The Australian auction market is well and truly back in the game after a slight New Year’s hangover and, by the looks of things, it could be the beginning of a flurry of housing activity.
Record numbers of buyers attended auctions and open homes across the country over the weekend with one real estate group recording a 30 per cent hike in numbers compared to December.
The first weeks of January usually represent a period of down time in the auction calendar as the real estate industry gets back in the swing of things post-Christmas, and it seems that despite the pandemic, this year was no different.
But the market is set to kick off after the first real weekend back on the auction round was the best seen in years according to Ray White NSW Chief Auctioneer Alex Pattaro.
The property market has taken off where it left from last year and we have seen a rush of buyers at opens and auctions fiercely competing for properties to secure their dream homesAlex Pattaro – Ray White NSW Chief Auctioneer
“The market definitely requires higher stock levels but if we saw a jump in stock I don’t think it will mean prices will fall because the sheer volume of activity, confidence and engagement in the market is the best we have seen in years,” Alex explains.
One family home on Sydney’s Upper North Shore saw 24 registered bidders compete for the four-bedroom property. Closer to the city, packed crowds braved the elements to witness the auction of a two-bedroom terrace house that 160 groups had inspected.
Ray White Upper North Shore Director David Walker says he’d been inundated with enquiries from young couples looking to enter the market, which led to the Wahroonga home selling for $2.33 million – $455,000 over reserve.
“It’s a very traditional Wahroonga property but there’s just not a lot of stock on the market right now and so many buyers. The buyers are from Chatswood and they have friends who live around the corner,” he says.
His words were echoed by Ray White Surry Hills Director Moira Verheijen who witnessed the hammer come down at $1.615m for an Erskineville terrace.
“Young couples fell over themselves to inspect the house, they’ve all been looking since the end of last year and come back from the break with gusto,” she says.
It seems house hunters are out in force right now and, with the record low levels of stock returning impressive sales results, the Australian auction market has the potential to boom as more properties become available.