Market Monitor July - September 2019
Voice of Property on the Sunshine Coast
Coastal Living Offices Ray White Buderim
Ray White Kawana
Ray White Maroochydore
Ray White Mooloolaba
07 5445 6088
07 5354 6012
07 5443 2000
07 5444 3455
raywhitebuderim.com.au
raywhitekawana.com.au
raywhitemaroochydore.com.au
raywhitemooloolaba.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 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 Nambour
Ray White Noosa
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 5354 6000
07 5355 6024
07 5449 8800
07 5354 6002
raywhitenambour.com.au
raywhitenoosa.com.au
raywhitenoosariver.com.au
raywhitesippydowns.com.au
Auction Report AUGUST
J U LY
72%
SEP
TEMBER
79%
46%
SUCCESS
SUCCESS
SUCCESS
Auctions
23
Auctions
29
Auctions
74
Sold
13
Sold
22
Sold
34
Withdrawn
5
Withdrawn
1
Withdrawn
0
Success (%)
72%
Success (%)
79%
Success (%)
46%
Clearance
13%
Clearance
45%
Clearance
34%
Days on Market
55
Days on Market
46
Days on Market
53
Registered Bidders
18
Registered Bidders
42
Registered Bidders
78
Pre Auction Offers
11
Pre Auction Offers
32
Pre Auction Offers
78
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-2.02% 2.20%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.79% 3.74%
% Lift on Reserve
0.15%
% Lift from Highest Pre Auction Offer to Sale
0.70%
QUARTER COMBINED | Jul-Sept
PREVIOUS QUARTER COMBINED AS AT 30 September
WHAT THESE FIGURES SHOW
• Our in room Auction Event was a highlight of the last quarter with
58%
57 Auctions conducted over four
91%
hours. As a result, we sold over $15m of property on a single day. • Post auction activity remains strong on those properties auctioned in
SUCCESS
September, meaning the overall success
SUCCESS
rate will most likely move beyond 90% before the end of October.
Auctions Sold
126 69
Auctions
133
Sold
99
Withdrawn
6
Withdrawn
24
Success (%)
58%
Success (%)
91%
Clearance
31%
Clearance
41%
Days on Market
51
Days on Market
52
Registered Bidders
138
Registered Bidders
212
Pre Auction Offers
121
Pre Auction Offers
114
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-0.89% 2.21%
% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale
-1.27% 3.40%
Auction Event 2019 Together we are stronger. On Sunday 22 September at Mercedez-Benz Sunshine Coast, the Auctioneer’s hammer was sounding out during four hours of power, at our fifth annual Auction Event. We had 57 properties go to auction, six were sold prior and to date more than $18.5 million of real estate was sold by our network of eight offices. Sales ranged from affordable three bedroom homes, half-completed mortgagee sale, beachfront apartments and waterfront dreams. The highest sale under the hammer at the event was a $1,205,000 transaction of a manicured acreage property at 3 McKeiver Court, Glenview. At the opposite end of the spectrum, a fully-furnished two bedroom unit at Carribean Resort, 17-19 Brisbane Road Mooloolaba sold for $290,000.
•
ANA KAW
•
SA • NOO •
S
A
NETWORK
MOO LOO LA B
Coastal Living
•
SIPP YD OW N
It is one of the most successful campaigns we have had, which really drives confidence in the Sunshine Coast real estate market.
THE
ERIM BUD
NOOS AR IVE R
OUR • MAROOCH MB YD NA OR E •
•
More than 400 people are estimated to have come through the doors during the four hours with many interested buyers from Brisbane, Sydney and Melbourne, some who walked away with property.
More Auctions. More Advertisements. OPEN HOMES ADVERTISED QUARTER COMBINED
AUCTIONS ADVERTISED QUARTER COMBINED
Taken from final week ending in July, August and September 2019
Taken from final week ending in July, August and September 2019
80
200
20
100
10
0
0 Competitor 5
30
Ray White
300
Competitor 5
40
Competitor 4
400
Competitor 3
50
Competitor 2
500
Competitor 1
60
Ray White
600
74
Competitor 4
70
Competitor 3
741
Competitor 2
700
Competitor 1
800
Ray White are the undisputed market leaders on the Sunshine Coast for both property advertising and auctions.
