July-September 2024
Unparalleled in our local marketplace
Welcome to the latest instalment of the Ray White Market Monitor, reporting on the July to September 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 | Jul-Sept
PREVIOUS QUARTER COMBINED AS AT 30 September
THESE FIGURES SHOW
• Auction Success Rates: July had a 94% success rate, August 82%, and September 61%, with a combined quarterly success rate of 73%. We expect to see post auction sales climb to offer an overall success rate of +90% in the coming weeks.
• Clearance Rates: The clearance rate for both the quarter comparisons was consistent at 59% sold (Sales prior to Auction and on Auction day - does not include post auction sales).
• Bidders and Offers: A total of 342 registered bidders participated across 178 auctions, averaging two bidders per auction. There were 239 pre-auction offers.
• Average Days on Market: Properties averaged 33 days on the market before being sold at auction.
• Price Adjustments: On average, sale prices lifted by 0.78% from reserve and by 3.91% from the highest pre-auction offers. The lift rate gives us a gauge to the value of buyer competition. With two bidders at auction, this means that on the average sale price of $1,100,000 sellers obtained an additional $43,010 (average) on auction day.
Sunshine Coast’s Largest Auction Event
Our Ray White Coastal Living Network Auction Event made history yet again on Sunday 22 September, by hosting our largest Auction Event with a record breaking 86 properties offered to the market and our highest sales result in the event’s history. Around 500 interested attendees gathered from 9am at Mercedes-Benz Sunshine Coast, eagerly awaiting the action to begin.
The highest sale of the day was a luxurious ‘Palm Springs’ style home with breathtaking northwest views at 7 Sorensen Avenue in Buderim, selling for $2.425 million.
One of the most anticipated properties in the lead up to the event was the block of eight flats on 1148 sqm of prime real estate in Nambour. Sold prior to auction day after multiple offers, this lucrative property sold for $2.7 million.
It was a remarkable outcome that attracted some 2500 buyers viewing the properties prior to auction. With over 150 bidders in the room and hundreds more tuning in online, this shows us there is absolute confidence in the Sunshine Coast property market.
We are incredibly proud of our team from our five offices who were buzzing with energy, working to register buyers, supporting sellers, briefing phone bidders and ushering spectators.
Since the event’s inception in 2015, our network has now auctioned 524 properties, totalling in over $303 million in sales. We expect our event will continue to grow in our tenth year in 2025.
Since last September we have conducted 475 auctions, which is more than 8x that of our closest competitor.
Buyer Inspections
JULY AUGUST SEPTEMBER
1,675 total inspections
667 number of open homes
2,737 total inspections
2,457 total inspections
927 number of open homes 956 number of open homes
865 private treaty inspections
810 buyer inspections at auctions
686 private treaty inspections
2,051 buyer inspections at auctions
762 private treaty inspections
1,675 buyer inspections at auctions
Buyer Inspections Total
QUARTER COMBINED | Jul-Sept 2024
6,869 total inspections
2,550 number of open homes
2,313 private treaty inspections
4,536 buyer inspections at auctions
• Total Inspections: There were 6,869 buyer inspections in total for the quarter, showing sustained interest across the Sunshine Coast market.
• Open Homes: A total of 2,550 open homes were conducted, drawing significant buyer traffic for property viewing.
• Private Treaty vs Auction Inspections: There were 2,313 private treaty inspections and 4,536 buyer inspections specifically for auctions, The ratio of auction inspections to auctions conducted is approximately 25.48 whereas private treaty campaigns recorded just over 19 inspections on average.
• Monthly Trends: Inspections remained steady throughout the quarter, peaking in August with 2,737 inspections and slightly declining in September to 2,457.
Private Treaty Report
QUARTER COMBINED (average) Jul-Sept
QUARTER COMBINED (average) PREVIOUS QUARTER
• Total Sales: A total of 85 private treaty properties were sold during the quarter, reflecting a stable market. At the quarter close we finished with 118 properties on market, slightly higher than the previous quarter at 105.
• Success Rate: The 90 day success rate for private treaty sales was 72%, indicating a healthy turnover of listed properties within a reasonable time frame.
• Days on Market: Private treaty properties averaged 37 days on the market before selling, showing a slightly longer timeframe compared to auctions.
Where do our Buyers Come From?
JULY
AUGUST
SEPTEMBER
The buyer demographics for the July to September 2024 period highlight strong local interest, with Sunshine Coast residents making up the majority across all three months - 56.8% in July, 68.6% in August, and 66.1% in September. Brisbane follows, contributing between 10.2% and 25% of buyers. Interstate buyers from New South Wales and Victoria also play a significant role, particularly in July and September, with Victoria peaking at 9.1% and NSW at 6.8%
Ray White Buderim
07 5445 6088
buderim.qld@raywhite.com
Ray White Kawana Waters
07 5354 6012 kawanawaters.qld@raywhite.com
Ray White Maroochydore 07 5443 2000 maroochydore.qld@raywhite.com
Ray White Mooloolaba 07 5444 3455 mooloolaba.qld@raywhite.com
Ray White Nambour 07 5354 6000 nambour.qld@raywhite.com
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