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Spring selling season is well and truly underway, as Ray White booked 350 auctions today with a preliminary clearance rate of 74 per cent.
Buyer’s were out in force at Ray White auctions today, with Australasia’s largest real estate group recording 4.5 registered bidders and 2.9 active bidders per auction.
Ray White Group managing director Dan White said the group listed 10,500 properties during August - 12 per cent up on last year and more than 20 per cent higher than two years ago.
“Buyers, including potential sellers that intend to repurchase, now have a lot more property to choose from,” Mr White said.
“Given that our listing authority numbers (i.e. properties that will formally come to market in the next few weeks) are growing strongly, the market is very well-stocked for spring.
“Some have predicted that this increase in listings would result in a ‘buyer’s market’. This hasn’t happened, at least it hasn’t happened yet, and it may not happen!
“The median number of days it took us to sell the properties we sold in May was 37, and in August it was 31.
“Auction clearance rates in Australia have risen from 60 per cent a year ago to just over 70 per cent today (though are still about 10 per cent below their peak in October 2021). “Neoval’s August price indices for August showed renewed price growth in our major markets.”
The top result of the day went to Ray White Collective principals Brandon Wortley and Matt Lancashire who sold 42 Stewart St, Hawthorne under the hammer for $5.85 million.
The auction highest number of registered bidders at Ray White auctions today was 20, with Ray White Rockdale agent Nick Economos’ auction at 1 Mead Street, Banksia recording 20 registered bidders, as well as Ray White Dalkeith|Claremont agent Thomas Jefferson Wedge’s auction at 236 Heytesbury Road, Subiaco.
SYDNEY
Ray White NSW state auctioneer Perry Edmondson-Clark said auctions continued to achieve stellar results as we head into spring.
“It was a phenomenal day across the NSW market today, with 113 scheduled auctions, up on the same time last year,” Mr Edmondson-Clark said.
“Auction volumes continue to show a steady increase along with our clearance rates and registered bidder data staying consistent.
“Consistent clearance rates with an increased volume shows there is strong appetite for buyers to transact now.
“We do encourage our sellers who are coming to the market across spring to have faith n the auction method of sale, and stay committed to the auction date.
“Across the previous month of August, an 11.5 per cent premium was achieved on auction day compared to the highest offer prior to auction.”
Sold under the hammer for $1.85 million - $300,000 over reserve
Lead agent: Nick Economos - 0409 553 555
Ray White Rockdale
20 registered bidders, eight active
Auctioneer: Alex Pattaro, Ray White
The sellers had owned it for 15 years and decided it was time to move on.
The buyers were a local couple who are going to live in the main house and potentially rent the granny flat.
“The main two bedroom house had a good mix of character with nice floorboards and it was on a corner block. The granny flat was only two years old and had its own access,” Mr Economos said.
“The granny flat provided huge appeal as it was like its own separate two bedroom house.
“Buyers were a mix of owner occupiers interested in using it for generational living, owner occupiers who wanted to just rent out the granny flat, and investors who wanted to rent out both premises.
“It’s a very unique property, it was ready to go. Someone could buy it and move in without having to spend a dollar.”
61 McMillian Circuit, North Kellyville
Sold under the hammer for $2.72 million
Lead agent: Daniel Llamas - 0421 908 736
Ray White Castle Hill
11 registered bidders, six active
Auctioneer: James Kerley, Ray White
The sellers were downsizing while the winning bid went to a local family upsizing.
“The buyers sold at auction last week and have bought at auction this week,” Mr Llamas said.
“The block size was very big for the area, which attracted a lot of buyers.
“The market has still been very active with low supply and high demand. Different suburbs seem to be feeling it differently.”
Sold under the hammer for $2.62 million
Lead agent: Ferry Suwito - 0433 885 937
Ray White Kingsford
Nine registered bidders, five active bidders
Mr Suwito said bidding started at $2.2 million
“The winning bid went to a young family of owner occupiers who had been looking for a while as there is no stock in Zetland for terrace homes,” he said.
“We had more than 70 groups inspect the home throughout the four week campaign with more than 10 contracts sent out.
“The market has been very positive with a lot of buyers looking. Quality properties like this one are still performing well.”
