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Buyers rush to beat competition

By Rachel Wallace

SPRING is just around the corner and with interest rate rises here to stay buyers are getting in before the competition ramps up.

Leading auction group Ray White posted a preliminary clearance rate of 59 per cent. Meanwhile, there were 3.8 registered bidders and 2.7 active bidders on average attending a Ray White auction today. With only 10 per cent of the group’s scheduled auctions selling prior today, there were some great opportunities available for buyers to realise their property dreams.

The top auction sale and the auction with the highest number of registered bidders both belonged in Melbourne today.

Ray White Balwyn agent Tony Chen claimed the top spot with his auction at 38 Frederick Street(pictured above with Ray White Victoria auctioneer Jeremy Tyrrell) which sold for $3.3 million to a young couple looking to upgrade their family home. Mr Chen said family homes in Balwyn were still attracting motivated buyers.

Ray White Preston’s Ian Dempsey had the most registered bidders at his auction at 2B Butler St, Preston today with 14 buyers  taking up a bidder paddle. In the end the home sold for $868,000 to first home buyers (pictured above) after being put on the market by a seller looking to flip the home.

MELBOURNE

Ray White Victoria chief auctioneer Matthew Condon said the state has seen another strong week of auctions with just under 150 auctions scheduled.

“Preliminary data from the Ray White Group revealed a slight drop in the average number of expected bidders per auction. This is definitely a case of quality over quantity as the confirmed bidders at today’s auctions were very active,” he said.

“Today, there was plenty of conversation from buyers about the interest rate increase earlier this week. However, it is important to note that this has not deterred buyers from purchasing.

When a buyer sees value in a property, they are happy to bid and buy their desired home with confidence.

“It is clear that we are now in a more balanced market. There is still a high level of demand for quality properties and agents within our network continue to work exceptionally hard to achieve great results for their clients.”

16 Penington St, Glen Waverley

  • Agents: Danny Zhang and Tracy Tsang, Ray White Glen Waverley

  • Sold for $1.691 million – reserve was $1.57 million

  • Seven registered bidders and five active bidders

The buyers were a couple (pictured above on the outside) who sold a few months ago and were looking for their next family home. Mr Zhang said they jumped in quite late in the bidding and were thrilled with the purchase.

“The majority of buyers in the Glen Waverley area are home buyers, we’re not seeing a lot of investors,” he said.

“The buyers who have pre-approval are pretty eager to buy before it expires because with the interest rate rises they won’t be in the same position for long.

“Buyers are actually seeing this market as an opportunity instead of a negative. They want to get in now when there is less competition because once the market stabilises everyone is going to come back in.

“In Glen Waverley, the amenities are not going to change. We’re seeing new migrants, people from interstate and first home buyers who all want to buy here because of the schools, parklands and everything the suburb is known for.

“It doesn’t matter if the market goes up or down, those things aren’t going to change and are always going to be in demand.”

110 Barkly St, Brunswick East

  • Agent: Stefan Stella, Ray White Glenroy

  • Sold for $1.5005 million – reserve was $1.4 million

  • Two registered and active bidders

“Both bidders were young couples with no children wanting to create their dream family home,” Mr Stella said.

“For unrenovated homes we’re seeing a lot of hesitancy from buyers. The prices aren’t the issue, it’s consumer confidence that is the problem – they have a fear of the unknown.

“We had strong numbers through Barkly Street, everyone wanted to see it but didn’t think they had it in them – both the patience and money.

“There will definitely be more options out there for people in spring. I think when we start to see more stock coming on the market it will be a domino effect and a lot of people will come back again but if quality stock is at a low then other stock will be hit.”

BRISBANE/ SEQ

Ray White Queensland chief auctioneer Gavin Croft said interest is  there but there is still a gap between buyers and sellers.

“It’s a recurring theme and I suggest it will go for a period of time so we are continuing to work with that,” Mr Croft said.

“Buyers are still certainly registering and looking to buy but not with the same alignment as sellers.”

57 Payne St, Auchenflower(pictured above)

  • Agents: Matt Lancashire and Josh Brown, Ray White New Farm

  • Sold for $3 million

  • Five registered bidders and four active bidders

  • Auctioneer: Haesley Cush, Ray White

Mr Lancashire said the buyers were locals and were particularly attracted to the property because of the high quality of the home.

“A lot of people are electing to buy finished products at the moment with the stress of building and construction costs. There is good value in turnkey, finished products,” he said.

“We’re still powering through at the moment. In the month of July, I sold six properties totalling just under $30 million dollars – all of them auctioned and all sold within 28 days of being on the market.”

