Market Monitor July-September 2020
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 July to September quarter of 2020. 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 AUGUST
J U LY
90%
SEP
TEMBER
96%
68%
SUCCESS
SUCCESS
SUCCESS
Auctions
20
Auctions
28
Auctions
28
Sold
18
Sold
27
Sold
10
Withdrawn
0
Withdrawn
0
Withdrawn
0
Success (%)
90%
Success (%)
96%
Success (%)
68%
Clearance
75%
Clearance
61%
Clearance
32%
Days on Market
28
Days on Market
24
Days on Market
36
Registered Bidders
33
Registered Bidders
49
Registered Bidders
58
Pre Auction Offers
19
Pre Auction Offers
34
Pre Auction Offers
25
% Lift on Reserve
0.10%
% Discounting on Reserve
% Lift from Highest Pre Auction Offer to Sale
1.02%
% Lift from Highest Pre Auction Offer to Sale
-0.73% 5.36%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.67% 1.87%
QUARTER COMBINED | Jul-Sept
PREVIOUS QUARTER COMBINED AS AT 30 September
72%
• The amount of registered bidders tells the story of competition at our auctions, with 140 bidders across 76 Auctions there is strong demand for property.
94%
SUCCESS
• Buyers are paying almost 3% more on Auction day due to competition. • We expect that this quarter’s success rate of 72% to climb with post auction sales continuing.
SUCCESS
Auctions
76
Auctions
75
Sold
55
Sold
64
Withdrawn
0
Withdrawn
7
Success (%)
72%
Success (%)
94%
Clearance
56%
Clearance
54%
Days on Market
29
Days on Market
41
Registered Bidders
140
Registered Bidders
130
Pre Auction Offers
78
Pre Auction Offers
75
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.43% 2.75%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
WHAT THESE FIGURES SHOW
-2.03% 2.46%
Auction Success Stories
Our sellers are local Maroochydore business owners, whose daughters have grown up on the property, with a horse in the backyard and an idyllic lifestyle. Now that they are older they decided it’s time to move on and let another family enjoy it. Our buyers are a family moving from a small block in Maroochydore and are excited to be moving to a property with the space and land they’ve always dreamed of. On the auction day a large crowd of bidders, buyers and neighbours fanned out across the backyard. Three bidders registered and two were active throughout the auction. With bidding paused at $1.11m, after which a 20 minute negotiation produced an increased bid to $1.185m, at that level the property was called on the market and sold to the happy buyers.
Inspections Offers
7 Gipanni Place, Diddillibah
Sale Price
33 Two $1,185,000
The owners of this typical Bokarina beachside home are from Melbourne and have been hit quite hard from Covid. They needed the home sold so they could relocate to the Gold Coast. Our buyers are from Wagga Wagga and they had been looking for about two months before deciding they were going to bid on 234 Oceanic Drive in Bokarina. They have two young kids and are looking forward to enjoying the coastal lifestyle in the months to come. Come auction day, our sales agent was there on crutches, after an operation on his leg and he ended up with an overwhelming seven registered bidders at the auction. The bidding opened up
at $600,000, with three active bidders bidding up to $755,000. A little bit of back and forth and after the highest bidder increased their offer to $775,000, the property was called on the market and sold under auction terms. Inspections
50
Offers
One
Sale Price
$775,000
234 Oceanic Drive, Bokarina
Set on a corner block on iconic Beach Parade, and just metres to the water, this unique duplex attracted both local and interstate buyers, as well as other local real estate agencies, builders and small-scale developers, who recognised the forecasted growth in this blue-chip location. The auction method of sale was always the plan for this property due to its unique nature and the level of interest it was certain to attract. There was an air of excitement on auction day, with lots of locals and friends of the owner coming along to offer moral support. It was an exciting bidding competition that came down to our local buyer and a Sydney buyer. Bidding commenced at $900,000, and followed in $1000 increments. The property sold under the hammer for $910,000 to a local couple who have plans to renovate and reap the rewards of a long-term investment. Inspections Offers
86 Beach Parade, Maroochydore
Sale Price
38 None $910,000
Our sellers of the property are two brothers who purchased the land in 1973 with a view to one day retiring or developing the land. After making the decision to sell the property, they assigned us with the method of sale and marketing of the property. With one brother living interstate and the other overseas, entrusting our market knowledge and campaign feedback, they were able to make informed decisions every step of the way. Our buyers, a young family from Victoria, had recently missed out on another beachside property. Looking to make a move to the Sunshine Coast, this vacant block of land will now allow them to build their dream home and enjoy a beachside lifestyle.
