A High Demand Market – Weekly Real Estate Market Update with Leigh Martinuzzi
This week the REA buyer demand index shows an increase in demand across the nation by 0.5%. In Queensland, we’ve seen a spike of about 1.5% to 168.4. This number represents the number of people looking at “buy” listings on realestate.com.au. What’s surprising is that demand across all regions recorded small gains except for Victoria where they’ve seen a sharp decline in buyer demand since entering their 6th lockdown. Demand in NSW however seems to be on the rebound.
Locally we have seen no shortage of buyers. One of our newest listings at 41 Jubilee Drive which was listed last week witnessed 25 buyer groups at our first open home on Saturday and then another 10 groups on Tuesday night. To date, we’ve received 11 written offers on this property. On another high-end, acreage property, buyer enquiry has been screaming in with over 100 enquiries in just 2 weeks. What is interesting to note is that in the current market buyers are genuine and many of whom can make a strong offer once they find the right home to purchase. We managed to match one of our buyers, in which the property they enquired on wasn’t suitable, to another property seller, resulting in an off-market sale of just under $1.2 million.
There is still a significant shortage of good homes for sale around Australia. Spring is typically a busy time of the year when many property owners decide to sell and while we’ve seen a slight increase in properties coming to the market it is still in very short supply. Across Australia for every 1 property listed for sale 1.4 are sold.
REA indicates that on the Sunshine Coast there are currently 2248 properties listed for sale. In the local catchment, there are 21 properties listed in Woombye, 31 in Palmwoods, 5 in Dulong, and 5 in Eudlo. Many of these listings are already “under offer” or sold.
REA describes our market as a ‘High Demand Market’ with increased buyer demand here compared to the averages recorded across Queensland. This is measured by average visits per property which in Queensland is 836 visits per property. Locally Woombye and Palmwoods have recorded 1083 and 1264 visits per property, respectively. I imagine this buyer demand will continue for the months ahead.
Preliminary Auction Results State by State. (Auctions/Private Sales)
- Queensland – =84% (138/1403)
- NSW – 90% (410/1735)
- Victoria – 90% (1241072)
- ACT – 94% (18/42)
- South Australia – 93% (95/335)
- Tasmania – NA (0/190)
- Western Australia – 50% (4/641)
- Northern Territory – NA (0/20)