MELBOURNE
Ray White Victoria chief auctioneer Jeremy Tyrrell said market confidence continued to ignite as interest rates remained stable for a third consecutive month.
“Population growth through migration, along with continuing challenges for the rental market are fueling strong buyer demand and competition at auction, with the average active bidders at auction continuing to grow each week,” Mr Tyrrell said.
“The clearance rate this week remained strong at 75 per cent, even though auction volume dipped to 176 scheduled auctions versus last week's year high of 242.
“There were some incredible results during the week, including a 40 hectare parcel of rural land with coastal outlooks at Cape Paterson which sold for $5.01 million, following a mix of strong local and international interest and fierce competition on auction day.
“With the spring selling season well underway, and more stable economic conditions for the nation, the real estate market looks set to continue on its current trajectory for the remainder of the year.”
36 Ronald Ave, Frankston South
Sold under the hammer for $1.717 million
Lead agent: Ashley Weston - 0439 101 677
Ray White Frankston
Four registered bidders, two active
Auctioneer: Matt Condon, Ray White
The sellers (pictured above with agent Jessica Page) were a young family who were upsizing. Mr Weston said they had painstakingly renovated and extended this property, and had bought their next project.
“We had some spirited bidding with four registered bidders and two people fought it out to the end,” he said.
“The winning bid went to a couple of owner occupiers from Aberfeldy who were moving closer to family. The underbidders were a young family who were upsizing.
“There's a lot more confidence in the market, the numbers through our open homes in August were up 31 per cent year on year.
“There’s a bit more clarity on interest rates as a lot of reports are predicting we’re reached the peak. That clarity is giving people more confidence.
“In the last eight weeks we listed 65 properties which was a 37 per cent increase on the eight weeks prior.
“There is more stock coming to market, more buyers coming to open homes, and more people selling as they gain some confidence in the market.”
Sold under the hammer for $1.137 million - $157,000 over reserve
Lead agent/auctioneer: Kevin Chokshi - 0430 195 517
Ray White Cheltenham
Four active bidders
The buyer was a lady who planned to live in the home while the sellers were a young family who were upsizing.
“The market has been good but there’s still a stock shortage as we enter spring,” Mr Chokshi said.
“July and August saw a small uptick but it seems to have slowed down again. After the Grand Final weekend we anticipate a lot more properties on the market to close out the season.
“But buyers are definitely feeling the pinch in-terms of stock to choose from.”
54 Sherbrooke Avenue, Oakleigh South
Sold under the hammer for $1.211 million
Lead agent: Leigh Kelepouris - 0422 283 480
Ray White Oakleigh
11 registered bidders, four active
The vendors were looking to upsize and relocate to a different school zone area.
“The winning bid went to a young family and were the first people who we introduced to the home when we listed it. They had missed out at a number of our auctions over the last couple of months,” Mr Kelepouris said.
“We had more than 130 groups inspect the home throughout the campaign.
“This is the highest sale price on record in this particular part of Oakleigh South, which shows good family homes which require no work are selling quite well.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said auction volumes were picking up in the second week of spring.
“We had 34 auctions across Brisbane today, which is not quite the levels we expect for spring, but they are on the rise,” Mr Croft said.
“We had a small blip on the radar last week with clearance rates back slightly, but nothing of any concern. While these low stock levels remain, average bidders maintain to be about five per auction.
“I have had an average of five registered bidders across the seven auctions I’ve called today.
“We’re seeing some really great auction results off the back of the slow climb in auction numbers that we’re starting to see in Brisbane as spring arrives.
“I look forward to seeing buyers having more choice in the weeks to come, but for the moment sellers continue to be rewarded.”
Sold under the hammer for $5.85 million
Lead agent: Brandon Wortley - 0447 269 591
Ray White Collective
Six registered bidders, three active
Auctioneer: Haesley Cush, Ray White
The auction ran for over an hour, with the winning bid going to a family from north Queensland who were bidding over the phone.
The sellers, Tim and Tegun Geary (pictured above with agents Brandon Wortkey and Matt Lancashire) had just finished building and renovating the home and were over the moon with the result.
“There were about 300 people in the crowd, the entire street was full,” Mr Wortley said.
“We had 200 inspections in three weeks, and the market came to play today.
“The street is a real unicorn street for Hawthorne, and the sellers always wanted to do a project on this street.
