We're often asked about our perspective on the real estate market, and whether 'we see things first', given that thousands of properties are being updated, added, archived, sold or have a price change every week on aussiehome.com. Is the market turning? Is demand still there? Is more stock coming on?
The answer is patchy - although we can see demand is still very strong, and listings are still very low. Despite doubling our real estate client base in the last 3 years, there are still 1000 less properties (about one third less) than in 2003, as has been the case all calendar year. Another interesting pointer has been the reduction in the proportion of 'fixed listing prices'. Take a look at a typical suburb, such as Claremont where we have 38 current listings... - 11 are already under offer (29%)
- 5 have a 'price from ...'
- 4 are for auction
- 3 ask for 'expressions of interest'
- 5 are 'price on application'
- leaving only 10 (26%) with a stated listing price
As we are hearing, even those with a price often receive many offers above that listed. And considering 'expressions of interest' is such a new database option on our system and is already being widely used and accepted, this surely points to a continuing hot property market. |