Clearance rates soar with buyers out in force

Property was in hot demand across Ray White auctions this weekend, with Australasia’s largest real estate group recording a preliminary clearance rate of 74.4 per cent, up 15.4 per cent on the same time last year.

The group scheduled 397 properties to go under the hammer today, with an average of 3.8 registered bidders and 2.7 active bidders per auction.

The top result of the day went to Ray White Knaggs Group agents Bill Knaggs and Sarah Mahaffey who sold 45 Gloucester Street, Nelson Bay under the hammer for $2.675 million. The property recorded two registered bidders and two active bidders.

The auction with the highest number of registered bidders was at 75 Cross Street, Baulkham Hills which recorded 14 registered bidders and six active bidders. The property sold under the hammer for $1.6 million , a great result for the vendor and Ray White Castle Hill listing agent Craig Robinson.

SYDNEY

Ray White NSW state auctioneer Perry Edmondson-Clark said it was another interesting weekend across the Ray White group in NSW.

“Ray White NSW had 133 properties scheduled to go under the hammer today, with a mix of some fantastic results across the board and some great case studies for the market,” he said.

“Buyers are active, and bidding numbers remain consistent with what we have seen so far in 2024, however, in high stock level markets we are seeing them hold firm on their perceived value.

“Therefore process remains key - the feedback and offers you receive prior auction from your buyers must be taken seriously and using this to align your expectations is paramount to a successful result under the hammer.”

45 Gloucester Street, Nelson Bay

• Sold under the hammer for $2.675 million

• Lead agent: Sarah Mahaffey - 0403 629 975

• Ray White Knaggs Group

• Two registered bidders, two active

• Auctioneer: Max Nell, Ray White

“The winning bid went to a family. They live in Medowie and they have relocated to the area to be closer to family,” Ms Mahaffey said.

“The sellers are downsizing to an apartment in Nelson Bay, it had been in the family for 60 years. Their family owned the original block of land and then built the house in 1980.

“It had beautiful water views with four bedrooms, four bathrooms and a four-car garage.”

148 Nottinghill Road, Berala

• Sold under the hammer for $2.48 million

• Lead agent: Anthony Roumanous - 0424 180 131

• Ray White Bankstown

• 10 registered bidders, five active

Mr Roumanous said the buyers were a family of four relocating from Pemulwuy.

“The underbidders were a young couple, but most of the bidders were families,” he said.

“Words don't do this home justice, it's something different for the area and located right across the road from a golf course.

“It’s a brand new home and the detail from the builder was incredible.

“The seller built the home to live in but their circumstances changed and they decided to sell.

“They were ecstatic and couldn't believe the result.”

75 Cross Street, Baulkham Hills

• Sold under the hammer for $1.6 million

• Lead agent: Craig Robinson

• Ray White Castle Hill

• 14 registered bidders, six active

• Auctioneer: James Kerley, Ray White

Mr Robinson said most of the buyers for the completely original home were families who wanted to knock down and rebuild, with some wanting to renovate, and one developer.

“The buyer is coming from south west Sydney intends to knockdown and rebuild a new family home,” he said.

“This auction was at 9am and he had four more auctions to go to, so he was ready to buy something today. This was his first auction of the day and he landed the winning bid, so he cancelled the others!

“Buyer were drawn to the location, land size, and the potential to make the home your own.

“It was completely original and needed some work. It had a hole in the kitchen with water leaking through.”

55 Sydney Road, Hornsby Heights

• Sold under the hammer for $2.08 million

• Lead agent: Mitchell Hann - 0424 484 119

• Ray White Upper North Shore

• Three registered bidders, three active

Mr Hann said bidding opened at $1.8 million.

“The winning bid went to a local family (pictured above) who were upsizing and wanted to move into a better street in the same suburb,” he said.

“The property sold for over reserve and the vendors are very happy with the result.”

305/3 Ralph Street, Alexandria

• Sold under the hammer for $1.198 million

• Lead agent: Andrew McKinnon - 0438 010 485

• Ray White Surry Hills

• Six registered bidders, four active

• Auctioneer: James Keenan, Ray White

“The highest sale for a two-bedroom apartment in this building was set in mid-February for $1.07 and we smashed that,” Mr McKinnon said.

“The developer actually owned it. It’s the best apartment in the building and they kept this one apartment for themselves and lived in it for a while.

“They were stoked with the result.

“The buyer was a Sydney local who was relocating to the area. This is a really good building and this apartment had a great outdoor area so she put a premium on the building."

MELBOURNE

2/24 Stuart Avenue, Cheltenham

• Sold under the hammer for $1.241 million

• Lead agent and auctioneer: Kevin Chokshi - 0430 195 517

• Ray White Cheltenham

• Four registered, three active

“The winning bid went to a young couple buying their first home in Victoria after moving from Western Australia,” Mr Chokshi said.

“The sellers were a young family with two kids who were upsizing.

“The market is good, and auctions have been very well attended over the last few weeks. .

“There's a level of urgency from buyers in anticipation of interest rates going down, people are ready to buy now.”

5 Gilbert Grove, Carnegie

• Sold under the hammer for $1.56 million

• Lead agent: Leigh Kelepouris - 0422 283480

• Ray White Oakleigh

• 11 registered bidders, four active

• Auctioneer: Robert Cincotta, Ray White (pictured below)

“The buyer was a developer who eventually will knock it down and build townhouses,” Mr Kelepouris said.

“The majority of buyers were developers and builders, but the underbidder was planning to knock down and build a family home.”