“It’s quite a large home and was built by a highly regarded architect and builder.
“Tegun and Tim designed everything themselves in consultation with their builder and architect.”
Ray White Collective auctioneer Haesley Cush called the marathon auction.
“The prestige market is still really strong,” Mr Cush said.
“We had locals here today, interstate buyers too.
“We had people that were here who are building locally, wanting to see what’s happening in the market, so if they do the build they can see that confidence is still very much there.
“The owners took great comfort in selling today based on the fact that they had an enormous crowd, they had six registered bidders, and those bidders participated.
“We did need to push pause for negotiations, but that pause got us another $200,000.”
18 Honeyeater Place, Rochedale
Sold under the hammer for $2.75 million
Lead agent: Nick Yamada - 0415 757 768
Ray White Rochedale
Eight registered bidders, five active
Auctioneer: Phil Broom, Ray White
The buyers were a family who already lived in the suburb but were upgrading.
“A lot of the Rochedale is new developments which are on 300-400 sqm blocks, but this was a 900 sqm block with a six car garage and a custom build which attracted a lot of interest,” Mr Yamada said.
“Buyers were all looking to upgrade for their second or third homes.”
18 Tamarang Street, Tarragindi
Sold under the hammer for $1.8 million
Lead agent: Meaghan Bakker
Ray White Collective
4 registered bidders
Auctioneer: Haesley Cush, Ray White
“It was a great auction sold to a local Tarragindi family,” Mr Cush said.
“It was bought by a local family 33 years ago on one of the daughters' 13th birthdays.
“It was sold in similar circumstances to a family who bought it to go on their 30 year journey with the home.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said as he drove between auctions today, the streets seemed to be filled with signs pointing to open homes and auctions.
“One thing that stands out is how many of them are Ray White yellow boards, which is no surprise as currently one in five listings in South Australia are with a Ray White agent.
“When it comes to auction that figure is even more impressive, with 43 per cent of auctions this financial year flying yellow flag.
“Clearance rates have hovered around the 80 per cent mark thanks to strong bidder registrations and continuously increasing buyer confidence.
“It looks like South Australia is still at the top of the peak of the market, and it doesn’t look like that’s going anywhere any time soon.”
108A Warren Road, Modbury North
Sold under the hammer for $806,000 - $116,000 over reserve
Lead agent: Stefan Siciliano
Ray White Prospect
19 registered bidders, 10 active
Auctioneer: John Morris, Ray White
Seller was an investor who subdivided and built two properties. He was renting it out and now decided to sell. The winning bid went to a local first home buyer.
“We had a mix of first home buyers and downsizers bidding at the auction today,” Mr Siciliano said.
“I think a lot of people are afraid of building, this was neat and built in the last five years which was attractive to a lot of people while construction costs remain high.”
Sold under the hammer for $853,000
Lead agent: Alex Ghinis - 0455 386 102
Ray White Woodville
Eight registered bidders, five active
The seller was a retiree who was downsizing.
“The winning bid went to a woman and her daughter who had missed out on six auctions previously and finally secured one - she was very happy and still in stock,” Mr Ghinis said.
“It was a large home and everything had been updated nicely.
“It was very well taken care of for something that is 12 years old, it was like it was brand new.”
Sold under the hammer for $694,000 - $54,000 over reserve
Lead agent: Brandon Pilgrim - 0438 807 061
Ray White Norwood
12 registered bidders, five active
Auctioneer: George Kargiotis, Ray White
The buyers were from Queensland but owned a local business and were purchasing the home for an Adelaide base.
The sellers had been renting the home with the intention to eventually move in but their plans changed.
“It was in a really nice location which is really sought after,” Mr Pilgrim said.
“It was in a strata group but it was freestanding which was desirable.
“It was a more affordable property for the area. It’s normally a multimillion dollar suburb so to get in there for less than $700,000 you’re doing very well.”
PERTH
Sold under the hammer for $1.6 million
Lead agent: Thomas Jefferson Wedge
Ray White Dalkeith|Claremont
20 registered bidders
Auctioneer: Patrick Derrig, Ray White
More than 350 people attended the auction. There were 150 groups who inspected the home prior to auction, with 22 bids in total on auction day.
Spring selling season is well and truly underway, as Ray White booked 350 auctions today with a preliminary clearance rate of 74 per cent.