72 King Street, Buderim This block of five units right in the heart of Buderim appeals to buyers who are looking for a secure investment, with a residential return and a long history of stability in that return. Our seller has reached an age where he wants to move on and enjoy the rest of his life. The buyers are a family group from the country who had recently lost their father and wanted a strong investment on the coast for all of their futures. They have a long term belief in the strength of Buderim’s future.
Throughout the four week marketing campaign, there was a lot of interest. Not just through onsite inspections but also email and telephone enquiry. During this four week period, we received four offers with the highest offer being $705,000. Inspections Offers Sale Price
Prior to the Auction day we had three registered bidders with another five bidders registering just before the Auction commenced. All of the five tenants met the buyers through the process and let them know just how happy they were and how keen they were to stay on longer than their current leases. This humanisation of the tenants gave our buyers confidence to bid as a ‘hands off’ investor. Inspections Offers Sale Price
34 One $1,650,000
22 Lalwinya Street, Buddina
With one pre-registered bidder 24 hours prior to the auction and the block of land being one of the last vacant blocks for the area, we knew that on the day of auction more registrations would be forthcoming. By the time the auction started, there were eight registered bidders. After 40 minutes of bidding and on-floor negotiations, the final sale of $770,000 was achieved - $65,000 more than the highest pre-auction offer.
25 Four $770,000
Who is Buying? JULY
18%
AUGUS T
82%
SEP TEMBER
76% 24%
QUARTER COMBINED | JUL-SEPT
79%
80% 20%
21%
There is a growing % of sales now being made to Investors across our network. Predominantly this is buyers from outside Queensland looking to secure both homes and holiday residences for future occupancy once Covid restrictions pass. Owner Occupiers
Investors
Buyer Inspections JULY
AUGUST
SEPTEMBER
1,777
2,426
2,506
513
642 number of open homes
516
number of open homes
1,221
1,631
1,708
total inspections
due to COVID-19 restrictions
total inspections
total inspections
exclusive agency inspections
exclusive agency inspections
exclusive agency inspections
538
797
795
buyer inspections at auctions
buyer inspections at auctions
buyer inspections at auctions
Buyer Inspections Total QUARTER COMBINED | Jul-Sept 2020
6,709
total inspections
1,671 number of open homes
4,560 exclusive agency inspections
2,130
buyer inspections at auctions
• Buyer inspection numbers have grown by over 30% month on month through the quarter. • September recorded our highest level of inspections ever at over 2500. • Even though all properties are generally receiving strong interest, it is our Auction campaigns that are attracting 2x the level of enquiry per property as opposed to priced property campaigns.
Exclusive Agency Sales Report J U LY
AUGUST
67
63
TO
TO
TA L S O L D
Number on Market Total Sold 30 Day Success (%) Average Days on Market
286 67 23% 75
SEP
102 TO
TA L S O L D
Number on Market Total Sold 30 Day Success (%) Average Days on Market
TEMBER
294 63 21% 63
TA L S O L D
Number on Market
280
Total Sold
102
30 Day Success (%)
36%
Average Days on Market
47
QUARTER COMBINED | Jul-Sept
QUARTER COMBINED | PREVIOUS QUARTER
232
144
TO
TO
TA L S O L D
• As buyer demand and sales surge, we now can see a reduction in available property for sale.
TA L S O L D
Number on Market
287
Number on Market
306
Total Sold
232
Total Sold
144
90 Day Success (%)
81%
90 Day Success (%)
47%
Average Days on Market
62
Average Days on Market
65
• From 306 to 287 active properties, there has been a 6.2% reduction in stock while at the same time there has been over 20% increase in buyer inspections during the same period.
Property Management JULY
AUGUST
SEPTEMBER
64
93
57
properties leased
properties leased
properties leased
13
11
8
average days on market
average days on market
average days on market
99%
99%
99%
occupancy rate
occupancy rate
occupancy rate
Introducing... Ray White Buderim 07 5445 6088 buderim.qld@raywhite.com Ray White Kawana 07 5354 6012 kawana.qld@raywhite.com
Real time residential market insights, updated weekly • Market resilience • Selling in the current environment
Ray White Maroochydore 07 5443 2000 maroochydore.qld@raywhite.com
• Why are sales so strong now?
Ray White Mooloolaba 07 5444 3455 mooloolaba.qld@raywhite.com
• Why is there so much buyer confidence now?
• Why should I list now?
• How has COVID-19 reshaped the selling process?
Ray White Nambour 07 5354 6000 nambour.qld@raywhite.com Ray White Noosa River 07 5449 8800 noosariver.qld@raywhite.com Ray White Sippy Downs 07 5354 6002 sippydowns.qld@raywhite.com
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Š 2020
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