- Strong open for inspection activity in February as buyers return to the market
- Raine & Horne reports a 15% increase in open for inspection (OFIs) numbers in early March compared to January
- Autumn is shaping up as a good time to sell as sentiment starts to improve
Buyers are once again returning to look for properties, with new data showing buyer activity is on the rise.
According to Raine & Horne, there has been a 15% increase in open for inspection (OFIs) numbers in early March compared to January.
Executive Chairman Raine & Horne, Angus Raine said, “Buyer activity in February is a bellwether for sales in April and May.”
According to Raine, listings were down by 10% compared to January across the country.
He said, “Lower listings and solid buyer numbers are already making a mark with our research showing that days on market have tightened to 42.25 compared to 54.86 in January, so vendors can also expect faster sales in autumn.”
The good weather has also been good for property sales and has contributed to the uptick in buyer activity Mr Raine said.
“Ignoring the first weeks of March, which can be as steamy as mid-summer, the autumn climate won’t typically be as warm as summer. The pleasant conditions in autumn make it an agreeable time of the year to show a property, while the cooler temperatures can make it more relaxed for aspiring buyers to walk around outside the property and explore the surrounding neighbourhood.”
Queensland activity on the rise
Principal of Raine & Horne Toowoomba, Andrew Lynch said that an autumn sale often produces excellent results for those vendors in southeast Queensland.
“Selling in spring is one of the most overrated things I have ever heard. But because of the springtime fallacy, there are always fewer homes for sale in Toowoomba in autumn than in spring, and this year there seems like there will be fewer.”
Mr Lynch said that unlike other parts of Queensland to the north of the state, Toowoomba does have an autumn period from the middle of April to June.
“Autumn is ideal for selling real estate in Toowoomba as the buyers are still out in force, and we have an average of 10 groups and significantly more in some cases at Saturday open homes, and each property is attracting multiple offers.
He said the aggressive rate hikes from the RBA haven’t dented prices in the local market.
“The ten interest rate hikes in a row have had minimal impact on our entry-level markets where it’s still possible to buy properties under $500,000, so people aren’t borrowing significant amounts of money.
“Autumn is a fantastic time to achieve great sales results in Townville, and with plenty of buyer interest, those vendors planning a sale should get their skates on and list now.”
Tight listings in Adelaide
In South Australia, the Principal of Raine & Horne Kurralta Park, John Cullen, said there are always fewer properties for sale in autumn, while buyer interest is high.
He said, “From March to May, Adelaide’s weather is still very good for those attending open for inspections. The Christmas and New Year hiatus is well behind us, and buyers are back looking at real estate.”
Mr Cullen said Saturday open for inspection are drawing a very healthy 10-15 groups, and each property attracts a handful of competitive offers due to super low stock levels.
“While listings are lower than in spring, there is still some stock for sale, but buyers don’t have as much choice in autumn.”
According to Mr Cullen, the winter months in Adelaide can cold, which impacts the numbers at open for inspections.
“Many savvy vendors want a sale done and dusted before July when the mercury plummets.”
Autumn is better than spring for Bathurst sales
Director of Raine & Horne Bathurst, Grant Maskill-Dowton said autumn is traditionally a great time to sell a property in Bathhurst.
He said that listings in autumn are lower because many Bathurst property owners still prefer to sell in spring.
“So, if you list in autumn, you have a better chance of your property attracting buyer attention. We average between 5-10 groups at open homes, and our days on market are starting to fall. It’s a great time for Bathurst vendors considering a sale.”