Buyer’s were out in force at Ray White auctions today, with Australasia’s largest real estate group recording 4.5 registered bidders and 2.9 active bidders per auction.
Ray White Group managing director Dan White said the group listed 10,500 properties during August - 12 per cent up on last year and more than 20 per cent higher than two years ago.
“Buyers, including potential sellers that intend to repurchase, now have a lot more property to choose from,” Mr White said.
“Given that our listing authority numbers (i.e. properties that will formally come to market in the next few weeks) are growing strongly, the market is very well-stocked for spring.
“Some have predicted that this increase in listings would result in a ‘buyer’s market’. This hasn’t happened, at least it hasn’t happened yet, and it may not happen!
“The median number of days it took us to sell the properties we sold in May was 37, and in August it was 31.
“Auction clearance rates in Australia have risen from 60 per cent a year ago to just over 70 per cent today (though are still about 10 per cent below their peak in October 2021). “Neoval’s August price indices for August showed renewed price growth in our major markets.”
The top result of the day went to Ray White Collective principals Brandon Wortley and Matt Lancashire who sold 42 Stewart St, Hawthorne under the hammer for $5.85 million.
The auction highest number of registered bidders at Ray White auctions today was 20, with Ray White Rockdale agent Nick Economos’ auction at 1 Mead Street, Banksia recording 20 registered bidders, as well as Ray White Dalkeith|Claremont agent Thomas Jefferson Wedge’s auction at 236 Heytesbury Road, Subiaco.
SYDNEY
Ray White NSW state auctioneer Perry Edmondson-Clark said auctions continued to achieve stellar results as we head into spring.
“It was a phenomenal day across the NSW market today, with 113 scheduled auctions, up on the same time last year,” Mr Edmondson-Clark said.
“Auction volumes continue to show a steady increase along with our clearance rates and registered bidder data staying consistent.
“Consistent clearance rates with an increased volume shows there is strong appetite for buyers to transact now.
“We do encourage our sellers who are coming to the market across spring to have faith n the auction method of sale, and stay committed to the auction date.
“Across the previous month of August, an 11.5 per cent premium was achieved on auction day compared to the highest offer prior to auction.”
Sold under the hammer for $1.85 million - $300,000 over reserve
Lead agent: Nick Economos - 0409 553 555
Ray White Rockdale
20 registered bidders, eight active
Auctioneer: Alex Pattaro, Ray White
The sellers had owned it for 15 years and decided it was time to move on.
The buyers were a local couple who are going to live in the main house and potentially rent the granny flat.
“The main two bedroom house had a good mix of character with nice floorboards and it was on a corner block. The granny flat was only two years old and had its own access,” Mr Economos said.
“The granny flat provided huge appeal as it was like its own separate two bedroom house.
“Buyers were a mix of owner occupiers interested in using it for generational living, owner occupiers who wanted to just rent out the granny flat, and investors who wanted to rent out both premises.
“It’s a very unique property, it was ready to go. Someone could buy it and move in without having to spend a dollar.”
61 McMillian Circuit, North Kellyville
Sold under the hammer for $2.72 million
Lead agent: Daniel Llamas - 0421 908 736
Ray White Castle Hill
11 registered bidders, six active
Auctioneer: James Kerley, Ray White
The sellers were downsizing while the winning bid went to a local family upsizing.
“The buyers sold at auction last week and have bought at auction this week,” Mr Llamas said.
“The block size was very big for the area, which attracted a lot of buyers.
“The market has still been very active with low supply and high demand. Different suburbs seem to be feeling it differently.”
Sold under the hammer for $2.62 million
Lead agent: Ferry Suwito - 0433 885 937
Ray White Kingsford
Nine registered bidders, five active bidders
Mr Suwito said bidding started at $2.2 million
“The winning bid went to a young family of owner occupiers who had been looking for a while as there is no stock in Zetland for terrace homes,” he said.
“We had more than 70 groups inspect the home throughout the four week campaign with more than 10 contracts sent out.
“The market has been very positive with a lot of buyers looking. Quality properties like this one are still performing well.”
MELBOURNE
Ray White Victoria chief auctioneer Jeremy Tyrrell said market confidence continued to ignite as interest rates remained stable for a third consecutive month.
