Ray White SA agents are competition creators

Adelaide’s auction day clearance rate has dipped to below 65 per cent, a figure that is often regarded as the turning point from a sellers' market to a buyers' market. According to Corelogic for the week ending October 27, the auction day clearance rate was as low as 60.1 per cent. Auction clearance rates are among the most reliable indicators of current housing market conditions.

If we break down the data and combine it with Ray White data, it paints an interesting story. Ray White South Australia have not reported a clearance rate below 65 per cent since June 2023. This differs from the whole market on average where during this time the weekly clearance rate of all other agencies fell below 65 per cent on more than ten occasions.

This may seem trifling, but if we break it down further, Ray White South Australia’s auction day clearance rate for October was 73.1 per cent. The collective competitors auction day clearance rate for the same time was 60.6 per cent. The auction results throughout 2024 share a striking similarity, in which Ray White South Australia’s auction day clearance rate sat at 77.3 per cent versus the market average of 72.7 per cent.

This is not just a South Australian anomaly. Sydney and Melbourne show very similar trends. Since July this year, Ray White in Sydney has recorded a 65.7 per cent auction clearance versus the market average of 56.3 per cent. Similarly, Ray White offices in Melbourne collectively boasted a 64.8 per cent clearance rate as opposed to the market average of 55.3 per cent.

What does this mean? The data would suggest Ray White has consistently overperformed when compared to the rest of the market by continuously delivering a higher clearance rate than the average agent.

The greater question is why and what sets Ray White agents apart from the rest? Since 1902 when Ray White himself started auctioning from the railway siding in Crows Nest, Queensland, auctions have been at the core of what Ray White does. We have continuously improved our techniques and learned from all successes and failures of our auction campaigns.

We see auctions as the most successful way to achieve the best price for our sellers. Auction creates competition among buyers, which differs from negotiating a sale prior. By taking a property through to auction day we achieve a sale price at an average of 12.5 per cent higher than offers received during the campaign.