Ray White Coastal Living - Market Monitor - Apr-Jun 2020 - Voice of Property on the Sunshine Coast

Market Monitor April-June 2020

Voice of Property on the Sunshine Coast

Coastal Living Offices

Ray White Buderim

Ray White Kawana

Ray White Maroochydore

07 5445 6088

07 5354 6012

07 5443 2000

raywhitebuderim.com.au

raywhitekawana.com.au

raywhitemaroochydore.com.au

Unparalleled in our local marketplace

Welcome to the latest instalment of the Ray White Market Monitor, reporting on the April to June quarter of 2020.

This document is your 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.

Ray White Mooloolaba

Ray White Nambour

Inside these pages you will find a rich array of our collective data and results along with a selection of our auction success stories from the quarter.

We have highlighted our property management statistics, buyer inspection reports and finally, our involvement in the communities we call home.

Ray White Noosa River

Ray White Sippy Downs

07 5444 3455

07 5354 6000

07 5449 8800

07 5354 6002

raywhitemooloolaba.com.au

raywhitenambour.com.au

raywhitenoosariver.com.au

raywhitesippydowns.com.au

Auction Report APRIL

90%

M AY

JUNE

87%

81%

SUCCESS

SUCCESS

SUCCESS

Auctions

20

Auctions

24

Auctions

31

Sold

18

Sold

20

Sold

25

Withdrawn

0

Withdrawn

1

Withdrawn

0

Success (%)

90%

Success (%)

87%

Success (%)

81%

Clearance

65%

Clearance

38%

Clearance

58%

Days on Market

45

Days on Market

27

Days on Market

52

Registered Bidders

31

Registered Bidders

37

Registered Bidders

62

Pre Auction Offers

14

Pre Auction Offers

21

Pre Auction Offers

40

% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale

-3.64% 2.02%

% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale

-0.68% 2.05%

% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale

-1.56% 3.30%

QUARTER COMBINED | Apr-Jun

PREVIOUS QUARTER COMBINED AS AT 30 June

85%

90%

SUCCESS

SUCCESS

• Even with the Covid-19 pandemic and subsequent social restrictions; the Sunshine Coast property market continued to thrive with the auction results recording an overall success rate of 85%, which was just 5% lower than the previous quarter.

Auctions

75

Auctions

62

Sold

63

Sold

53

Withdrawn

1

Withdrawn

3

Success (%)

85%

Success (%)

90%

Clearance

54%

Clearance

51%

Days on Market

41

Days on Market

42

Registered Bidders

130

Registered Bidders

110

Pre Auction Offers

75

Pre Auction Offers

62

% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale

-1.96% 2.46%

% Discounting on Reserve % Lift from Highest Pre Auction Offer to Sale

WHAT THESE FIGURES SHOW

-2.16% 3.54%

• On average, the buyer competition created with 130 registrations ensured that the eventual sale price rose almost 2.5% compared to the highest pre-auction offer.

Auction Success Stories

Our sellers are professionals at our local hospital and made the decision to move back to their beautiful home in Sippy Downs.

Our buyer is a lovely lady who was looking for a sea change, making the move from a couple of acres in Kiels Mountain. She found this great apartment, loved the views and knew it could be her new home and she would enjoy morning beach walks.

This was our agents first Private Online Auction. We had three registered bidders on the phone with our agents, all while practising safe social distancing from each other and our Auctioneer.

The bidding started strong at $340,000, up to $360,000 and then went up in $1,000 increments to $364,000. A quick negotiation took place and the property was put on the market with an increased bid to $370,000 and was sold under the hammer to our happy buyer.

Inspections Offers

28-34 Golden Valley Place Valdora

Sale Price

The original owner of this property was an architect who designed and built the home specifically to take in the views of Mt Ninderry, the block and bush surrounds.

He was the owner until the Endeavour Foundation bought it as a prize home.

Our seller is a lovely lady who is a Massage Therapist and a Psychic and believes the house was gifted to her. She is now moving to Northern New South Wales.

Our buyers are from Redcliffe, having recently moved to Queensland from Europe. They plan to work from home in their IT business.

This property was part of our very first Private Online Auction Event. We had bidders online and the successful bidder was on the phone with our agent. The

bidding started at $900,000, then $925,000, $950,000, then increased by $5,000 bids to $965,000. Our auctioneer paused the bidding, our agent negotiated a $5,000 increase and the property was announced on the market and sold under the hammer.

Inspections Offers Sale Price

25 One $970,000

1/14 Kalinda Avenue, Mooloolaba

10 Three $370,000

This property is a rarity of acreage in Tanawha, close to beaches and shops plus the bonus of triple living with income in Buderim’s foothills.

Our buyers are a large family with Mum and Dad leaving the farm in Central Queensland, in part because of the drought and in part to be closer to the rest of the family on the Sunshine Coast. They were very excited to find their piece of country so close to shops and beaches.

Meanwhile our sellers had bought a large acreage at Pomona seeking a return to a large horse property in their pre-retirement years.

172 Tanawha Road Tanawha

10 Cooba Close is a lovely elevated home in the ‘Buderim Forest’ estate of Buderim.

It offers all the leafy charm of Buderim, yet in under ten minutes you can find yourself at the beach, Sunshine Plaza or Cotton Tree.

