496,000, $76,000 over reserve.“The buyers and sellers are both wrapped with the result and they’re respectively really happy to be getting in and out of the market,” Mr Matthews said.

“There’s still really strong buyer demand and not many homes on the market at the moment, so the young first home buyer couple are understandably very happy.

“You just need to look at the fact we had 13 registered bidders to know just how strong that market is. It was the competition between the six of them that drove such a great price.”

Over in Reservoir, Ray White Preston Senior Sales Agent Chris Vlahos orchestrated the $665,000 sale of 1/30 Miranda Road(above), a whopping $100,000 over the reserve price.“After the past couple of weeks with the events happening in Victoria, this result should restore a lot of faith in potential vendors, that the market is still very active,” Mr Vlahos said.

“The buyers in the end were a young professional couple looking to buy their first home together and start a family there. They loved the character and originality of the home.

“People still buy and sell, whether in good times or bad times. Once you fall in love with the home, nothing else matters and you will pay as much as you can for it.

“We had 180 groups through. These sorts of numbers aren’t rare at the moment. There’s so much demand. If you have a motivated vendor and the characteristics of a winning property, people will be drawn in.”

Ray White Glen Waverley Partner Marc Lum then boarded the double-delight train as he and Area Manager Ryan Zhu successfully sold 14 Lea Road(below) in Mulgrave for $827,500 – $37,500 over the reserve.“Everyone is over the moon. There was a lot of momentum at our auction today which is great – we had over 60 inspections throughout the past four weeks. These results are even better than prior to COVID-19,” Mr Lum said.

“Young buyers in the late 20’s and early 30’s are the main demographic in our area – generally they’re first and second home buyers. Developers are a little bit quiet, but we ‘re still seeing a lot of interest from investors and owner occupiers.”

Mr Lum then followed up that success with Sales Associate Elvis Huynh, as they orchestrated the $697,100 sale of 6A Grandview Avenue in Mulgrave – $47,100 over reserve.

“This auction went for about one hour. We had close to 300 bids in total. While we all felt a little sorry for the auctioneer, the vendors were pretty thrilled with the result today. This apartment will likely be a suburb record for a two-bedroom in Mulgrave,” Mr Lum said.

Ray White QLD Chief Auctioneer Mitch Peereboom said it had been yet another outstanding week of auctions in the Sunshine State.“We’ve seen strong bidding throughout many auctions this wee, and certainly all different market segments are performing well. We saw some great unit sales in the Brisbane City and West End areas in particular,” Mr Peereboom said.

“The average number of registered bidders is up from this time last week. The buyers are willing to compete, and they know by seeing the social proof of watching other buyers there, they are paying market value.

“We’re thrilled with the sale prices. If you are thinking about what is happening in the market, go and chat to your local Ray White agent, because we’re so confident that now is the time to sell.”

In Camp Hill, Ray White Carina Sales and Marketing Agents Jose Peralta and Erin Greenhalgh orchestrated the $1,020,000 sale of 68-70 Bennetts Road(above).“The buyers and sellers are both thrilled with the auction today at this beautiful home in Camp Hill – the new owners are a couple with a baby who will absolutely love living here,” Mr Peralta said.

“We have a really good level of inquiry and interest in all properties across all price ranges and it’s definitely not specific to one demographic.

“As you can see from today’s auction, you only need two bidders who really want the property to compete, and that competition can achieve great results.”

The success continued in Keperra where Ray White Wilston Sales and Marketing Agent Jessie Hall successfully sold 28 Annandale Street(above) for $540,000.“In all price ranges, we’re finding that demand is very strong. Buyers are still confident in the market and are getting out there and having a bid,” Ms Hall said.

“We have a few campaigns later in the month which are already proving to be very strong – that’s testament to a very active market.

“There’s not a whole lot of stock, but there are heaps of buyers which creates tight competition. Buyers are scrambling to get into homes before September.

“The first home buyers who won the bidding today are a young family with a baby, so they are over the moon to start their next chapter.”

Up on the Sunshine Coast, Ray White Maroochydore Sales and Marketing Consultant Pam Thomas managed the $727,500 sale of 11/86 Duporth Avenue(above).“The buyers and sellers are over the moon with today’s result – it was a strong auction with six bidders battling it out for this one,” Ms Thomas said.

“The property sold for $50,000 over expectations and it’s a two-bedroom record in this complex, so naturally the sellers are thrilled. It’s also their wedding anniversary today.

“The buyers are also wrapped with the outcome today. They’re a retired couple and are moving from Brisbane for a seachange.

“It’s an unbelievable time to be selling a home. People are fighting over stock.”

Then it was the Gold Coast’s turn as Ray White Labrador Principals Darren and Sandra Davey successfully orchestrated the $640,000 sale of 4 Tuesley Court(above) in Southport.“We’re feeling really positive about the houses and duplex market at the moment – however a little hesitant about the unit market,” Mr Davey said.

“People really want to buy townhouses and homes, and are offering above and beyond for them, people want to live on the Gold Coast.

“Both buyers and sellers are really happy with the result today, and it’s an indication of how strong the duplex and townhouse market is on the Gold Coast.

“The buyers are a young family who plan to renovate the home and then rent it out as an investment, or perhaps move in at a later date.”

Ray White SA Chief Auctioneer John Morris said 58 per cent of all auctions conducted this weekend were done so by the family-owned and led company.“It’s been a massive few months in SA for Ray White auctioneers who have consistently maintained a more than 50 per cent auction market share,” Mr Morris said.

“We’re now coming off the back of a week that saw an 89 per cent auction day clearance rate thanks to a whopping average of 7.4 bidders per auction.

“Every single auction during the week had bidding action take place.”

It was Mr Morris (above) himself who successfully called Ray White Norwood Sales Executives Stefan Siciliano and Trent Dudley’s 3 Marian Street in Salisbury East – selling for $379,000.

“The home was sold to a local downsizer, who is very happy with the outcome today, and it’s another sign of market strength,” Mr Siciliano said.

“The vendors are obviously thrilled as it sold for $60,000 more than the highest offer we had prior to auction – that shows what an auction campaign can do for a vendor.”

Over in Glenelg East Ray White Glenelg I Plympton Sales Consultant and Auctioneer Rod Smitheram sold 1/13 Second Avenue(above) for $590,000 – $40,000 over the reserve price.“We’re in a really solid market at the moment – there’s a lot of buyer activity, with low supply and high demand,” Mr Smitheram said.

“We had 70 or 80 people at the auction today, and I actually haven’t seen this much activity for a number of years.

“Anyone thinking of selling should use this auction as a barometre of the confidence in the market right now.”

Last but not least, Ray White Craigmore Principal Dominic Cirillo successfully managed the sale of 19 Karinga Crescent(above) in Munno Park for $195,000 – $15,000 over reserve.“Our highest prior offer was $145,000, and the home needs a little work before moving in, so the vendor was very happy when the bidding went up past the $190,000 mark,” Mr Cirillo said.

“Stock levels are way down on last year, but the same number of buyers are still here, so it’s a really great time to sell with all the competition.”