“Population growth through migration, along with continuing challenges for the rental market are fueling strong buyer demand and competition at auction, with the average active bidders at auction continuing to grow each week,” Mr Tyrrell said.
“The clearance rate this week remained strong at 75 per cent, even though auction volume dipped to 176 scheduled auctions versus last week's year high of 242.
“There were some incredible results during the week, including a 40 hectare parcel of rural land with coastal outlooks at Cape Paterson which sold for $5.01 million, following a mix of strong local and international interest and fierce competition on auction day.
“With the spring selling season well underway, and more stable economic conditions for the nation, the real estate market looks set to continue on its current trajectory for the remainder of the year.”
36 Ronald Ave, Frankston South
Sold under the hammer for $1.717 million
Lead agent: Ashley Weston - 0439 101 677
Ray White Frankston
Four registered bidders, two active
Auctioneer: Matt Condon, Ray White
The sellers (pictured above with agent Jessica Page) were a young family who were upsizing. Mr Weston said they had painstakingly renovated and extended this property, and had bought their next project.
“We had some spirited bidding with four registered bidders and two people fought it out to the end,” he said.
“The winning bid went to a couple of owner occupiers from Aberfeldy who were moving closer to family. The underbidders were a young family who were upsizing.
“There's a lot more confidence in the market, the numbers through our open homes in August were up 31 per cent year on year.
“There’s a bit more clarity on interest rates as a lot of reports are predicting we’re reached the peak. That clarity is giving people more confidence.
“In the last eight weeks we listed 65 properties which was a 37 per cent increase on the eight weeks prior.
“There is more stock coming to market, more buyers coming to open homes, and more people selling as they gain some confidence in the market.”
Sold under the hammer for $1.137 million - $157,000 over reserve
Lead agent/auctioneer: Kevin Chokshi - 0430 195 517
Ray White Cheltenham
Four active bidders
The buyer was a lady who planned to live in the home while the sellers were a young family who were upsizing.
“The market has been good but there’s still a stock shortage as we enter spring,” Mr Chokshi said.
“July and August saw a small uptick but it seems to have slowed down again. After the Grand Final weekend we anticipate a lot more properties on the market to close out the season.
“But buyers are definitely feeling the pinch in-terms of stock to choose from.”
54 Sherbrooke Avenue, Oakleigh South
Sold under the hammer for $1.211 million
Lead agent: Leigh Kelepouris - 0422 283 480
Ray White Oakleigh
11 registered bidders, four active
The vendors were looking to upsize and relocate to a different school zone area.
“The winning bid went to a young family and were the first people who we introduced to the home when we listed it. They had missed out at a number of our auctions over the last couple of months,” Mr Kelepouris said.
“We had more than 130 groups inspect the home throughout the campaign.
“This is the highest sale price on record in this particular part of Oakleigh South, which shows good family homes which require no work are selling quite well.
BRISBANE
Ray White Queensland chief auctioneer Gavin Croft said auction volumes were picking up in the second week of spring.
“We had 34 auctions across Brisbane today, which is not quite the levels we expect for spring, but they are on the rise,” Mr Croft said.
“We had a small blip on the radar last week with clearance rates back slightly, but nothing of any concern. While these low stock levels remain, average bidders maintain to be about five per auction.
“I have had an average of five registered bidders across the seven auctions I’ve called today.
“We’re seeing some really great auction results off the back of the slow climb in auction numbers that we’re starting to see in Brisbane as spring arrives.
“I look forward to seeing buyers having more choice in the weeks to come, but for the moment sellers continue to be rewarded.”
Sold under the hammer for $5.85 million
Lead agent: Brandon Wortley - 0447 269 591
Ray White Collective
Six registered bidders, three active
Auctioneer: Haesley Cush, Ray White
The auction ran for over an hour, with the winning bid going to a family from north Queensland who were bidding over the phone.
The sellers, Tim and Tegun Geary (pictured above with agents Brandon Wortkey and Matt Lancashire) had just finished building and renovating the home and were over the moon with the result.
“There were about 300 people in the crowd, the entire street was full,” Mr Wortley said.
“We had 200 inspections in three weeks, and the market came to play today.
“The street is a real unicorn street for Hawthorne, and the sellers always wanted to do a project on this street.
