- Buyer inspections consistently higher in 2022 than 2021, compared with corresponding weeks
- Buyers becoming less desperate in cooling market, exploring their options more
- Victoria named a clear standout with inspections consistently reaching the 1,000s
New data released by real estate software company Proptech Group indicates buyer inspections have soared across Australia in 2022.
Proptech Group’s Inspections Index analyses data from more than 245,000 individual property inspections and highlights the surprising new trend.
According to the company, more buyers are attending open for inspection showings as they struggle to find the right match for the right price.
Buyer Inspections higher in 2022
Since January, buyer inspection levels at a national level have been consistently higher than the corresponding figures for 2021.
So far this year, inspection levels have peaked in mid-February, with week 8 of 2022 recording an average of 208.5 inspections.
“The Australian Inspections Index rolling four-week average has been higher every week so far this year than in the same week in 2021,” said Joe Hanna, Group CEO and Managing Director of PropTech Group.
“At its current high levels, the Index tells us there is still significant unmet demand in the market.”
Joe Hanna, Proptech Group
Buyer inspections hit an annual low in the first week of January for both this year and last, though this is typically expected during the festive season lull.
However if 2021 is any indication, we can expect to see buyer inspection levels peak once again in late November before dropping sharply.
Australian Inspections Average (Rolling Four-Week Average)
Source: Proptech Group
Mr Hanna said while price growth is decelerating and auction clearance rates are down, limited stock levels mean buyers are visiting many inspections before settling on a property.
“Buyers are no longer desperate like they were during much of 2021. That translates into attending more inspections until they find what they want.”
Joe Hanna, Proptech Group
Interestingly, Mr Hanna noted that the recent federal election week had little impact on buyer attendance.
“[Buyer inspections] actually increased by 10% over the prior week to a five-week high. This election hasn’t had the same impact on activity as past elections did,” he said.
Victoria soars off the charts
Proptech Group’s state by state comparison also saw some fascinating trends emerge, with Victorian inspection levels considerably higher than the rest of Australia.
Victoria has experienced sharp fluctuations in buyer inspections over the past two years.
However, the state has been the only to surpass the 1000s mark, doing so several times.
Western Australia has been the next best performer with buyer inspections reaching into the 400’s occasionally.
Australian Inspections By State
Source: Proptech Group
