Ray White Auction Wrap - Auction volume keeps building with 845 auctions

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Mar 18, 2024

Ray White Auction Wrap - Auction volume keeps building with 845 auctions

Ray White’s top auction sale of the day was in Sydney’s inner west. The stunning converted warehouse at 2 Gilpin Street Camperdown sold for $3.75 million through Ray White Glebe principal Matthew Carvalho.

Ray White Auction Wrap - Auction volume keeps building with 845 auctions
2 Gilpin Street Camperdown sold for $3.75 million through Ray White Glebe principal Matthew Carvalho. (Far Left)

Ray White agents had 845 booked auctions, or 30 per cent share of the market this past week, the second busiest auction week of the year with just almost 2,800 homes set for auction nationally.

The Ray White Group had 502 auctions scheduled nationally alone today, with 4.2 registered bidders attending auctions nationally, with 3 bidders actively participating on average.

The group recorded an impressive 77 per cent preliminary clearance rate by late Saturday.

Speculation continues to build as to when the Reserve Bank of Australia will cut the cash rate.

Ray White Chief Economist Nerida Conisbee said that while there are different ways to consider this, it will be driven mostly by what happens to inflation over coming months, and also the timing of data releases.

With the RBA board meeting this Monday and Tuesday, market watchers will be keenly awaiting the outcome.

“Monthly inflation is currently at 3.4 per cent. While this is very close to the RBA’s inflation target of between two and three per cent, it is likely that they will wait for March 2024 quarterly inflation. This will be available on April 24. If it does come in at below three per cent, the earliest they will likely cut would be at their next board meeting on the May 7,” Ms Conisbee said.

Ray White’s top auction sale of the day was in Sydney’s inner west. The stunning converted warehouse at 2 Gilpin St, Camperdown sold for $3.75 million through Ray White Glebe principal Matthew Carvalho.

The auction with the highest number of bidders today was in Parafield Garden in Adelaide. There were 19 bidders at Ray White Grange agent Tristian Kennedy’s auction at 29 Tripodi Circuit, Parafield Gardens which sold for $1 million.

Mr Carvalho said the sellers (pictured below) are delighted with the result, and are now downsizing. “The buyer was a mature gent who is moving back to Sydney. He had a buyer’s agent and we had a crowd of around 30 people. The market doesn’t feel as hot as it did a few weeks ago, but it’s very property specific and the renovated properties are doing very well.”