Auction Success Stories This home was a 20 year old waterfront renovator, surrounded by well presented homes in a quiet street and presented the opportunity to break into the waterfront market at an entry level price.
We had buyers with interest from a minor renovation, through to a major $300,000 full renovation and even those who considered bull dozing the property and starting afresh. We were approached by the Power of Attorney and advised that five other agencies were presenting for the listing. The property was not in great condition at the time and would require multiple trades to have the home presentable for sale. Our presentation was based around the resource of trades that we could draw on from our Property Management team to assist in having the home ready for sale. Auction day was filled with excited buyers as well as the local community, who had paid a lot of attention to the property as it is located in a tightly held part of Minyama. Bidding opened at $750,000 before racing up to $900,000, when some bidders dropped off and it became a two horse race. Once $950,000 was reached, the bidding was down to $1,000 bids before the hammer fell at $954,000. Our buyers are a young family and are looking to renovate before placing the home back on the market for resale. Inspections: Offers:
14 St Vincents Court, Minyama
Sale Price:
85 Five $954,000
Our sellers had only ever sold one other property prior. They were unsure about going to auction, however the benefit of an unconditional contract would make the purchase of their next property easier. With a four week print and digital marketing campaign, two offers were presented prior to the auction. On the day of the auction, there were two registered bidders and a final sale price of $635,000 was achieved. Our happy sellers are looking to make a move into retirement living and are so pleased to have sold their property at auction. They can now look forward to their new home and enjoy a convenient lifestyle in their retirement.
This was the first property our buyers had purchased together. Leading up to Auction day and having never bid at an auction before, they both felt quite anxious. To help them through this, we were able to provide advice about auctions, how they work and how to bid within their level of comfort. They were both grateful for this as they were able to buy the home really wanted. Inspections: Offers: Sale Price:
20 Two $635,000
5 Grant Street, Battery Hill This original 1970’s three bedroom home sits in a prime location on the beach side of Nicklin Way, in a quiet little cul-de-sac within walking distance to beaches. The owners were happy to pass the property onto someone to create memories and turn it into something beautiful, so they decided to sell 5 Grant Street and gave us the opportunity. The Auction was a great day with over 15 groups attending and four bidders lined up ready to go. We had a few investors and first home buyers too. The happy buyers were from Adelaide who had flown up a few days before to have a look at the property. Inspections: Offers:
12 Dharalee Court, Mount Coolum
Sale Price:
10 Two $455,000
The property had been on the market with another agency for three months. Within four weeks, we had 20+ groups through and come Auction day we had three registered bidders. Our sellers are as Australian as you can get. He loves his old Holden cars and does them up in his garage. Right up until Auction day, he was pessimistic about the Auction, however we achieved a great result and he recognised this. Our buyers fell in love with the property two weeks before the Auction and our agent worked with them to get pre-approval to buy and they were able to purchase the home under the hammer for $810,000. Inspections: Offers:
10 Chablis Court Buderim
This three bedroom, two bathroom apartment was on the market with another agency for four months before our sellers contacted us. We decided to take the home to Auction and it sold under the hammer in 28 days. Inspections: Offers: Sale Price:
Sale Price:
The apartment was owned by a farming family from Tamworth. It was their holiday home but as the drought has affected their farmland it was time to sell. They needed a quick sale but also a great result and we achieved this selling the unit for a higher price than what comparable units in the complex had sold for recently. 28 One $550,000
24/6 Mari Street, Alexandra Headland
25 One $810,000
This property had been partially renovated and needed someone who was prepared to finish the work. Our buyers are a lovely family from Eumundi, who bought the property for their daughter and they will be renovating the home over the next 6 to 12 months. Come Auction day we had five registered bidders, with two being on the phone. The bidding opened at $300,000 and quickly escalated to $360,000. Going back and forth, bidding went over the reserve price and the property was called on the market, selling $25,000 over reserve. Inspections: Offers: Sale Price:
20 Macleay Lane, Maroochydore Our sellers are a lovely couple with two large dogs and decided they needed a bit more space for them. They found a beautiful home in Landsborough that they put an offer subject to their home selling on Auction day, which was accepted.
