Australian property sellers are starting to see a shift in market conditions as the share of homes getting sold within and above price estimates increases.
New research from Openn showed that around 78% of residential properties sold within 10% of the modelled price estimate in April, reflecting a significant increase from 33% early this year.
The research also found that the proportion of properties sold at 10% or more above expectations significantly surpassed those sold below expectations, signalling a turning point in market conditions.
Openn managing director Peter Gibbons said most states are now witnessing stabilised market conditions, which provide opportunities for sellers to obtain optimal prices for their properties.
“In a rate-increasing environment, buyers are understandably approaching purchasing decisions with great caution and deliberation — by offering more transparency in the sale process, agents can provide buyers with social proof and comfort in the demand for the property,” he said.
“This gives buyers confidence to present their highest offers, while helping sellers extract the best possible price from the market.”
Here’s a breakdown of how sale prices performed versus market expectations in each state:
|
State |
Share of properties (%) |
||
|
Sold at least 10% below expectations |
Sold within 10% of price expectations |
Sold at least 10% above price expectations |
|
|
New South Wales |
8 |
72 |
20 |
|
Victoria |
9 |
82 |
15 |
|
Queensland |
7 |
81 |
12 |
|
South Australia |
8 |
77 |
15 |
|
Western Australia |
5 |
83 |
12 |
|
Tasmania |
5 |
86 |
9 |
|
ACT |
9 |
76 |
15 |
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Photo by AndreyPopov on Canva.
