Ray White Coastal Living - Market Monitor - April-June 2024

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Market Monitor

April-June 2024

Unparalleled in our local marketplace

Welcome to the latest instalment of the Ray White Market Monitor, reporting on the April to June quarter of 2024.

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.

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 Maroochydore

07 5443 2000

raywhitemaroochydore.com.au

Ray White Mooloolaba

07 5444 3455

raywhitemooloolaba.com.au

Ray White Nambour

07 5354 6000

raywhitenambour.com.au

Auction Report

QUARTER COMBINED | April-June

PREVIOUS QUARTER COMBINED   AS AT 30 June

WHAT THESE FIGURES SHOW

• Average bidder numbers have held firm over the first half of 2024, with an average of 2.33 bidders per auction in this reporting period.

• Competing buyer interest is what drives prices so it was pleasing to see that on average buyers paid 3.6% more for the property when compared to the highest pre-auction offer.

• The timeframe to sell a property broadly has extended, however it is pleasing to note that our auction campaigns held tight at 33 days on market to sell.

• With an effective clearance rate of 59% and success rate of 82%, we do expect this success % to increase in the coming weeks as post auction negotiations close out after this reporting period finalised.

Where do our Buyers Come From?

APRIL MAY JUNE

While the local market dominates the origin of most buyers on the coast, we do see more buyers originating from Brisbane and/or South East Queensland from time to time, this was particularly evident in June.

Auction Results April-June

11 Endota Street Buderim

2/20-22 Baden Powell Street Maroochydore $795,000

3/27 Blanck Street Maroochydore $530,000 WITHDRAWN 4/139 Bradman ave Maroochydore

13/75 Sixth Avenue Maroochydore $595,000

WITHDRAWN 16/110 Sixth Avenue Maroochydore

123 Sunshine Cove Way Maroochydore $1,225,000

56/19 Memorial Avenue Maroochydore $1,500,000

21 Blackwood Street Maroochydore $925,000

Buyer Inspections

APRIL MAY JUNE

2,649 total inspections

2,028 total inspections

2,219 total inspections

516 number of open homes

664 number of open homes

715 number of open homes

892 private treaty inspections

1,757 buyer inspections at auctions

954 private treaty inspections

1,073 buyer inspections at auctions

956 private treaty inspections

1,263 buyer inspections at auctions

Buyer Inspections Total

QUARTER COMBINED | April-June 2024

6,896 total inspections

1,895 number of open homes

2,802 private treaty inspections

4,093 buyer inspections at auctions

• With 129 auction campaigns run in the quarter, this attracted over 4000 buyer inspections for an average of 31 buyer groups per campaign. The same period recorded 2802 inspections at the some 105 campaigns run with properties marketed at a price, representing an average of just 22.

• Recording a total of 6896 inspections in the period shows how strong the Sunshine Coast property market remains, despite the fact interest rates have risen and are likely to stay higher for longer.

Private Treaty Report

QUARTER COMBINED (average) April-June

QUARTER COMBINED (average) PREVIOUS QUARTER

• It’s taking around 10 extra days on market to sell properties marketed with a price as opposed to auction, further the 90 days success rate is also around 20% lower than that of auction campaigns.

• While choosing a strategy of price as opposed to auction does come with it a success rate of close to 80% over 90 days, the evidence is clear that auctions generate more buyer interest, sell sooner and often obtain a stronger price based on bidder competition.

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