There has been a slight shift in the micro-markets present across the Sunshine Coast, with experienced real estate experts reporting that properties that are well-priced and well-presented are being snapped up in the first week or two of being listed.
But with less compulsion for buyers to act now for fear of missing out, unless properties are also well-marketed, they may fall into the current reported expectations of spending between six to 12 weeks on the market.
The exception to the rule is auctions, with many agencies who have the correct formula to get your property in front of as many eyes as possible continuing to see clearance rates 90 per cent and above.
My Property Preview reporter Roxanne McCarty-O’Kane has spoken with several high-profile agents from across the region to see what sellers can do to continue to attract the highest possible price for their property.
McGrath Estate Agents Mooloolaba agent Geoff Ohmsen says while there has been slightly less foot traffic through his open homes recently, he is attracting a higher percentage of people who are ready to buy.
“The quality of the people looking through homes has been first-class. Towards the end of 2018, I would average 10 groups to an open home and about two were qualified and ready to buy, the rest were neighbours or sticky-beaks,” he says.
“Now although open home numbers are down a little bit, the three or four groups that come through have sold their home and they are ready to buy. They are qualified and have researched the market.
“I had a property in Maroochydore with 10 groups in total through in three weeks of marketing and three turned up at auction as registered bidders with all placing bids.”
Mr Ohmsen boasted a 100 per cent under the hammer success rate in 2018 and says although this year it has dropped to 89 per cent, properties are usually sold not long after the auction.
He says his success boils down to a holistic marketing strategy, which casts the net wide to attract potential buyers through print, online, signage and his own database.
“A buyer might see a property listed online, but when they see it advertised in print, knowing that it has gone out across the Coast, it is a pretty effective call to action for a lot of buyers,” he says.
“When they see it in the magazine and it’s open for inspection, they are compelled to act and might even put in an offer earlier because as all these other people see it, it drives competition.”
Mr Ohmsen says the looming election means a lot of investors are choosing to “offload” one or more of their investment properties, which is slowly adding to the options listed on the market, but there is still high demand for Coast properties, so prices will be largely unaffected.
North Shore Realty principal Keith Blanchard says while properties may be taking a little longer to sell, the upside is that both buyers and sellers have the space for “considered purchasing.”
This means, the seller can take time to consider the best sale price for their home if listing for private treaty and buyers are not in a position where they are under pressure to make an offer immediately.
“We are in what we would call a ‘normal market’ where its taking us six to 12 weeks to sell properties, but we are still achieving fair prices and buyers are not having panic purchases,” Mr Blanchard says.
“We still have a shortage of things to sell and any slowdown due to the forthcoming election is fairly traditional, but it doesn’t change the fact that we still have a very good economy and are in the 31st month in a row of no interest rate rises. Property is more affordable than it’s ever been and we have the big ticket infrastructure items that will continue to attract people to buy property in the region.”
North Shore Realty has continued with in-room auctions as Mr Blanchard says they experience “close to” 90 per cent success rates with sellers that participate.
“We promise to find a buyer for them and we advertise it in My Property Preview because we know that it hits the ground with 60,000 copies going to homes and stands so everyone gets to see what we have for sale – we don’t have to rely on people looking on the internet, which is where people have to make an active decision.
“Time and time again, I go into people’s lounge rooms and tell them what my opinion is on the sale price for their home, but if we market it right and attract as many people as we can, you will create the competition you need and you won’t die wondering if you had missed the person who might have paid a little bit more.”
Craig Porter of Next Property Group says the high-end market from Currimundi up to Maroochydore and out to Tanawha has changed slightly every month since December and although properties are “sitting there longer”, there is no shortage of offers being placed in the background.
“I have recently had seven offers on seven properties and when the offers are within seven to eight per cent of the seller’s asking price, you would get that together as a sale, but at the moment with a lot of buyers from
“Melbourne and Sydney looking on the Coast, they have lost 10 per cent of their values and they are thinking the same thing is happening up here and are therefore offering 10 per cent less on properties around the $2 million mark,” he says.
“There has been a slight five per cent softening at the top end, but the only problem we will ever have is if buyers stop buying, so it is still looking very positive on the Coast.”
Mr Porter says while other agents may have been dialing it back over the New Year period, active marketing campaigns saw him speak to 85 potential buyers for six homes on a single day in January.
“Not only does it get more people through homes, which increases competition and in turn, the final sale price, but it has led to more listings as people see the power of advertising in print,” he says.
“I have a listing at the moment which came about when the owner saw a double-page spread that was created for another property. This property had been on the market for six months with two separate agents attracting just two groups in that time. I have had 21 groups through in three weeks by using a full marketing campaign.”