Buyers out in force ahead of expected rate cut

Any rate cut will come at a time when Australia's housing market is already demonstrating remarkable resilience.

While a cut will be welcomed by many, it will have been driven primarily by continued global uncertainty brought about by the election of Trump in the US.

Ray White Chief Economist Nerida Conisbee said April data confirmed the acceleration of price growth that began in January, with house prices nationally rising by 0.4 per cent to reach a median of $917,433, representing an annual growth of 5.2 per cent.

The unit market showed even stronger monthly momentum with prices increasing by 0.5 per cent to $685,637, delivering a yearly growth rate of 4.6 per cent.

“This widespread acceleration suggests we're entering a new phase in the market cycle, with 13 out of 14 regions showing accelerating growth when comparing recent three-month periods,” Ms Conisbee said.

Ray White, the leading real estate group in Australia, scheduled 347 properties for auction today and recorded a preliminary clearance rate of 71 per cent.

According to Ray White’s auction data, buyer activity was even stronger today than normal with an average of 4.2 registered bidders and 3.2 active bidders per auction today.

The top auction sale of the day was 5A Little Edward St Balmain East which sold under the hammer for $6.12 million. Ray White Rozelle principal David Meadowcroft marketed the property and the buyer only saw it for the first time today.

The auction with the highest number of bidders went to Ray White Quakers Hill agent Sam Yazdi who recorded 24 registered bidders at 44 Graham St Doonside which sold for $1.375 million to a local family looking for a large yard.

According to the game-changing prop tech app NurtureCloud, owned by Ray White, the group's members met 25,920 people today across 7334 open homes across Australia. The busiest open home was in the West, at 21 Kalgoorlie St, Mount Hawthorn where Ray White Inner North agent Annie Kowal welcomed 53 would-be buyers.

Ray White NSW Head of Auctions Perry Edmondson-Clark said buyers were out in force across the harbour city today on a beautiful day after what felt like endless rain.

“Sydney turned on a perfect day today and the market certainly warmed up too. Buyers are keen to lock in a deal as they know the interest rate easing cycling is likely to begin soon which will likely push prices up.

“We saw great registrations and results achieved in all segments today, across all geographic pockets and price segments. We recorded strong registrations, activity and prices.

“Over 100 properties were scheduled to go to auction for the Ray White group today across New South Wales and as we look at our early reported data it is looking like a very positive day for the market.”

5A Little Edward St Balmain East

• Sold under the hammer for $6.12 million

• 3 registered and 2 active bidders

• Lead agent David Meadowcroft - 0412 247 818

• Ray White Rozelle

• Auctioneer: Bryce Bevan, Ray White

Mr Meadowcroft said he had a steady number of people through this house during its campaign. “We had around 60 groups through the house and had issued about 7 contracts prior. We had a full marketing campaign, including print ads, but the winning buyer literally just saw the house for the first time today,” Mr Meadowcroft said.

“The winning buyer actually turned up later and registered after the auction had already started. The buyer, who lives in Putney, just saw it for the first time.

“The sellers were happy with the result, and we had a crowd of around 25 people.”

3 Lesley Ave Revesby

• Sold under the hammer $1.535 million

• 18 registered and active bidders

• Lead agent Abir Eddine - 0410 824 432

• Auctioneer: Bryce Bevan, Ray White

Ms Eddine said the house had been vacant for 11 years after the seller moved into care. “This was an incredible result, we had a big crowd and a mix of home buyers and investors. The sellers are over the moon.”

21 Crana Avenue East Lindfield

• Sold under the hammer for $2.95m

• 2 bidders

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

Ms Cao said that in front of a big crowd on a beautiful autumn day, a local family who had been living in an apartment in Chatswood bought the house. “It’s not too big, the four bedroom house is the perfect size and there is a bus nearby that goes straight to the kids' school. My sellers have relocated overseas. They had wanted this to be their forever home but a work opportunity came up overseas.”

50 Australia St, St Marys

• Sold under the hammer for $1.91 million

• 11 registered bidders

• Lead agent: Peter Diamantidis - 0404 051 702

• Ray White United Group

• Auctioneer: Alex Pattaro, Ray White

44 Graham St Doonside

• Sold under the hammer for $1.375 million

• 24 registered bidders, 15 active bidders

• Lead agent: Sam Yazdi - 0404 711 222

• Ray White Quakers Hill

Mr Cooper sold this majestic double fronted double brick Victorian on 815sqm to a local family. “My sellers have been there for 40+ years and they are now downsizing. The whole family came to support them at the auction. We had at least 80 people in the house as it was raining during the auction. The 4 active bidders were all local families. It’s a great result.” The house was on the market at $3.95 million.