While the property mostly attracted families looking to upgrade, the purchasers are a friendly retired couple who had been living in a unit in Cotton Tree for the past 16 years. After many years of unit living, they decided they wanted a home with some space for a 4WD, caravan and a workshop, and the dual-driveway suited them well.

Immediately after the fall of the hammer, they were swarmed by neighbours welcoming them to the area.

The property came on to the market during a period of relative uncertainty as we were in the midst of the Covid pandemic. We commenced the auction

campaign only able to do private inspections, but an early relaxation of restrictions allowed us to conclude with the auction on-site.

We had four registered bidders on auction day which created a competitive environment. Two bidders in particular went bid for bid with over 25 bids in total. The property sold under the hammer for $856,000 which was a street record by $41,000.

Inspections Offers Sale Price

31 Three $856,000

10 Cooba Close, Buderim

The best part was that both parties were able to get on with their lives and pursue their dreams.

The Private Online Auction allowed us to have our buyers online with the support of their family (who very much wanted to see Mum & Dad win) and our seller in a separate office beside our Auction area to make decisions in real time.

Inspections Offers Sale Price

10 Two $850,000

Buyer Inspections APRIL

MAY

JUNE

729

2,008

2,339

0

365

551

total inspections

total inspections

total inspections

due to COVID-19 restrictions

number of open homes

number of open homes

602

1,087

1,473

exclusive agency inspections

exclusive agency inspections

exclusive agency inspections

127

646

1,078

buyer inspections at auctions

buyer inspections at auctions

buyer inspections at auctions

Buyer Inspections Total QUARTER COMBINED | Apr-Jun 2020

5,076

total inspections

916

number of open homes

3,162

exclusive agency inspections

1,851

buyer inspections at auctions

• Covid restrictions limited the volume of buyer inspections in April 2020, however inspection numbers quickly rebounded in May to back over 2000.

• By the end of June and with the continual easing of restrictions, buyer inspection numbers again rose to in advance of pre-covid levels.

Who is Buying?

APRIL

MAY

79%

JUNE

73% 27%

78%

81% 19%

21%

QUARTER COMBINED | APR-JUN

22%

• Owner occupiers continue their dominance in securing 78% of the sold property over the quarter.

Owner Occupiers

Investors

More Auctions. More Advertisements.

INSPECTIONS ADVERTISED QUARTER COMBINED

AUCTIONS ADVERTISED QUARTER COMBINED

Taken from final week ending in April, May and June 2020

Taken from final week ending in April, May and June 2020

25

800 700

23

653 20

600 500

15

400 10

300 200

5

100

Competitor 5

Competitor 4

Competitor 3

Competitor 2

Competitor 1

Ray White

Competitor 5

Competitor 4

Competitor 3

Competitor 2

Competitor 1

0

Ray White

0

Ray White are the undisputed market leaders on the Sunshine Coast for both property advertising and auctions.

Exclusive Agency Sales Report APRIL

M AY

JUNE

37

47

60

TO

TO

TA L S O L D

Number on Market Total Sold 30 Day Success (%) Average Days on Market

308 37 12% 47

TO

TA L S O L D

Number on Market Total Sold 30 Day Success (%) Average Days on Market

319 47 15% 50

TA L S O L D

Number on Market Total Sold 30 Day Success (%) Average Days on Market

292 60 21% 97

QUARTER COMBINED | Apr-Jun

QUARTER COMBINED | PREVIOUS QUARTER

144

204

TO

TO

TA L S O L D

• The amount of property on the market has remained consistent over the last two quarters (January to June).

TA L S O L D

Number on Market

306

Number on Market

299

Total Sold

144

Total Sold

204

90 Day Success (%)

47%

90 Day Success (%)

68%

Average Days on Market

65

Average Days on Market

81

• Although the success rate of sale of Exclusive Agencies dropped to 47%, we still recorded 144 sales during this Covid affected period of time which is a remarkable outcome considering what the early indications were.

Property Management APRIL

MAY

JUNE

105

94

86

properties leased

properties leased

properties leased

29

26

16

average days on market

average days on market

average days on market

98%

99%

99%

occupancy rate

occupancy rate

occupancy rate

Introducing...

Ray White Buderim 07 5445 6088 buderim.qld@raywhite.com Ray White Kawana 07 5354 6012 kawana.qld@raywhite.com

Real time residential market insights, updated weekly • Market resilience • Selling in the current environment

Ray White Maroochydore 07 5443 2000 maroochydore.qld@raywhite.com

• Why are sales so strong now?

Ray White Mooloolaba 07 5444 3455 mooloolaba.qld@raywhite.com

• Why is there so much buyer confidence now?

• Why should I list now?

• How has COVID-19 reshaped the selling process?

Ray White Nambour 07 5354 6000 nambour.qld@raywhite.com Ray White Noosa River 07 5449 8800 noosariver.qld@raywhite.com Ray White Sippy Downs 07 5354 6002 sippydowns.qld@raywhite.com

For a printed or digital copy, please contact one of our offices.

Š 2020

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