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Auction Report: Coastal Living Group’s Success in the Final Quarter of 2023

By Dan Sowden

As we rounded out the year 2023, we are thrilled to present our final quarterly report. During this remarkable quarter, we achieved some outstanding results, the combination of tightening supply and ever strong demand saw us transact over 164 properties in the last 90days of 2023.

In this Market Monitor report HERE, we delve into the real estate landscape of the Sunshine Coast, focusing on the insights and trends that have emerged. These observations reflect the dynamic and competitive nature of the industry. Whether you are a seller or a buyer, understanding these insights can be invaluable in navigating the current market conditions.

Auction Success and Competition: Despite a reduction in available properties after Spring, we observed a year-high clearance rate of 67% in the Final Quarter of 2023, which was reflective of limited selection and the eagerness of buyers to secure property before Christmas. On average, we had over 3 bidders per auction, resulting in an impressive 90% of our Auctions being sold, with buyers paying, on average, 3.7% more on Auction Day. The average time to sell at Auction remained consistent at 32 Days on Market, a clear indication of a marketplace characterized by limited supply and strong buyer demand.

Buyer Inspections: Given the reduced selection of property, the buyer inspection ratio on a property-to-property basis remained extremely high. Across the 100 Auction campaigns we conducted, we recorded a total of 2795 inspections, averaging approximately 27.65 inspections per auction. This underscores the keen interest of potential buyers in our Maroochydore market.

Private Treaty Report: With a smaller selection of available property, we have seen an average of around 18 inspections conducted per campaign. While this is fewer than the more substantially marketed auction campaigns, it’s still a considerably strong result. The 30-day success rate remained at around 30% for most months, but the 90-day success rate jumped to 76%. This indicates that most properties were going under contract between day 30-60 before having their conditions satisfied 14-21 days thereafter.

At our Real Estate Agency, we are committed to providing you with direct, insightful information to assist you in achieving your real estate goals. Whether you are considering buying or selling, we are here to help you navigate the market successfully.

Who are we?

We are the Ray White Coastal Living Group, a collective group of like minded Ray White Offices that work together to serve the buying, selling and renting needs of our community.

Together we sell over 150 properties each quarter, conduct north of 60% of all property auctions and manage a collective 2000 properties in our marketplace

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