2/8 Bahlaka St, Mooloolaba

  • Agent: Peter King, Ray White Mooloolaba

  • Sold for $467,000

  • Nine registered bidders and four active bidders

  • Auctioneer: James Goldsworthy, Ray White

Opening at $400,000 the end result for 2/8 Bahlaka Street well exceeded the reserve after 13 bids. The buyer was a young woman (pictured above) local to the area who along with her dad is going to gut the property and do a full renovation. Mr King said she is “super excited” to take on the project.

“There’s considerable buyer interest for the right home in this area if a property is well presented or a complete renovator. People are all over both ends of the spectrum,” he said.

“If something is half renovated or not done well then people go a bit cold. If something has been renovated to a high standard people are all over it.

“A lot of the fear of missing out has gone out of the market but there is still interest. The  property was well received with over 30 prospective buyers inspecting it during the three week campaign.”

“Despite negative economic headwinds and property prices slowing on the Sunshine Coast for the first time in three years, properties within close proximity to the beach and shops continue to generate strong buyer interest,” Ray White Mooloolaba  director and auctioneer James Goldsworthy said.

SYDNEY

Ray White New South Wales chief auctioneer Alex Pattaro said the state saw a very typical winter selling start to August.

“Low stock levels are making it more difficult for buyers to snap up A-grade stock, meaning sellers should really consider their current offers before more stock comes to market,” he said.

“Agents are reporting stronger open for inspection attendance, as well as crowds on auction day.

“Good properties remain the cherry pick for buyers. Buyers want properties that tick all the boxes and are likely to open their wallets on auction day when competition presents itself.

“The market is certainly stabilising with more buyers already factoring in further interest rate rises within their decisions around how much they are prepared to pay.”

20 Henry Ave, Ultimo 

  • Agents: Matthew Carvalho and Bianca Field, Ray White Surry Hills

  • Sold for $1.84 million

  • Seven registered bidders and five active bidders

“The buyer was from Brisbane but has children who go to boarding school in Sydney so he was looking for a Sydney base. Meanwhile, the sellers (pictured above) were a couple who owned the property as an investment,” Mr Carvalho said.

“Before today we had four buyers who indicated they were coming to the auction and then we had three extra people who registered after only seeing the home for the first time today – one of those bidders went all the way up to $1.7 million.

“I’ve been surprised by the activity at open homes today given it’s the weekend after a rate rise. On previous weekends after an increase it’s been quiet.

“One thing at the moment is that there has been a reduction in supply for this area so buyers are probably starting to feel like there’s not as much choice as there was and need to get on with things.

“There’s always an increase of supply through spring but this year I think it won’t be at the same level as the last two years.”

21 Moriarty Way, Potts Hill

  • Agent: Joshua Nassif, Ray White Bankstown

  • Sold for $1.885 million

  • Eight registered bidders and four active bidders

  • Auctioneer: Tony Roumanous, Ray White

“The buyers were a local family and the sellers were a young couple,” Mr Nassif said.

“Properties are still selling, agents just have to work a little bit harder at the moment.

“Potts Hill is a popular pocket and there’s not much supply around – in fact this was the only home on the market in the area and the buyers loved that it’s a modern house.”

ADELAIDE

Ray White South Australia chief auctioneer John Morris said for auctions in the first weekend of August,  the narrative in Adelaide remained the same as it had for the majority of 2022.

“The recent rate rises have done very little to dampen the spirits of the buyers, all the while keeping a smile on the faces of the sellers who have chosen auction as their preferred method of sale,” he said.

“The narrative remains the same, strong bidder numbers and high clearance rates for Ray White.”

34 Windermere Ave, Clapham

  • Agents: Brett Brook and Daniel Seach, Ray White Unley

  • Sold for $1.325 million – reserve was $1.199 million

  • Eight registered bidders and six active bidders

  • Auctioneer: Robbie Smith, Ray White

“People are looking for something already done so they don’t have to go through the drama of increased costs with renovation,” Mr Brook said.

“The sellers have moved interstate for work and have made the decision not to come back to South Australia. It was sold to another young family who lived locally (buyer pictured above).

“There’s pretty strong demand in areas like Clapham because it’s a quality location. It’s got that Adelaide Hills vibe even though you aren’t in the Hills.”

5 Palmer St, Mawson Lakes

  • Agents: Justin Irving and Damanjeet Singh, Ray White Salisbury

  • Sold for $913,000

  • Five registered bidders and three active bidders

  • Auctioneer: John Morris, Ray White SA chief auctioneer

“The sellers just purchased a property closer to the beach for a lifestyle change while the buyers were a local couple (pictured above),” Mr Irving said.

“We had 42 groups through the property prior to the auction. The house was popular because of its beautiful open plan layout that looks out towards the pool.

“Serious buyers are still out there but our registered bidder numbers have dropped. We’re still getting pretty much at the money we are quoting but just not seeing those crazy results that go well above anymore.”

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