21a Lonsdale Ave Hampton East

• Sold under the hammer for $1,538,000

• 5 registered and active bidders

• Lead agent: Shane O’Sughrue 0401 119 911

• Ray White Chelsea

In front of a huge crowd of 120 plus people, Shane O’Sughrue and James Aldinger sold this immaculate three bedroom townhouse to these happy local buyers, pictured above.

“This went off like a firecracker. I am still trying to regain my voice. There were bids flying. It was hectic. My vendors are speechless and they are upsizing in the same area.” The bidding opened at $1.170 million and quickly moved up to $1.190 million and then $1.250 million.

3/19 Gerald Street, Murrumbeena

• Sold under the hammer for $927,000

• 3 bidders

• Lead agent: Josh Hommelhoff - 0405 383 292

• Ray White Carnegie

Ray White Queensland chief auctioneer Gavin Croft said he had a 100 per cent clearance rate since the Federal Election. “We've definitely seen a behavioural change since the election, there is certainly more confidence out there in the market. There's no question around that. And I think we'll continue to see that in the next period of time as Brisbane continues to see lower stock levels.”

18 Hackman Street McDowall

• Sold under the hammer for $1.020 million

• 5 registered bidders, 4 active bidders

• Lead agent: Michael Mills - 0407 963 824

• Ray White Bridgeman Downs

• Auctioneer Phil Parker, Ray White

Ms Sayer had two buyers fighting it out at this 8.30am in-rooms auction at Ray White Daisy Hill. “From one investor to another! A Canberra investor snapped up this ideal investment opportunity in Pimpama. The buyer bought it sight unseen for $1.05m.”

101 Coronation Street Bardon

• Sold under the hammer for $2.330 million

• 7 registered and 4 active bidders

• Lead agent / auctioneer: Adam Downes - 0418 872 022

• Ray White Ashgrove

Mr Downes said he had all local families bidding on this big classic family home. “My seller is an auction advocate and firmly understood the power of creating competition under the hammer. My seller has owned the home for 30 years and she is now moving up to the Sunshine Coast for a sea-change. All the buyers were locals, the last two bidders both lived in Ashgrove. The park opposite the house was a big attraction too.”

Ray White South Australia chief auctioneer John Morris said the days and nights were getting colder in South Australia, as autumn weather truly sets in, however, the heat has not gone out of the auction market in this great state.

“We're still having very, very strong numbers of about five registered bidders per auction, with about half of those putting their paddles up, we're seeing a clearance rate still very strong, at about 70 per cent on auction day, with our competition still struggling to reach 50-55 per cent on auction day.

“Ray White are getting the competition there, we're getting the bidders there, and we're getting them sold. We're also calling more options than anyone else.

“We are inching ever closer to that 50 per cent auction market share in the state of South Australia. Volume is up about 38 per cent year on year, so it's truly a strong auction market still in South Australia.”

14 Chatham Road Keswick

• Sold under the hammer for $1.450 million

• 15 registered bidders, 5 active bidders

• Lead agent: Daniel Seach - 0423 598 964

• Ray White Black Forest

• Auctioneer: Sam Grover, Ray White

In front of a crowd of 60 people, this beautiful home was sold by two sisters who had lived together for 17 years and were now moving into a retirement unit.

“It was an emotional sale for my sellers. The auction kicked off at $1.1 million and it escalated from there. We were shocked when someone lobbed a huge $100,000 bid but it still wasn’t enough. A young couple won the keys today, they are upsizers who had sold in January and had been looking for a few months to buy their forever home,” Mr Seach said.

27a Ledger Road, Beverley

• Sold under the hammer for $1,225,000

• 10 registered, 7 bidders

• Lead agent: Peter Kritsis - 0411 501 520

• Ray White Woodville

Mr Rowe said he was blown away by the number of buyers who turned up today.

“The opening bid was high and it knocked a lot of people out. This house was very popular with young families. My sellers are now over the moon, they are looking to move closer to the beach,” he said. In front of a crowd of 40 people, the house was sold to a young family.

49 Levistone Street Seaton

• Sold under the hammer for $980,000

• 8 registered bidders, 4 active bidders

• Lead agent: Sophia Pampena - -402 911 368

• Ray White Semaphore

“For my sellers, this was their family home so it is the end of an era. Everyone is happy and emotional at the same time. For the purchasers, they are a young couple building their family home,” Ms Pampena said.

34 Almerta St Hope Valley

• Sold under the hammer for $1.106 million

• 10 registered bidders, 4 active bidders

• Lead agent: Vanessa Bianco - 0426 031 255

• Ray White Norwood

• Auctioneer: George Kargiotis, Ray White