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The volume of auction stock keeps rising as the traditional spring selling season approaches, which is good news for buyers looking for property.
The leading group had 530 properties booked to go to auction this week with agents reporting that ‘it feels like spring’.
On Saturday alone, Ray White had 335 properties scheduled for auction and the group sold 70 per cent of them under the hammer.
A surge in bidder registrations to 4.2 on average saw auction day prices soar 11 per cent over the the highest offer prior to auction day across Australia today.
The top auction sale of the day was at 7 Heights Cres, Middle Cove in the Lower North Shore. In front of a big crowd, principal Stewart Gordon of Ray White Willougby sold this luxury home to a local family for $4.9 million. “It certainly feels like spring,” Mr Gordon said.
In Brisbane, Vanessa Harte of Ray White Ascot signed up a whopping 20 ready-to-buy bidders at 5/28 Stopford St, Wooloowin. The unit sold for $770,500 in front of a huge crowd And while it was pleasing to see a healthy level of activity in the Victorian property market, a wave of investors selling continues.
Ray White Victoria and Tasmania CEO Stephen Dullens said an increasing number of auctions conducted across Victoria’s largest real estate group were investors choosing to exit the market.
“Ray White transacted just shy of $900 million worth of property across Victoria during July, up around 10 per cent compared to last year,” Mr Dullens said.
“This signals a very healthy level of activity in the market, particularly during winter which is traditionally seen as a quieter real estate period.
“Many of these sales were home owners making the decision to sell their investment property, largely a result of higher costs and an increased perceived risk in the residential real estate investment space.
“Ray White data tells us that across all of our Victorian auctions so far this financial year, we are seeing more than double the number of investors choosing to sell investment properties in comparison to investors who are purchasing,” Mr Dullens said.
“This gap has widened significantly compared to both the same period last year as well as the first quarter of this calendar year.”
As more investment properties are sold, the result means less supply of rental properties available for renters at precisely the time where more rentals are needed
“Ray White manages in excess of 55,000 rental properties across Victoria and we have never seen demand from renters in Melbourne as high as it is right now. There are simply not enough rental properties available to satisfy the demand, and moves that drive negative sentiment towards investing in residential real estate across Victoria is only going to make the situation worse for renters.” Mr Dullens said.
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Mr Tesolin’s sellers are moving to the Central Coast of NSW where they have bought acreage, and they are divesting their investment property next weekend and today their principal place of residence.
In the 18 day campaign, Josh Tesolin attracted huge numbers of buyers and sold the property for $1,335,444, a suburb record for a three bedroom property. Previous record was $1.205 million and his sellers are over the moon with the result.
“The buyers (pictured) spent everything they had to secure the home. We had a huge crowd of more than 100 people with buyers from all over Sydney. The house is in one of the best public school catchments in the area so it was obviously very well sought after,” Mr Tesolin said.
“We have a lot of FBHs and investors looking to buy.”
96/63A Barnstaple Rd, Five Dock
Sold under the hammer for $1.22 million ($1.1 million)
4 registered bidders, 2 active bidders
Ray White Drummoyne Lead agent: Mario Carbone - 0415 457 417
Auctioneer: Alex Pattaro, Ray WhiteMr Carbone said it was a busy campaign with 55 groups and a crowd of 20 at the auction.
“The buyers have been looking for the last two months and all the buyers are locals in the area. The sellers (pictured) were offloading their investment property,” Mr Carbone said.
“I feel a lot of stock that we have been working with for a few months is finally coming on and we are doing lots of appraisals. The work you do today won’t be seen for three months. There’s a lot of work to be done to a house to get it ready for a spring sale.”
20 Coromandel Close, Baulkham Hills
Sold under the hammer for $2.7 million
17 registered bidders, 6 active
Ray White Baulkham Hills agents - father and son team Darren and Anthony Dowd - 0417 230 695
Auctioneer: Tim Snell, Ray White NSW CEO
In front of a huge crowd of 100 people, the successful duo of Anthony Dowd and his father Darren sold this big five bedroom home for $2.7 million to local buyers.
“It was a big home built by a builder with an European influence. I feel like buyers are still feeling confident even though they say the economy is softening, but we are not seeing that at all at Ray White Baulkham Hills,” said Darren Dowd.
Mr Carbone said it was a busy campaign with 55 groups and a crowd of 20 at the auction.
“The buyers have been looking for the last two months and all the buyers are locals in the area. The sellers (pictured) were offloading their investment property,” Mr Carbone said.
“I feel a lot of stock that we have been working with for a few months is finally coming on and we are doing lots of appraisals. The work you do today won’t be seen for three months. There’s a lot of work to be done to a house to get it ready for a spring sale.”
20 Coromandel Close, Baulkham Hills
Sold under the hammer for $2.7 million
17 registered bidders, 6 active
Ray White Baulkham Hills agents - father and son team Darren and Anthony Dowd - 0417 230 695
Auctioneer: Tim Snell, Ray White NSW CEO
In front of a huge crowd of 100 people, the successful duo of Anthony Dowd and his father Darren sold this big five bedroom home for $2.7 million to local buyers.
“It was a big home built by a builder with an European influence. I feel like buyers are still feeling confident even though they say the economy is softening, but we are not seeing that at all at Ray White Baulkham Hills,” said Darren Dowd.
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