MESSAGE FROM OUR MANAGING DIRECTOR
When you ’ re reading the news , do you find yourself wondering if you clicked on the right news article ? That you ’ re reading an article that includes some comments and statistics that don ’ t match the scary , dramatic headline ?
It feels like there are so many people that are sure they ’ re right about a big change to the property market , that they ‘ re looking for any sign to validate their position . And in a world full of content , you can understand the desperation for some authors to do what ’ s needed to grab everyone ’ s attention .
We prefer to look objectively at what ’ s happening now in the market to support the decision making of our members and customers . We ’ re fortunate that we have the largest network of agents all using the same data collection software supported by a specialist team of data scientists and engineers .
Our sales results in May were very strong . They were up 29 per cent year on year to $ 6.2 billion . That means the market is operating at speed , with many “ willing sellers ” and “ willing buyers ”, and that they aren ’ t so far apart that a transaction can ’ t be reached .
Auction clearance rates have fallen from the highs of late 2021 , but they ’ ve stabilised and are above long term averages . The average time it takes to sell a property is now 14 days longer than it was a year ago , and our recent data shows there ’ s a 75 per cent chance that a property listed as auction will sell within 60 days .
Is stock “ piling up ”, as is so widely reported ? We ’ re seeing strong levels of new stock coming to market , in line with last year . Total stock on the market is up about 15 per cent from last year but still below where it was two years ago . So the headlines are alarmist . But stock is increasing , trending up towards longer term averages .
The data and insights get more and more interesting as you look closer into the specifics of each market . Our members around the country look forward to talking to our customers about their local market and ensure we ’ re bringing value to your decisions .
Dan White Managing Director Ray White Group
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