Low volume sees hot competition

Ray White New South Wales state auctioneer Perry Edmondson-Clark (pictured below) said it was a warm one across Sydney today with continued energy in the market.

“Bidder registrations are sitting just above five on average giving a strong indication of buyers willingness to transact,” Mr Edmondson-Clark said.

“Sellers are reminded to trust the process as we are seeing an increase in properties sold prior or withdrawn from auction. This limits their ability to test the market and find out what the market is prepared to pay.”

127 Storey St, Maroubra

• Sold for $2.14 million - $140,000 above reserve

• Four registered and three active bidders

• Agents: Justin Bell and Natasha Lucas

• Ray White Park Coast East

Proceeds of the sale went to St Vincent's Palliative Care at Sacred Heart Hospital where the late seller was a grateful patient at the end of her life.

After passing away in 1989, she stipulated in her will that her best friend and neighbour be allowed to live in the house until she moved out or passed away herself.

Ray White Park Coast East associate director Justin Bell said the auction began at $1.85 million but quickly shot up past the $2 million reserve.

“The eventual buyers were a young couple with two kids who had a buyer’s agent bidding on their behalf,” Mr Bell said.

“All the interest for the property came from similar young family buyers wanting to add value to what is quite a good block in a great location directly across from Maroubra Junction Public School, which was a bonus.

“There’s plenty of buyers out there still and they are good quality buyers so there’s a lot of confidence. Any good properties at realistic price points are selling well.”

10 Arthur St, Baulkham Hills

• Sold for $2.116 million - $166,000 above the reserve

• Nine registered bidders and four active bidders

• Agents: Brandon Hay and Makenna Cordery

• Ray White Baulkham Hills

• Auctioneer: Alex Pattaro, Ray White (pictured below)

“The property was mainly popular with local first home buyers in their early 30s looking to upsize. The buyers were a young family from down the road who were in an apartment and wanted to buy their first home,” Mr Hay said.

“There’s more demand for homes that have been renovated than those that need work. This one has been fully renovated and has good access to local public transport.

“I’m definitely seeing more buyers in the market. Open home numbers are increasing compared to what they were just three or four months ago, it’s doubled and in some cases even tripled.”

18/62 Hillary Cres, Eastlakes

• Sold for: $858,000 - $58,000 above reserve

• Eight registered and four active bidders

• Agents: Cristian De Nigris and Justin Capra

• Ray White Eastern Beaches

• Auctioneer: James Hayashi, Ray White

“The buyers were a young couple with one child. Many of the interested buyers we had coming through the unit were similar - a couple with one or two kids,” Mr De Nigris said.

“It’s a really well renovated three bedroom unit, it’s a good size, in a quiet cul-de-sac and close to the new shopping centre that’s going in.

“We’ve found that anything well renovated is selling well because building costs are still quite high and with units there’s often a lot of approvals needed. If people find something that’s already renovated and done well, they are happy to pay more.

“This year has started strong but there’s a lot more stock on the market than the beginning of the last few years. There are also a lot more buyers out there and I think that’s because of high stock levels which have brought a lot of people out of the woodwork.”

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said it was all happening across the state of Victoria and in Melbourne this Labour Day long weekend, with scorching temperatures and the annual Moomba festival.

“Oddly enough, the only thing missing in Melbourne this weekend is AFL, as Round Zero kicks off in all other states but Victoria,” Mr Tyrrell said.

“That said, it's still game day for 142 sellers across the Ray White network, with auction volume dipping below the usual mid two hundred levels due to the long weekend break.

“However, buyer activity remained as hot as the weather with strong competition seen across the majority of auctions and an equally strong clearance rate of just under 70 per cent.

“Across the board, our data is showing strong increases in open inspection traffic, bidder numbers at auction, new listings to market and even reports of increases in home loan pre-approvals.

“It looks set to be a strong run into Easter and the end of Q1.”

25 Cabinda Dr, Keysborough

• Sold for $1.601 million

• Two active bidders

• Agents: Leigh Kelepouris and Jie Zhou

• Ray White Oakleigh

• Auctioneer: Robert Cincotta, Ray White

“It rocketed past the $1.35 million to $1.485 million price range with two very strong bidders.The opening bid was $1.2 million then it shot up to $1.6 million within five minutes,” Mr Kelepouris said.

“The family that were selling it have been with us for many years, they were selling what was their family home before they moved out and turned it into a rental.

“A young family bought it, they’re looking for a big family home for them and their grandchildren.”

34 Marlborough St, Fawkner

• Sold for $750,000 - $30,000 above reserve

• Four registered and two active bidders

• Agents: Hamza Ali and Laksh Jassal

• Ray White Coburg

• Auctioneer: Nazih Abbouchi, Ray White

“There were two very serious bidders who battled it out the whole way through the auction. In the end it went to an investor,” Mr Ali said.

“The rental market is strong in Fawkner so investment stock is doing well at the moment and the market seems busy. I had 60 groups go through this property during the campaign.

“House and land is doing better than townhouses at the moment but we are seeing more stock coming onto the market and more buyers.”

Ray White Queensland chief auctioneer Gavin Croft said it was a mixed day on the auction front in Brisbane.

“There's been a lot of positive news coming through since the start of 2024 and vendor expectations seem to have risen as a result,” Mr Croft said.

“Today we saw vendor expectations outweigh that of buyers and where the market value is. But we still have a theme of strong registrations and good appetite from buyers to secure property.”

13 Blythe St, Kelvin Grove

• Sold for $1.4 million

• Nine registered bidders and three active bidders

• Agent: Andy Flanagan

• Ray White Ascot

• Auctioneer: Phil Parker, Ray White

“The buyers were locals who live in the area, they have been looking for quite some time and they’re happy they don't have to move too far. The owners are just looking at upsizing,” Mr Flanagan said.

“Buyer interest mainly came from couples without kids, and investors.

“We’re seeing a lot of buyers and our auction clearance rate has been high along with averaging six to 10 registered bidders per property. It’s really active out there, each property has a fair few on it.”

28 Richland Rd, Newton

• Sold for $985,000

• 24 registered bidders and four active bidders

• Agents: Joe Hibeljic (auctioneer) and Vanessa Bianco

• Ray White Norwood