Market Monitor October - December 2015
VOICE OF PROPERTY ON THE SUNSHINE COAST Ray White Maroochydore
Ray White Buderim
Ray White Mooloolaba
Ray White Sippy Downs
Ray White Noosa
1/4-8 Duporth Avenue
4/72 Burnett Street
1-3/13 Brisbane Road
Shop 15 Chancellor Park Marketplace
1/37 Hastings Street
Maroochydore
Buderim
Mooloolaba
Sippy Downs
Noosa Heads
07 5443 2000
07 5445 6088
07 5444 3455
07 5354 6002
07 5447 2021
raywhitemaroochydore.com.au
raywhitebuderim.com.au
raywhitemooloolaba.com.au
raywhitesippydowns.com.au
raywhitenoosa.com.au
Unparalleled in our local market place Welcome to the ninth edition of the Ray White Market Monitor, reporting on the October to December quarter of 2015. 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 market place. Quite simply, nobody is doing this.
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.
Auction Report OCT
OBER
NO
77%
VEMBER
DE
77%
CEMBER
52%
SUCCESS
SUCCESS
SUCCESS
Auctions 27
Auctions 23
Auctions 24
Sold 20
Sold 17
Sold 12
Withdrawn 1
Withdrawn 1
Withdrawn 1
Success (%)
Success (%)
Success (%)
77%
77%
52%
Clearance 37%
Clearance 35%
Clearance 29%
Days on Market
51
Days on Market
31
Days on Market
36
Registered Bidders
77
Registered Bidders
42
Registered Bidders
59
Pre Auction Offers
15
Pre Auction Offers
13
Pre Auction Offers
13
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.83% 8.75%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-1.49% 4.38%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-1.38% 4.99%
QUARTER COMBINED | OCT - DEC 2015
QUARTER COMBINED | PREVIOUS QUARTER
WHAT THESE FIGURES SHOW • We continue to see buyers paying 6% more on auction day than prior to. This has been consistent through much of 2015, a sign of a seller’s market.
69%
75%
SUCCESS
• There were 42 less auctions held than in the previous quarter, our view is that there is collectively 22% less stock in the market and the Christmas period allowed for only two weekends of auctions in December.
SUCCESS
Auctions 74
Auctions 116
Sold 49
Sold 80
Withdrawn 3
Withdrawn 10
Success (%)
Success (%)
69%
75%
Clearance 33.7%
Clearance 27.3%
Days on Market
Days on Market
39
33
Registered Bidders
178
Registered Bidders
254
Pre Auction Offers
41
Pre Auction Offers
69
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-1.23% 6.04%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
• Similar to buyers paying more on auction day, the overall auction success % remains high. We expect post auction sales to occur from December, lifting the overall success well over 70%.
-1.94% 6.16%
It is a seller’s market, with between two to three bidders attending each auction, there is strong buyer competition, buyers paying more on auction day and sellers are less likely to discount from their reserve to meet the market.
Auction Success Stories
31 Marjorie Street, Mooloolaba This was the first time this beach house had been offered for sale in 24 years. It was only ever used by the owners as a holiday home for family and friends; and although it was never lived in full time, it was still a big decision for the owner to sell. Auction day itself was full of emotion for the owner. Having lost her husband
earlier in the year, this property had been a massive part of their lives together, including spending every Christmas at the property with their family. With four registered bidders on the day it come down to $1000 bids then to $500 bids. The outcome of $500,000 was a fantastic result, exceeding the reserve price by $35,000.
Local to the Sunshine Coast, the buyers could see the opportunity this block offers for a duplex site in the future.
Sale Price
$500,000
Inspections 45 Prior Offers
2
This stylish contemporary residence perfectly embraced its idyllic location, enhanced by glorious views across the hinterland. The acreage home in Mons was set on over 1200 square meters and offered the potential buyer a spacious 4 bedroom, 2 bathroom, 2 car home with a pool and media room.
The family selling had called 14 St Anton home for the past 13 years, creating a lifetime of memories. With the family spending the majority of their spare time at the beach, the time had come to make the coastal change. The lucky buyers on auction day had fallen in love with the property as soon as they walked through the door during the campaign.
14 St Anton Drive, Mons
With their work requiring a commute to Brisbane and the kids starting school at Sunshine Coast Grammar, 14 St Anton Drive was the perfect fit. They got to work with their bank on getting a finance pre approval in place. The auction commenced with an opening buyers bid of $600,000 followed by competitive bidding between buyers until the action was paused at $660,000. With the agent continuing negotiations with the buyers, the highest bid was increased on the floor to $700,000. However the other interested party; who had keenly observed the property throughout the whole campaign; called the agents and auctioneer over to let them know that they were prepared to offer $715,000 subject to a 5 day finance clause. With a hard decision to make, the owners decided the extra $15,000 was worth the risk, so the Auctioneer Dan Sowden called the bid at $715,000 on the floor. With no other bidders willing to increase and after 45 mins of negotiations the property was sold under the hammer for $715,000. The owner’s decision paid off with the finance clause being satisfied on the following Friday, and the property officially sold.
