Buyers were not deterred by another interest rate rise, as a short supply of houses on the market drove fierce competition from bidders at Ray White auctions today. 

Australasia’s largest real estate group scheduled 339  properties to go under the hammer today, recording a preliminary auction day clearance rate of 76.6 per cent. 

Bidder numbers at auctions reflected the state of supply and demand, with Ray White recording an average of 4.9 registered bidders and 3,2 active bidders per auction. 

15 Eastgate Ave, East Killara which sold under the hammer for $4.41 million, a great result for Ray White Upper North Shore agent Jessica Cao and her sellers. 

The highest number of bidders recorded at auctions today was 19 bidders two different auctions, 94 Chifley Street, Smithfield, NSW, and 31A Wingate Street, Greenacres, SA. 

The property at was listed by Ray White Wetherill Park agent Mario Piredda 94 Chifley Street, Smithfield, NSW, sold for $1.115 million. The property at 1A Wingate Street, Greenacres, SA, was listed by Ray White Prospect agent Stefan Siciliano and sold for $900,000. 

SYDNEY:

Ray White NSW chief auctioneer Alex Pattaro said it was a great first week of May. 

“Despite an interest rate rise during the week it didn’t seem to deter buyers from competing at auctions,” he said. 

“We are seeing higher than average open home attendees resulting In a strong average bidder number. 

“The market conditions make it a great time to sell and sellers should have no fear coming to the market.” 

15 Eastgate Ave, East Killara

• Sold under the hammer for $4.41 million
• Lead agent: Jessica Cao - 0466 877 260
• Ray White Upper North Shore
• Nine registered bidders, five active 

43 Prospect St, Erskineville 

• Sold under the hammer for $1.416 million – $116,000 over reserve
• Lead agent: Shaun Stoker - 0424 172 217
• Ray White Surry Hills 
• 10 registered bidders, four active
• Auctioneer James Keenan, Ray White

MELBOURNE:

Ray White Victoria chief auctioneer Jeremy Tyrrell said Melbourne's wet weather didn't dampen buyer interest, with reports of strong crowds across the 161 scheduled auctions for the Ray White network in Melbourne. 

“Despite the latest cash rate announcement from the Reserve Bank, the preliminary clearance rate remained strong at 76.3 per cent, with 3.2 active bidders on average across all auctions,” Mr Tyrrell said. 

“This is the second consecutive week this year where active bidder numbers have exceeded three on average, indicating there is an increase in demand. 

“With a decline in property listings, plus growing migration numbers and a highly competitive rental market, the real estate market is remaining relatively buoyant amidst growing competition amongst buyers.” 

BRISBANE:

Ray White Queensland chief auctioneer Gavin Croft said despite another rate increase from the Reserve Bank of Australia, it hadn’t dampened energy around auctions. 

“Helping this is lower listing volumes right across the state but, in a noticeable trend, auction volumes are now on the rise,” Mr Croft said. 

“At Ray White Queensland we conducted 470 auctions across April, and early signs are we’ll be smashing through 600 in May. 

“Part of the current demand continues to see strong buyer appetite to secure property prior to auction. I had 19 properties scheduled to go to auction today, and 11 of them sold prior to auction. We’re seeing more and more of this desire to secure a property prior to auction.

ADELAIDE:

Ray White South Australia chief auctioneer John Morris said it was a huge week for auctions. 

“The weather is horrible and wet, but the auctions are on fire,” Mr Morris said. 

“Last week we closed with an 81 per cent clearance with average registered bidders close to nine. This week is looking similar with average registered bidders at my auctions in excess of 10. 

“While it’s King Charles’ coronation today, the crown for auction should go on the Adelaide auction market for its high clearance rates and bidder numbers, recording 35 per cent auction market share across the state.”