If the last two years have taught us anything, it’s that there really is no particular season, month or time of year that’s better for selling.
That said, there’s still a long held belief that it’s hard to beat selling in spring!
Our winter selling months were interesting. Interest rates and auction clearance rates both went in the opposite direction to what most would like, but there was also a lot to celebrate this winter. International travel was well and truly back on the cards and many of us chose to take advantage of the travel bug and escape the winter chill.
This has given us a post-vacation flurry of activity in the real estate sector in the past few weeks, and we’re seeing an increase in new listings coming to market. It seems selling in spring is back on the agenda for many homeowners.
Interestingly, our listing numbers for this time of year for the last three years have been very similar, hovering around 4,000 throughout the month of August all the way back to 2020.
Our auction listing numbers are up by 17 per cent and bidder numbers are holding at a decent 4.7 registered and 2.6 active bidders on average per auction across the country. This coupled with our Loan Market data which is showing a 28 per cent year-on-year increase in loan pre-approvals is indicating that there’s still plenty of buyer interest and activity.
An important point to consider when selling your home in the current market is whether to sell by auction or private treaty sale.
Many people think about the spectacle of the auction day itself, although the process has a lot of benefits that don’t always correlate to the event itself.
As our market reaches a more balanced state, we’re seeing days on market growing – the number of days it takes from when it’s launched on the market until the point it’s unconditionally sold. The impact of this can mean that buyers start to see the listings that stay on the market for longer as ‘stale’, or start to become suspicious as to why it hasn’t sold yet.
Our auction properties are selling on average 11 days sooner than private treaty, with an average of 28 days to sell an auction property and 39 days to sell by private treaty.
We’re also still seeing a premium of 11 per cent more being achieved on our auction properties against the highest offer presented before auction day.
Article: Bianca Denham
Original Article: https://www.raywhite.com/ray-white-now/?
Nerida Conisbee Ray White Group Chief Economist There have been a lot of people, events and policies blamed for Australia’s low levels of housing affordability. Ranging from negative gearing, high interest rates, investors, developers, migrants, students, planners, government and the list goes on. And while the reasons are complex, there … Read more
Nerida Conisbee Ray White Group Chief Economist Perth, Adelaide and Brisbane continued their runaway growth in May with all cities now recording year-on-year growth of in excess of 14 per cent. Perth continued its strong run with prices up over 24 per cent over the past year for houses and … Read more