Market Monitor October - December 2019
Voice of Property on the Sunshine Coast
Coastal Living Offices
Ray White Buderim
Ray White Kawana
Ray White Maroochydore
07 5445 6088
07 5354 6012
07 5443 2000
raywhitebuderim.com.au
raywhitekawana.com.au
raywhitemaroochydore.com.au
Unparalleled in our local marketplace
Welcome to the latest instalment of the Ray White Market Monitor, reporting on the October to December quarter of 2019. This document is your window to the industry, revealing detailed statistics we collect on everything from auctions through to property management. The quality, depth and timeliness of this data reporting is unparalleled in our local marketplace. Quite simply, nobody is doing this.
Ray White Mooloolaba
Ray White Nambour
Inside these pages you will find a rich array of our collective data and results along with a selection of our auction success stories from the quarter. We have highlighted our property management statistics, buyer inspection reports and finally, our involvement in the communities we call home.
Ray White Noosa River
Ray White Sippy Downs
07 5444 3455
07 5354 6000
07 5449 8800
07 5354 6002
raywhitemooloolaba.com.au
raywhitenambour.com.au
raywhitenoosariver.com.au
raywhitesippydowns.com.au
Auction Report OCTOBER
NO
81%
VEMBER
DEC
EMBER
62%
67%
SUCCESS
SUCCESS
SUCCESS
Auctions
22
Auctions
40
Auctions
31
Sold
17
Sold
23
Sold
20
Withdrawn
1
Withdrawn
3
Withdrawn
1
Success (%)
81%
Success (%)
62%
Success (%)
67%
Clearance
27%
Clearance
50%
Clearance
48%
Days on Market
60
Days on Market
57
Days on Market
37
Registered Bidders
26
Registered Bidders
63
Registered Bidders
37
Pre Auction Offers
11
Pre Auction Offers
35
Pre Auction Offers
20
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.82% 1.44%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.76% 2.06%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.35% 4.15%
QUARTER COMBINED | Oct-Dec
PREVIOUS QUARTER COMBINED AS AT 31 December
68%
92%
SUCCESS
SUCCESS
• Competition from bidders at Auction over the last 90 days remained strong with almost 1.4 bidders registered across all auctions. • Buyers are continuing to pay more on Auction day with a 2.55% lift rate being recorded across the quarter.
Auctions
93
Auctions
126
Sold
60
Sold
101
Withdrawn
5
Withdrawn
16
Success (%)
68%
Success (%)
92%
Clearance
42%
Clearance
31%
Days on Market
51
Days on Market
51
Registered Bidders
126
Registered Bidders
138
Pre Auction Offers
66
Pre Auction Offers
121
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.64% 2.55%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
WHAT THESE FIGURES SHOW
-1.56% 2.34%
• Auctions continue to be the most successful method of sale over 90 days with a 68% success rate vs 57% for Exclusive Agencies.
Auction Success Stories Very rare 24 acres in such close proximity to Buderim Village, large home with flat for guests/family and a huge amount of car spaces, makes this property incredibly unique. The seller had owned this magnificent parcel of land for 22 years and built a stunning home with all of the extras you could possibly want and was extremely committed to the auction process as he was relocating overseas with his partner.
249-259 Lindsay Road, Buderim
With four registered bidders, the property was sold under the hammer and we had extremely happy buyers and sellers as a result. Our buyer is now looking forward to sharing this serene location with his extended family.
We had a lot of interest in the property Inspections: throughout the four week marketing campaign Offers: and a very motivated seller made us quite confident a sale was imminent on auction day. Sale Price:
70 None $1,800,000
Our sellers had this property listed with another agency for almost a year before engaging our agent. With an extensive print and digital marketing campaign we were confident we had found every potential buyer and prior to auction day we had two bidders who would be there to bid and ready to buy. Come auction day we registered two new bidders, one who had seen the property for the first time that day and another who had been watching the campaign for months with other agents. Auction day forced them to make a move and we now had four registered bidders. Our initial buyers did exactly as planned but were quickly knocked out by the new interest. Strong competitive bidding over $1.4m saw us exceed the feedback and then negotiations with the highest bidder and the owner saw us put the property on the market at $1,552,000. Our sellers were thrilled to see a result and appreciate that was a great sign of market value.
Our buyers are from Gladstone and excited to move down to be closer to friends and enjoy the relaxed coastal lifestyle. After the auction they stayed in the building to celebrate with friends who own there already. Inspections: Offers: Sale Price:
32 None $1,552,000
803/34 Picnic Point Esplanade, Maroochydore
Offers: Sale Price:
Our seller lived in the unit for a number of
Our agents recommended taking the property to auction and they flew out of the country knowing that their home was sold.
another agent for some time and wanting to
57 Three $820,000
years and had recently purchased another property to live in with her partner. The property had been on the market with sell now, we provided her with a totally new strategy.
Throughout the marketing campaign we had 57 inspections and several offers. On auction day we had three registered bidders, two were local and lived in the area already and the other had just sold at auction in Hervey Bay.
67 Mountain View Court, Yandina Inspections:
When our agents met with our sellers to discuss plans to sell their property they were informed that they were relocating to Canada, flying out of the country in 45 days and wanted to make sure that they had sold and gone unconditional before leaving.
