As spring unfolds its vibrant tapestry, accentuating our landscapes with blossoming gardens and warmer skies, so too does it invigorate the real estate market on the Sunshine Coast. Much like nature’s renewal, spring breathes new life into property transactions, turning open homes and auctions into bustling hubs of activity. Buyers and sellers focus their efforts during this season, keenly aware that spring offers an optimal timeline for homes to be sold and new owners to be comfortably moved in before the Christmas holidays. With this seasonal momentum in mind, let’s delve into some timely insights into what’s been happening in our market and how these trends signal opportunities for both buyers and sellers.
Spring continues its reign as the top selling season. This quarter, our office network conducted 160 auctions, up from 114 in the previous quarter. The numbers don’t lie; buyer confidence is robust, even as interest rates have crept up over the past year. With an average of 2.84 bidders per auction, it’s clear that buyers are entering the market with a sense of optimism. In my conversations with bidders, many expressed confidence in the stability of interest rates for the medium term, reinforcing the bullish mood.
One particularly interesting metric is the lift rate. We saw a close to 5% increase from the best pre-auction offer to the final sale price. This demonstrates that the competition on auction day is benefitting sellers by pushing prices upward.
The Sunshine Coast remains a magnet for buyers not just locally but also from South East Queensland and even Interstate. Nearly 40% of properties were sold to buyers from out of the area, confirming that our reach is broadening and our market remains vibrant.
With almost 6,000 inspections over the last 90 days, we’re averaging around 70 inspections per day. Auction properties were the star of the show, accounting for 69% of all inspections. When comparing sales strategies, auctions clearly edge out Private Treaty sales, averaging 25 buyer inspections against 18 for Private Treaty.
September was exceptional for the speed of sales through Private Treaty, with an average of just 24 days on the market. This decreased the quarterly average to 37 days, down from a previous 44. It’s another sign that buyers are well-informed and ready to act when the right opportunity presents itself.
These trends provide a promising outlook for our market, showcasing a dynamic blend of competition and opportunity. As we strive towards our mission of being the market leaders in real estate sales and property management, these numbers fortify our confidence in the market’s resilience and growth potential.
For full insights into the July to September Quarter, we welcome you to read the latest installment of our Market Monitor for the July to September quarter HERE. This document is a 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.
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