112 Wrigley Street, Maroochydore This totally renovated 4 bedroom, 2 bathroom, 3 car property on a 612m2 block with flowing floor plan and great entertaining area is admired by many who pass it. The Sellers, a local couple with two young boys who have lived in the area for some time, renovated the property to make it a dream home. The marketing campaign was well executed leading to a massive auction day with approximately 40 people in attendance. The auction was held in the backyard with five bidders, all eager to win the property. The bidding stopped at $740,000 and after discussions between the Seller and the lead bidder, the property was put back on the market at $795,000 where it was then sold under the hammer to a local business owner.
Sale Price
$715,000
Sale Price
$795,000
Inspections 37
Inspections 47
Prior Offers
Prior Offers
0
1
Buyer Inspections OCTOBER
NOVEMBER
DECEMBER
1,793
1,773
1,011
456
591
287
total inspections
number of open homes
401 private inspections
total inspections
number of open homes
457 private inspections
total inspections
number of open homes
221 private inspections
With 295 properties on the market and 74 auctions (20% of total listings) during the quarter, it’s interesting that auctions attracted 41% of ALL buyer enquiry.
More Auctions. More Advertisements. PICTORIAL ADVERTISING QUARTER COMBINED
AUCTIONS ADVERTISED QUARTER COMBINED
Taken from final week ending in Oct, Nov and Dec 2015
Taken from final week ending in Oct, Nov and Dec 2015
80
100
90
70
80
70
60 50
60
40
40
30
33 24
20
20
18
25
20
14
16
14
13
10
Competitor 5
Competitor 4
Competitor 3
Competitor 2
Competitor 1
Ray White
Competitor 5
Competitor 4
Competitor 3
Competitor 2
Competitor 1
0
Ray White
0
9
‘Ray White are the undisputed market leaders on the Sunshine Coast for both property advertising and auctions’
Private Treaty Sales Report OCT
OBER
NO
VEMBER
10%
10%
SUCCESS
SUCCESS
Number on Market Total Sold 30 Day Success (%) Average Days on Market
362 35 10% 57
Number on Market Total Sold 30 Day Success (%) Average Days on Market
DE
CEMBER
11% SUCCESS
319 32 10% 66
Number on Market Total Sold 30 Day Success (%) Average Days on Market
295 32 11% 55
QUARTER COMBINED | OCT - DEC 2015
QUARTER COMBINED | PREVIOUS QUARTER
WHAT THESE FIGURES SHOW
• Between October and December, there has been a 22.7% reduction in available stock.
30%
38%
SUCCESS
SUCCESS
Number on Market Total Sold 30 Day Success (%) Average Days on Market
325 99 30% 59
• The average time to sell a property continues to remain very low at under two months.
Number on Market
337
Total Sold
127
30 Day Success (%) Average Days on Market
38% 54
When considering a sale strategy, our research shows that auction properties have more than double the success rate (69%) to that of a private treaty (30%) of selling within 90 days.
Who is Buying?
OCTOBER
NOVEMBER
30%
70%
DECEMBER
27%
30%
73%
Owner Occupiers
70%
Investors
QUARTER COMBINED | OCT - DEC 2015
WHAT THESE FIGURES SHOW
• Owner Occupiers continue to dominate the Sunshine Coast market, representing almost 3 out of 4 of all property transactions.
29%
71%
• Interstate buyers are one of the larger movers into our market, with the southern markets overheating, South East QLD is considered excellent buying.
Property Management OCTOBER
NOVEMBER
DECEMBER
71
46
63
properties leased
properties leased
properties leased
14
14
14
average days on market
average days on market
average days on market
99%
99%
99%
occupancy rate
occupancy rate
occupancy rate
Buderim 9 Ray White Buderim were proud sponsors of the Buderim 9 event on 20 December 2015. The challenge is an exciting annual 75km community cycling event, covering nine hills around Buderim. The ride lasts for three hours and is held on the last Sunday before Christmas every year. More than 230 riders took the challenge, approximately 60% of participants completed the nine hill course, with the event raising more than $16,000 in funds to support local children and their families living with cerebral palsy. For the first time in the four year history of the event, six children and their families living with cerebral palsy took part in the new category, the 100m dash.
RACQ CareFlight Ball THE colour and excitement of the Moulin Rouge set the theme for the RACQ CareFlight 2015 Gala Ball. Touted as the Sunshine Coast’s most glamorous black tie gala ball, this wonderful event returned on Friday 30 October 2015. When entering the Wandiny Room at Novotel Twin Waters Resort, guests were transported to a replica of a Paris nightclub for the event, which has become one of the Sunshine Coast’s most anticipated functions. CareFlight North Coast Regional Manager Angela Miles said “We are pulling out all the stops to recreate the liveliness, the theatre and the music from one of the most artistic periods in history - one incredible celebration!”
And while the event may be a highlight of the Sunshine Coast social calendar, it also serves a vital purpose by securing the funds necessary to keep CareFlight’s Sunshine Coastbased helicopters flying. Our group of offices had many staff attending and supporting the event, along with Ray White Maroochydore Principal, Dan Sowden, as the charity Auctioneer for the evening.
Š 2016
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