12 Legon Road, Oakleigh South

• Sold under the hammer for $1.207 million

• Lead agent: Leigh Kelepouris - 0422 283480

• Ray White Oakleigh

• Eight registered, five active

• Auctioneer: Jonathan Eaves, Ray White

Mr Kelepouris said the property was announced on the market at $1.15 million

“A young family who were upsizing from a townhouse bought it,” he said.

“The vendors were a young family who bought from Ray White a few months ago closer to the city.”

1/31 Golden Avenue, Chelsea

• Sold under the hammer for $822,000

• Lead agent/auctioneer: Ruben Gueli - 0473 101 555

• Ray White Chelsea

• Six bidders

Mr Gueli said the winning bid went to a young couple (pictured above) looking to start a family and moving from Cranbourne South.

“The sellers were a young family who were upsizing but staying in Chelsea,” he said.

“The market is more property dependent at the moment, but everything has been selling.

“But those turn-key homes, like this one which was fully-renovated, are doing very well.”

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said after a record month in March, auction volumes were down after Easter.

“We’ve come off a record auction month in the month of March, where we listed the most amount of auctions we’ve ever listed in one month in the state of Queensland for Ray White,” Mr Croft said.

“This was wonderful news for buyers where choice increased.

“Early in April, and particularly this weekend, volumes are going back to the way they were. Easter played a part in that, with people not wanting to start campaigns during Easter, so we suspect volumes will increase again towards the end of April.

“For sellers at the moment, the trend continues where if they are too high in price, the market is simply not responding. If they are priced accordingly, there are sales happening under the hammer.

“If people are waiting out for prices, the market is not moving north at the moment, we’re currently in a settling phase in a number of segments of the market.

“That being said, demand is still very good, but for now supply has eased off. However, we do anticipate that will change towards the end of the month.”

130 Queenscroft Street, Chelmer

• Sold under the hammer $1.455 million

• Lead agent: Reuben Packer-Hill - 0405 526 396

• Ray White Toowong

• Seven registered bidders, six active

• Auctioneer: Haesley Cush, Ray White

Co-agent Zach Taylor said most of the bidders were local owner occupiers.

“The winning bidder hadn’t seen the home in person until today, he intends to knock down and build his dream home,” Mr Taylor said.

Auctioneer Haesley Cush said it was an incredible auction with lots of bidding.

“The bidding opened at $700,000 and it was called on the market at $1.375 million,” he said.

“It just represents incredible value, nowhere in Sydney or Melbourne could you get a river

front property like this at this price point.”

28/40 Blaikie Street, Hendra

• Sold under the hammer $850,000

• Lead agent: Chrese Morley - 0412 586 994

• Ray White Ascot

• Four registered bidders, four active

• Auctioneer: Phil Parker, Ray White

Ms Morley said the property was snapped up by a first home buyer.

“It sold for a record for a two bedroom in this building. We had a mix of buyers from first home buyers to downsizers,” she said.

“I'm very focussed on Hendra, and things are really ticking along in the house market, but there aren't many townhouses in the area so this was an usual product.

“We’ve have a lot of numbers through open homes, and the levels of enquiry are picking up as we close out school holidays.”

ADELAIDE

Ray White South Australia chief auctioneer John Morris said while auction volumes were down this week, all other metrics remained positive.

“Auction numbers for the week are about 80 for South Australia. That is quite low and it’s been low for the last couple of weeks,” Mr Morris said.

“I put that down in part to the Easter break at the end of March, with many agents hesitant to market a property in and around this time. I imagine there will be an influx of auctions next week and the week after.

“But there are still a lot of positive numbers to report, with clearance rates remaining really high at around 80 per cent.

“Bidder registrations are hovering at about eight per auction, with an average of about 3.5 participating on auction day.

“There is extreme strength still in the market with a lot of confidence in the market as well, with buyers still out in force.

“Another figure I’ve been really proud of is, this financial year, Ray White in and around Adelaide have conducted just shy of 40 per cent of all auctions. This calendar year that has increased to 43 per cent.

“So 43 per cent of all auctions in South Australia have a yellow board outside with a Ray White agent taking it all the way through to auction day. So the competition creators are really strong in South Australia.”

3 Cross Street, West Hindmarsh

• Sold under the hammer for $1.35 million

• Lead agent: Peter Kiritsis - 0411 501 520

• Ray White Woodville

• Eight registered bidders, five active

“The vendors were a young couple who purchased it as their first home, renovated and had two children here and are now upsizing,” Mr Kiritsis said.

“The buyers are now a couple of first home buyers as well. The bulk of our interest was from first home buyers.

“These buyers had missed out on a few auctions over the last five months, so they’re really excited to have secured something today.”

78 Tiara Street, Lightsview

• Sold under the hammer for $655,000

• Lead agent: Chris Xu - 0433 770 616

• Ray White Adelaide City

• Four registered bidders, three active bidders

• Auctioneer: John Morris, Ray White

Mr Xu said the vendors (pictured above centre with buyers, agents, and auctioneer) were very happy with the result of the auction.

“The vendor is buying another apartment from us in the city. They had lived there for seven years,” he said.

“The purchaser was buying it for their son to live in.

“Lightsview has been very popular recently because of the price point and because it's a new development close to the city. It’s one of the first considerations for investors and young people looking to buy.”

40 Brougham Drive, Valley View

• Sold under the hammer for $733,000

• Lead agent: Jaya Pragreeth - 0430 397 878

• Ray White Para Hills

• 11 registered bidders, seven active

• Auctioneer: John Morris, Ray White

“The winning bid went to a local family who were previously renting,” Mr Pragreeth said.

“The market is still hot, we’re still getting really good results.”

WESTERN AUSTRALIA