“It’s quite a large home and was built by a highly regarded architect and builder.
“Tegun and Tim designed everything themselves in consultation with their builder and architect.”
Ray White Collective auctioneer Haesley Cush called the marathon auction.
“The prestige market is still really strong,” Mr Cush said.
“We had locals here today, interstate buyers too.
“We had people that were here who are building locally, wanting to see what’s happening in the market, so if they do the build they can see that confidence is still very much there.
“The owners took great comfort in selling today based on the fact that they had an enormous crowd, they had six registered bidders, and those bidders participated.
“We did need to push pause for negotiations, but that pause got us another $200,000.”
18 Honeyeater Place, Rochedale
Sold under the hammer for $2.75 million
Lead agent: Nick Yamada - 0415 757 768
Ray White Rochedale
Eight registered bidders, five active
Auctioneer: Phil Broom, Ray White
The buyers were a family who already lived in the suburb but were upgrading.
“A lot of the Rochedale is new developments which are on 300-400 sqm blocks, but this was a 900 sqm block with a six car garage and a custom build which attracted a lot of interest,” Mr Yamada said.
“Buyers were all looking to upgrade for their second or third homes.”
18 Tamarang Street, Tarragindi
Sold under the hammer for $1.8 million
Lead agent: Meaghan Bakker
Ray White Collective
4 registered bidders
Auctioneer: Haesley Cush, Ray White
“It was a great auction sold to a local Tarragindi family,” Mr Cush said.
“It was bought by a local family 33 years ago on one of the daughters' 13th birthdays.
“It was sold in similar circumstances to a family who bought it to go on their 30 year journey with the home.”
ADELAIDE
Ray White South Australia chief auctioneer John Morris said as he drove between auctions today, the streets seemed to be filled with signs pointing to open homes and auctions.
“One thing that stands out is how many of them are Ray White yellow boards, which is no surprise as currently one in five listings in South Australia are with a Ray White agent.
“When it comes to auction that figure is even more impressive, with 43 per cent of auctions this financial year flying yellow flag.
“Clearance rates have hovered around the 80 per cent mark thanks to strong bidder registrations and continuously increasing buyer confidence.
“It looks like South Australia is still at the top of the peak of the market, and it doesn’t look like that’s going anywhere any time soon.”
108A Warren Road, Modbury North
Sold under the hammer for $806,000 - $116,000 over reserve
Lead agent: Stefan Siciliano
Ray White Prospect
19 registered bidders, 10 active
Auctioneer: John Morris, Ray White
Seller was an investor who subdivided and built two properties. He was renting it out and now decided to sell. The winning bid went to a local first home buyer.
“We had a mix of first home buyers and downsizers bidding at the auction today,” Mr Siciliano said.
“I think a lot of people are afraid of building, this was neat and built in the last five years which was attractive to a lot of people while construction costs remain high.”
Sold under the hammer for $853,000
Lead agent: Alex Ghinis - 0455 386 102
Ray White Woodville
Eight registered bidders, five active
The seller was a retiree who was downsizing.
“The winning bid went to a woman and her daughter who had missed out on six auctions previously and finally secured one - she was very happy and still in stock,” Mr Ghinis said.
“It was a large home and everything had been updated nicely.
“It was very well taken care of for something that is 12 years old, it was like it was brand new.”
Sold under the hammer for $694,000 - $54,000 over reserve
Lead agent: Brandon Pilgrim - 0438 807 061
Ray White Norwood
12 registered bidders, five active
Auctioneer: George Kargiotis, Ray White
The buyers were from Queensland but owned a local business and were purchasing the home for an Adelaide base.
The sellers had been renting the home with the intention to eventually move in but their plans changed.
“It was in a really nice location which is really sought after,” Mr Pilgrim said.
“It was in a strata group but it was freestanding which was desirable.
“It was a more affordable property for the area. It’s normally a multimillion dollar suburb so to get in there for less than $700,000 you’re doing very well.”
PERTH
Sold under the hammer for $1.6 million
Lead agent: Thomas Jefferson Wedge
Ray White Dalkeith|Claremont
20 registered bidders
Auctioneer: Patrick Derrig, Ray White
More than 350 people attended the auction. There were 150 groups who inspected the home prior to auction, with 22 bids in total on auction day.
