Spring selling season closes with a bang

The last week of spring selling season wrapped up with a bang, with the Ray White Group scheduling 527 properties to go under the hammer.

Australasia’s largest real estate group recorded a preliminary clearance rate of 56.3 per cent, with an average of 3.1 registered bidders and 2.4 active bidders per auctions.

Despite inflation now within the Reserve Bank of Australia’s target range, coming in at 2.8 per cent for the September quarter and 2.1 per cent for October, Ray White chief economist Nerida Conisbee expects the RBA is more than likely to remain on hold after their next board meeting on December 9-10.

“Up until a few weeks ago, markets were predicting four rate cuts for 2025. Now they are predicting two with the first to come in around May and the second in September,” Ms Conisbee said. “The main driver of this has been the election of Trump in the US and the potential for widespread economic challenges in the US, and by extension, for us.”

Properties which sold under the hammer today were rewarded with premiums an average of 9.67 per cent higher than the highest offer received prior to auction.

The top auction of the day went to Ray White Ascot principal Damon Warat who sold 56 Palm Ave, Ascot under the hammer for $4.95 million.

The auction with the highest number of registered bidders went to Ray White Quakers Hill agent Sam Yazdi who recorded 14 registered bidders and 10 active bidders at his 9 Flemming Grove, Doonside auction. The property sold under the hammer for $1.015 million.

SYDNEY

Ray White NSW head of auctions Perry Edmondson-Clark said serious buyers were out in force at auctions today.

“The wet weather certainly didn’t scare away the serious buyers with the group seeing an average of about four bidders across 161 Sydney auctions for the group today,” he said. “Across all markets this week we have seen strong bidding across in room and onsite auctions across the state, we recorded an impressive 309 auctions this week.

“As we enter the final month of the year tomorrow, plenty of buyers remain in the market to transact now and secure a property prior to the break.”

10 Ronald Avenue, Ryde

• Sold under the hammer for $3.37 million

• Lead agent: Tim Le - 0488 946 027

• Ray White Hunters Hill

• Four registered bidders, two active

Mr Le said this was a record price for a duplex in Ryde.

“The seller was a builder who built the duplex, he originally wanted to live in it but his plans changed and he decided to sell,” he said.

“The quality of the build was really good, it had a great floor plan.

“We had more than 250 enquiries, and 180 inspected the property during the open homes.

“The buyers were a family from Homebush who were upgrading.”

A7 Manning Rd, Killara

• Sold under the hammer for $3.15 million - $350,000 over reserve

• Lead agent: Jessica Cao - 0466 877 260

• Ray White Upper North Shore

• Nine registered bidders, four active

“The sellers were a young family who were moving out of Sydney for a seachange," Ms Cao said.

“They paid about $2 million for it in 2018, so they were very happy with the result today.

“The buyers were a family who wanted to move in for a while then knock down and rebuild down the track because it’s a very nice block of land.”

9 Flemming Grove, Doonside

• Sold under the hammer for $1.015 million - $140,000 over reserve

• Lead agent: Sam Yazdi - 0404 711 222

• Ray White Quakers Hill

• 14 registered bidders, 10 active

• Auctioneer: Bryce Bevan, Ray White NSW/ACT (pictured above)

“We had a mix of first home buyers and investors bidding, and an investor won the auction,” Mr Yazdi said.

“It was in a very good price range and had a swimming pool which was a drawcard heading into summer.

“It was also in a good location in a cul-de-sac backed onto the reserve.

“The sellers were a family who were very happy with the result.”

19 Bishopgate St, Newtown

• Sold under the hammer for $1.85 million

• Lead agent: Ercan Ersan - 0423 941 112

• Ray White Surry Hills | Alexandria | Glebe | Erskineville

• Five registered bidders, five active

• Auctioneer: James Keenan, Ray White

“The buyers were a young couple of first home buyers, all our bidders were first home buyers,” Mr Ersan said.

“The sellers were a family of four looking to upsize, they bought around the corner

“The market has been good. The properties which tick all the boxes do well, the ones ticking only a few boxes are harder.

“There are lots of buyers out there, they are just being more cautious and patient.”

MELBOURNE

Ray White Victoria chief auctioneer Jeremy Tyrrell said there was plenty of auction activity today despite the wet weather.

“Torrential rain didn't dampen the spirit of buyers and sellers on what has been the busiest (and wettest) week of real estate auctions this year across the state of Victoria,” Mr Tyrrell said.

“The Ray White network had 344 auctions scheduled, the highest number of auctions over a week so far this year, representing an increase of 18.62 percent year on year.

“Prior to Saturday, however (which traditionally has always been 'auction day'), a quarter of auctions were conducted during the week, with twilight onsite, in-room and online events taking centre stage.

“Buyer activity remained consistent through the week with 2.1 active bidders on average and a clearance rate of 63.2 percent.

