Ray White Coastal Living - Market Monitor - Jan-Mar 2021 - Voice of Property on the Sunshine Coast

Market Monitor January-March 2021

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 January to March quarter of 2021.

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 JANUARY

FEB

91%

RUARY

MARCH

100%

94%

SUCCESS

SUCCESS

SUCCESS

Auctions

22

Auctions

21

Auctions

35

Sold

20

Sold

21

Sold

33

Withdrawn

0

Withdrawn

0

Withdrawn

0

Success (%)

91%

Success (%)

100%

Success (%)

94%

Clearance

45%

Clearance

Clearance

91%

86%

Days on Market

30

Days on Market

Registered Bidders

43

Registered Bidders

101

Registered Bidders

184

Pre Auction Offers

20

Pre Auction Offers

25

Pre Auction Offers

68

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

-1.18% 4.06%

33

Days on Market

21

% Lift on Reserve

3.48%

% Lift on Reserve

2.81%

% Lift from Highest Pre Auction Offer to Sale

8.46%

% Lift from Highest Pre Auction Offer to Sale

7.71%

QUARTER COMBINED | Jan-Mar

PREVIOUS QUARTER COMBINED AS AT 31 MARCH

95%

100%

SUCCESS

SUCCESS

• Unprecedented buyer demand is creating strong competition on auction day, which is resulting in new street and suburb price records being set.

• On average, our sellers received a sale price advantage of 6.74% by selling on auction day as opposed to accepting an offer prior. When you break this down; in real terms and based on an average sale of $700,000 this is a $47,000 premium reflected in the sale price.

Auctions

78

Auctions

71

Sold

74

Sold

68

Withdrawn

0

Withdrawn

3

Success (%)

95%

Success (%)

100%

Clearance

74%

Clearance

Days on Market

28

Days on Market

68% 34

Registered Bidders

328

Registered Bidders

162

Pre Auction Offers

113

Pre Auction Offers

56

% Lift on Reserve

1.70%

% Discounting on Reserve

% Lift from Highest Pre Auction Offer to Sale

6.74%

% Lift from Highest Pre Auction Offer to Sale

WHAT THESE FIGURES SHOW

-0.01% 2.60%

• Our sellers are being rewarded for remaining patient and not accepting their first offer.

Auction Success Stories

32 Oyster Bank Road, Bli Bli This sprawling Queenslander on over four acres with 200m of river frontage, was designed by our sellers to be ageless and leave anyone wondering, was it brand new or had it been there for a century. Interestingly the small Queendslander to the side had in fact been there over 100 years and one of the past owners had been born there. A big reason why the current owners wanted to keep it when they started construction of their new home 10 years ago.

Inspections:

120

Offers:

Our buyers have relocated their family and business to the Sunshine Coast from Sydney. They had originally decided not to bid as they already owned acreage and didn’t want to do it again.

However the emotion and charm of the home won them over and they are now thrilled it is theirs.

Auction day was a beautiful Queensland afternoon. With over 100 people in attendance and six registered bidders, we had fast and furious bidding to open proceedings. At $2.7million the auction was paused for further instructions and we put the property on the market at $2.75 million. Bidding started again - moving in $5,000 and $1,000 amounts until the hammer fell at $2.835 million.

One

Sale Price:

$2,835,000

This property was only 17 days on market as we chose a short auction campaign to meet the current buyer demand.

Our seller is a lady who now resides in Sydney. She and her husband brought up their two daughters in the home and have a lovely ongoing relationship with many of the neighbours. Unfortunately the man of the house has since passed and so this was an emotional sale for the family.

Our buyers are a young professional couple who started their house hunting just as Covid hit. They found that rather than dropping, the property market surged and their search became harder and harder. They are super excited to start their new life in this beautiful pocket of Buderim surrounded by wildlife.

Inspections: Offers: Sale Price:

31 Hardwood Court, Buderim This property is a completely original duplex pair on a single title and has been owned for over 20 years by the same owner.

Our seller is a businessman from Redcliffe, looking to purchase his next home. Our buyers are investors looking to redevelop the land. They have done a number of projects locally and are making a difference in the suburb.

On auction day, with a crowd of over 100 and 26 registered bidders, the auction started off at $1 million, it quickly increased to $1.35 million, with eight active bidders. From $1.35 million, three parties battled it out to the eventual sale price of $1,520,000.

