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Sellers looking to increase their financial returns on their property should turn to auctions as their method of sale, according to new findings from Ray White.
It has been no secret that the Australian real estate market has cooled amid a raft of financial pressures plaguing households, which has led to conditions favouring buyers. Yet, despite this, Australasia’s largest real estate group reports that such parameters can be navigated and potentially avoided through the employment of an auction sales method.
Auctions nationwide are still gaining traction, with Ray White reporting an average of four bidders per auction nationally, which allowed for competition to be created amongst prospective buyers, leading to exceptional results.
This includes a recent Ray White Broadbeach Waters result, which saw a property sell for $6,680,000 — a feat that agent Mitch Palmer believes is representative of the strong demand for high-end homes.
“The prestige end of the market is holding firm and seeing stable numbers; there is a particularly strong appetite for completed luxury which don’t need a dollar spent on them, given the cost and frustrations of building at the moment,” he explained.
In addition to Mr Palmer’s sale, last weekend saw several properties across Australia, including a property in south-west Sydney’s Leppington, which achieved a sales price of $2,125,000, exceeding vendor expectations by $275,000.
Ray White Macarthur Group’s Ibrahim Merjan detailed how a crowd in excess of 200 people attended the auction, which saw 23 fiery bids end in the street record sales price, highlighting the positivity that the Sydney market still possesses.
Ray White NSW chief auctioneer Alex Pattaro detailed how the state is beginning to see a higher number of registered bidders, with confidence seemingly returning to the state’s market.
“Buyers may be cautious, but they are still active and ready to transact if the price is right,” he stated.
Nerida Conisbee, Ray White chief economist, said the latest analysis from the agency shows that “if you want to sell in a slowing market, auction is the best way to go to market”.
This is especially given the rise in days on market that has been occurring since the beginning of the year.
“Overall, the increase has been minor, increasing from 22 to 24 days, however cities are seeing bigger increases. Sydney has seen the biggest increase, from 19 days to 24 days,” she said.
She added that given the correlation between increasing days on market and discounting, now more than ever if it is important to sell quickly once you go to market.
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