The bidding started at $680,000, rose to $760,000 where the property was placed on the market. Bidding then rose in various amounts and sold under the hammer for $820,000. The buyers are a local family who fell in love with the home and location.
We had a lot of interest in the property from a number of different demographics. First home buyers who were looking to live in one side and rent the other out, retired people who would do the same, young families that wanted their parents to live in one side and them in the other, as well as investors who wanted to rent both sides out.
We had met the buyer previously at an inspection of another unit, she had been in the area looking at property and just popped in. We called during the week to see if she had purchased as yet and encouraged her to attend our auction. She went on to be the successful bidder, beating two other bidders on auction day with a $250 bid. The power of competition was evident on the day. Inspections: Offers: Sale Price:
32 One $220,000
On auction day the opening bid put the property on the market. There were a total of 14 buyers registered to bid at the auction, with six active bidders and a total of 33 bids placed on the property. The eventual sale price was $875,000 - well above the reserve price.
1 & 2/32 Second Avenue Coolum Beach This property was built by the sellers 22 years ago. There are two villas on the one title - the front villa has been rented out to the same retired
The sellers were very emotional about the sales process as the property had been a place for their family holidays for so many years. Most of the family attended on auction day and they were of course very happy with the result and the sale price.
couple for the past 16 years. The back villa has
Inspections:
been a holiday home for the sellers and their
Offers:
family, so only used for a couple of months each year since it was new.
Sale Price:
80 Three $875,000
3/274 Alexandra Pde, Alexandra Headland
Buyer Inspections OCTOBER
NOVEMBER
DECEMBER
1,471
1,933 total inspections
1,175
total inspections
585
766
481
total inspections
number of open homes
number of open homes
number of open homes
831
653
603
exclusive agency inspections
exclusive agency inspections
exclusive agency inspections
778
946
476
buyer inspections at auctions
buyer inspections at auctions
buyer inspections at auctions
Buyer Inspections Total QUARTER COMBINED | Oct-Dec 2019
4,579
total inspections
1,832 number of open homes
2,087
exclusive agency inspections
2,200
buyer inspections at auctions
• In comparing the level of buyer enquiry between Auction and Exclusive Agency campaigns, Auction properties enjoyed over 3x the level of buyer enquiry (Auction 23 vs Exclusive Agency 6.7). • Buyer enquiry overall has shown no signs of slowing with over 4500 buyers viewing property during the reporting period
Who is Buying? OC TOBER
NOVEMBER
75% 25%
DECEMBER
75%
QUARTER COMBINED | OCT-DEC
72%
63%
25% 37%
28%
• Owner Occupiers continue to dominate the purchasing ratio compared to Investors, with 72% of our recorded transactions being sold to Owner Occupiers. • What is not reported is the properties being held by these same buyers and kept as investments, we believe this figure to be very high with investors seeing value in retaining their properties due to a combination of low interest rates and strong rents.
Owner Occupiers
Investors
More Auctions. More Advertisements. OPEN HOMES ADVERTISED QUARTER COMBINED
AUCTIONS ADVERTISED QUARTER COMBINED
Taken from final week ending in October, November and December 2019
50
488
Competitor 5
0 Competitor 4
0
Competitor 3
10
Ray White
100
Competitor 5
20
Competitor 4
200
Competitor 3
30
Competitor 2
300
Competitor 1
40
Ray White
400
Competitor 2
47
Competitor 1
500
Taken from final week ending in October, November and December 2019
Ray White are the undisputed market leaders on the Sunshine Coast for both property advertising and auctions.
Exclusive Agency Sales Report OCTOBER
NO
46 TO
Total Sold 30 Day Success (%) Average Days on Market
DEC
75 TO
TA L S O L D
Number on Market
VEMBER
301 46 15% 96
55 TO
TA L S O L D
Number on Market Total Sold 30 Day Success (%) Average Days on Market
EMBER
314 75 24% 98
TA L S O L D
Number on Market Total Sold
313 55
30 Day Success (%)
18%
Average Days on Market
130
QUARTER COMBINED | Oct-Dec
QUARTER COMBINED | PREVIOUS QUARTER
176
181
TO
TO
TA L S O L D
TA L S O L D
Number on Market
309
Number on Market
391
Total Sold
176
Total Sold
181
90 Day Success (%)
57%
90 Day Success (%)
46%
Average Days on Market
108
Average Days on Market
87
• The 90 day success rate jumped from 46% to 57% in the last quarter of the year. Often buyers and sellers see the end of year as a deadline in which to confirm their property position before the new year. • The number of available listings also dropped in the last quarter down from 391 to 309, the tightening supply is a product of Investors retaining properties on the back of low rates and strong rental returns.
Property Management OCTOBER
NOVEMBER
DECEMBER
98
108
96
properties leased
properties leased
properties leased
31
13
21
average days on market
average days on market
average days on market
99%
99%
99%
occupancy rate
occupancy rate
occupancy rate
Community Corner A Little Ray of Giving is Ray White’s very own community charity initiative, which has helped thousands of people.
Every year our offices set up their christmas trees and accept donations on behalf of local charities and families to help put a smile on their faces at Christmas time. We sincerely thank the local businesses, local community and all of our staff for their overwhelming generosity and making this Christmas a little more special for many.
Š 2020
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