Inspections: Offers: Sale Price:
The buyers were a couple who we met over 12 months ago and fell in love with this home the first time they came through in August. They came through the property four weekends in a row, while we prepared them to bid on Auction day. They were over the moon when the hammer fell at $640,000 and the property was finally theirs. 30 Three $640,000
7 Wannon Street, Maroochydore
50 6 $445,000
Who is Buying? JULY
AUGUS T
80%
SEP TEMBER
65%
QUARTER COMBINED | JUL-SEPT
75%
81% 19%
20%
25%
35%
Although Investors are only representing around 25% of all purchases, their activity has grown on the back of lower interest rates in recent months. Lower interest rates are also allowing owner occupiers who are buying to live in, retain their existing properties as investments.
Owner Occupiers
Investors
Buyer Inspections JULY
AUGUST
SEPTEMBER
1994
2220
2198
total inspections
total inspections
total inspections
828
739
948
number of open homes
number of open homes
number of open homes
1106
1126
746
exclusive agency inspections
exclusive agency inspections
exclusive agency inspections
659
1009
1216
buyer inspections at auctions
buyer inspections at auctions
buyer inspections at auctions
Buyer Inspections Total QUARTER COMBINED | Jul-Sept 2019
6412
total inspections
2515 number of open homes
2978
exclusive agency inspections
2884
buyer inspections at auctions
• On average each auction property generated 3 x the level of inspections than Exclusive Agencies (22 vs 7). • With 209 open homes conducted on a weekly basis, we believe our team meets almost every local and active buyer in the market seeking property.
Exclusive Agency Sales Report J U LY
AUGUST
64
55
TO
TO
TA L S O L D
Number on Market Total Sold 30 Day Success (%) Average Days on Market
405 64 16% 72
SEP
62 TO
TA L S O L D
Number on Market Total Sold
TEMBER
407 55
TA L S O L D
Number on Market Total Sold
30 Day Success (%)
14%
30 Day Success (%)
Average Days on Market
115
Average Days on Market
361 62 17% 73
QUARTER COMBINED | Jul-Sept
QUARTER COMBINED | PREVIOUS QUARTER
181
151
TO
TO
TA L S O L D
TA L S O L D
Number on Market
391
Number on Market
454
Total Sold
181
Total Sold
151
90 Day Success (%)
46%
90 Day Success (%)
33%
Average Days on Market
87
Average Days on Market
86
• Buyers have fewer properties to consider with available stock levels falling 13.8% compared to the previous quarter. • As a result of less opportunity, the 90 day sales success rate increased 13% on the previous quarter.
Property Management JULY
AUGUST
SEPTEMBER
81
99
100
properties leased
properties leased
properties leased
20
24
21
average days on market
average days on market
average days on market
98%
99%
99%
occupancy rate
occupancy rate
occupancy rate
Community Corner
Sunshine Coast Marathon 2019
We’ve got your back and we set the pace. Our network of Ray White offices are thrilled to have both supported and partaken in this popular Sunshine Coast sporting event. We would like to send a huge thank you to the hundreds of Ray White Volunteers and the Ray White Pacers, for their flawless support on the day. It’s their huge smiles and genuine enthusiasm which really make the day a memorable one for the thousands of runners. 2019 saw the men’s marathon course record fall but it really was ladies day this year with the Australian All Comer and course records well and truly crushed. From our own Ray staff to the elites and first timers, everyone one did themselves proud out on the course.
Š 2019
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