Inspections:

103

Offers:

Five

Sale Price:

$1,520,000

49 Yaringa Avenue, Buddina

55 One $730,000

Inspections:

71

Offers:

Five

Sale Price:

$676,000

26/17-19 Brisbane Road, Mooloolaba Cracking Auction in the Caribbean Resort!

53 Pimpala Street, Wurtulla

Our sellers are farmers from out in Warwick. They purchased the unit a few years ago at auction and decided now was the time to sell. The buyers are also farmers, from Tansey, looking for a great holiday spot to spend time with their children.

Our sellers were rewarded handsomely due to being patient and firm around the process of auction.

The competition was fierce between five Investors looking to invest in a sought after complex. With interest rates at an all time low we are finding investors seeking alternative ways to make their money work along with getting a free holiday from time to time.

Within the first week the sellers had an offer that they were happy to accept that at the time would have been considered to be a great result for the suburb. Given the amount of interest surrounding the home and

Inspections: Offers: Sale Price:

24 Four $387,000

the buyers need to seek basic shelter, our advice to the sellers was to hold steady and continue to maintain the approach towards the auction day.

We had the opportunity to not only reassure every buyer that they would have an equal opportunity to purchase the home we had on offer but also to give our seller comfort knowing the buyers had a sense of trust with us as the marketing agents. This gave the buyers confidence to wait for the auction instead of having to rush into a purchase. Given the stance and approach we took from day one about preparing every buyer for auction day ultimately resulted in 21 registered buyers in total, some of which had registered weeks prior.

Once auction day arrived we had a crowd that went from one side of the front yard to the other and also spilled out onto the road. We had made sure to invite all of the neighbors the day before. The auction started and within three minutes it was all done with the fall of the hammer well above the reserve.

Where do our Buyers Come From?

JANUARY

FEBRUARY

Sunshine Coast 69.7%

Sunshine Coast 64.6%

Brisbane 10.1%

Brisbane 12.5%

Regional QLD 3.4%

Regional QLD 4.2%

North QLD 1.1%

Gold Coast 2.1%

NSW 5.6%

NSW 7.3%

VIC 7.9%

VIC 5.2%

ACT 1.1%

SA 2.1%

WA 1.1%

International 2.1%

MARCH Sunshine Coast 62.5% Brisbane 15% Regional QLD 5% Gold Coast 2.5% NSW 6.3% VIC 8.8%

Interstate migration is driving our local market with around 15% of all buyers coming from NSW and Victoria; while the local buyers still dominate with 62.5% of all contracts secured over the last 90 days, we are aware that in some market segments, out of the area buyers are more dominant.

Buyer Inspections JANUARY

FEBRUARY

MARCH

1,951

2,034

2,069

338

335

297

total inspections

total inspections

total inspections

number of open homes

number of open homes

number of open homes

1,089

1,117

1,118

exclusive agency inspections

exclusive agency inspections

exclusive agency inspections

868

990

981

buyer inspections at auctions

buyer inspections at auctions

buyer inspections at auctions

Buyer Inspections Total QUARTER COMBINED | Jan-Mar 2021

6,054

total inspections

970

number of open homes

3,324

exclusive agency inspections

2,839

buyer inspections at auctions

Buyers remain out in force on the weekends with over 6,000 inspections conducted over the 90 day period. Auction properties are gathering the strongest level of buyer interest with an average 39.1 inspections for each campaign.

Exclusive Agency Sales Report JANUARY

FEB

66 TO

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

MARCH

91 TO

TA L S O L D

Number on Market

RUARY

195 66 34% 93

95 TO

TA L S O L D

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

176 91 52% 20

TA L S O L D

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

252 95 38% 38

QUARTER COMBINED (average) Jan-Mar

QUARTER COMBINED (average) PREVIOUS QUARTER

83

100

TO

TO

TA L S O L D

Number on Market Total Sold 90 Day Success (%) Average Days on Market

208 83 40% 24

TA L S O L D

Number on Market

233

Total Sold

100

90 Day Success (%)

43%

Average Days on Market

50

Sales have continued to accelerate throughout the quarter with a combined 252 sales over the 90 day period. We have also seen a strong surge in new listing activity in March with 252 listings held on market, a rise of 76 or 30% from 176 held the month prior.

Property Management JANUARY

FEBRUARY

MARCH

65

60

101

properties leased

properties leased

properties leased

8

9

7

average days on market

average days on market

average days on market

100%

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 monthly • 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

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