The Ray White Coastal Living Network’s December Market Monitor reveals a dynamic end to the year, with notable shifts in buyer activity, auction results, and private treaty sales. Here’s a snapshot of the key trends and insights from the quarter.
Auction success rates fluctuated over the quarter, peaking at an impressive 91% in November before dropping to 78% in December. Despite the holiday slowdown, the quarter ended strong, with an 84% success rate. Competition among buyers intensified, with an average of 2.88 bidders per auction, up from 2.48 last quarter.Buyers paid on average 4.42% more for the property when compared to the highest pre-auction offer.
The team conducted a total of 5,847 property inspections this quarter, with November being the busiest month. Auctions remained the preferred method for buyer engagement, with 3,638 inspections compared to 2,157 private treaty viewings. On average, each auction property attracted approximately 28 inspections, highlighting strong buyer interest. 2127 open homes were held, showcasing a high level of activity despite the seasonal slowdown in December.
Private treaty transactions experienced a slight decline month-on-month, with 31 sales in October, 28 in November, and 20 in December. However, December sales moved faster, with properties averaging just 15 days on market, down significantly from 37 days in the previous quarter. The private treaty success rate climbed to 82%, a notable improvement from the previous quarter’s 72%, reflecting strong demand and decisive buyer action.
Local buyers dominated the market, accounting for over 60% of purchases, with strong activity from Sunshine Coast residents. Brisbane buyers represented 20% of transactions, particularly active in November and December. Interstate buyers from NSW and VIC made up around 10%, while Regional Queenslanders rounded out the remaining 7%.
The quarter demonstrated a resilient market, with auctions driving strong engagement and private treaty sales showing improved efficiency. Tightening supply and motivated buyers created a competitive environment. With 40% of our purchasers from outside the area, the Sunshine Coast remains a sought-after destination for locals and interstate buyers alike and because of this we expect a very stable and resilient market despite the higher interest rates and softening home values elsewhere in the country.
As we move into the new year, continued talk of interest rates will dominate the headlines, whilst there are many other factors that influence housing affordability, interest rates and the associated media attention has an impact on market sentiment. Should rates shift downwards in 2025, expect buyer demand to increase as a result.
All the best for 2025,
Dan Sowden
Ray White Maroochydore
Ray White Buderim
Ray White Coastal Living Network
Read our full version here: RAY WHITE COASTAL LIVING | MARKET MONITOR | OCT-DEC 2024
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