MARKET UPDATE
Buying and selling is tricky in lockdown and over the past month we have seen a series of lockdowns rolling across Sydney , Brisbane , Melbourne and Adelaide . The good news is that it ’ s now easier to transact in this environment and we have seen great takeup across our network of sellers moving to online auctions and virtual inspections . Pleasingly almost all have achieved sale prices far above the highest prior offer - an indication of both a hot market , as well as the adaptability of the selling process .
The past 12 months has been a record for our real estate family , achieving $ 74.245 billion worth of sales in total , something we certainly didn ’ t anticipate at the beginning of the pandemic . In July alone , we helped almost 8,000 families sell their homes , around 250 per day . Our group sold $ 7.1 billion worth of property in July , it was in fact our best July ever recorded , illustrating both strong and synchronised buyer demand across Australia and New Zealand .
We continue to be the real estate agency that more people choose , selling one in eight homes across Australasia . Our analysis into auctions has shown this method achieves the best price , on average a 10 per cent uplift above the highest prior offer before going to auction . With this occurring no matter the market conditions , is one of the reasons why one in five auctions are conducted by our members .
While market conditions remain strong , the good news is that sellers are still active , although we have recently seen a dip in the number of properties for sale as a result of lockdowns . From our analysis as to what happened in Melbourne last year following Victoria ’ s 15 week lockdown , we are confident that not only will we see a quick return of new listings to market once restrictions ease , sellers that do decide to come to market now will benefit from extraordinary buyer interest . With interest rates continuing to remain low , and strong economic conditions , it ’ s certainly looking like our customers will continue to experience a strong market .
Dan White Managing Director Ray White
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