“Next week is another big week of auction activity with 281 auctions scheduled, as the clock ticks down with only three weeks remaining on the real estate calendar.”

47 May St, Macleod

• Sold under the hammer for $1.53 million - $200,000 over reserve

• Lead agent: Brett Schembri - 0402 218 026

• Ray White Macleod

• Four registered bidders, four active

• Auctioneer: Jeremy Tyrrell, Ray White

Mr Schembri said they ended up declaring the reserve of $1.33 million the day before the auction.

“The seller had been here for more than 40 years and it was just time for her to make the move to downsize,” Mr Schembri said.

“The buyers were a young family living locally who were upsizing. We also had a couple of families with older kids and some empty nesters bidding.

“It was a California bungalow built in 1925 which is really rare in Macleod and people just fell in love with it.”

149 Maud St, Balwyn North

• Sold under the hammer for $2.702 million

• Lead agent/auctioneer: Brad Cooper - 0418 344 733

• Ray White Balwyn

• Five bidders

Mr Cooper said bidding started at $2.1 million and it was called on the market at $2.5 million

“We had a mix of builders and owner occupiers bidding,” he said.

“The winning bid went to a local family.

“The sellers had lived there for 20 years and were downsizing.”

BRISBANE

Ray White Queensland chief auctioneer Gavin Croft said buyers across Brisbane were actively trying to secure homes before the holiday period.

“What stood out to me today was the urgency from certain buyers who felt this was their last chance to secure property prior to Christmas,” he said.

“We saw a lot of contract variations today for 21 day settlements, a clear strategy for buyers to be able to bid and buy before Christmas and enjoy Christmas in their new homes.”

56 Palm Avenue, Ascot

• Sold under the hammer for $4.95 million

• Lead agent: Damon Warat - 0413 200 063

• Ray White Ascot

• Four registered bidders, two active

• Auctioneer: Phil Parker, Ray White

Mr Warat said it was a fast paced auction.

“The winning bid went to a local family who were upsizing,” he said.

“It was the sellers’ much loved family home where their kids grew up. They have now finished school so they’re looking to downsize. They were very happy it was bought by another family.

“The market is good. Last month we had the busiest month in 20 years at Ray White. Good family homes on good land are in high demand.”

993 Brunswick Street, New Farm

• Sold under the hammer for $4.707 million

• Lead agent: Annette Richards - 0433 100 433

• Ray White New Farm

• Four registered bidders, three active

• Auctioneer: Haesley Cush, Ray White Collective

Ms Richards recorded the top result at Ray White Collective’s prestige auction event at the Calile, which saw 19 luxury properties set to go under the hammer.

“We had some really strong bidding today, we saw $20 million in property sold overall as part of the campaign,” Mr Cush said.

“The top auction went to Annette Richards for $4.707 million.

“The buyers were a local family and the seller was also a local family.

“Buyers saw the value of a 600sqm in New Farm and the location across the street from New Farm Park, and this property was perfect for larger families which was the main buyer profile.”

1/15 Solomon St, Banyo

• Sold under the hammer for $950,000

• Lead agent: Renee Rennie - 0410 324 230

• Ray White Banyo

• Two registered, two active

• Auctioneer: James Austin, Ray White Mt Gravatt

“The winning bid went to a couple relocating from Sydney,” Ms Rennie said.

“The sellers bought the home off the plan, but their circumstances changed so they decided to sell.

“It’s a brand new property, no one has ever lived in it.

Ms Rennie said the market had been great.

“We had three auctions today and sold two under the hammer,” she said.

“There’s a lot of people wanting to sell as they feel the market conditions are good for listing, and buyers are still really active as well.”

ADELAIDE

Ray White South Australia chief auctioneer John Morris said today marked the end of the busiest month of auctions on record for Ray White South Australia, with more than 400 auctions scheduled for the month.

“This is an incredible feat considering the previous record was 311 auctions in a month,” Mr Morris said.

“Pre-pandemic, South Australia was never considered an auction state with fewer than five per cent of all listings utilising this method of sale.

“Now we’re seeing 25-30 per cent of all listings using the auction method, and it’s Ray White who are dominating this share, with 46 per cent of all auctions across the state being held by one of our members.

“Clearance rates are still strong at around 70-75 per cent proving once again that we are the competition creators.”

32 Weller St, Goodwood

• Sold under the hammer for $2.32 million

• Lead agent: Josh Gillespie - 0424 389 147

• Ray White Unley | Colonel Light Gardens

• Two registered bidders, two active

• Auctioneer: Robbie Smith, Ray White Unley | Colonel Light Gardens

“Both buyers were very interested in the property,” Mr Gillespie said.

“The winning bid went to a professional upgrading suburbs and moving to gain closer proximity to work.

“The sellers had lived here for 40 years and were downsizing.”