The shift has come according to Openn data

May 20, 2023 BY

Openn's managing director Peter Gibbons said most states are now experiencing stabilised market conditions.

With a cautious attitude being adopted by most players in the current property market, one real estate marketing company has crunched the numbers and has come up with a more optimistic outlook.

New research from Openn, an online property sales platform, has identified a crucial shift in the Australian property market.

By analysing April’s sale prices across all states and territories and comparing them to expected sale price ranges, Openn has uncovered noteworthy trends.

Approximately 82 per cent of Victorian residential properties in the analysis sold within 10 per cent of the modelled price estimate, marking a significant increase from earlier in the year.

Notably, in Victoria, 15 per cent of properties sold for 10 per cent or more above the modelled price expectations, with only nine per cent selling at 10 per cent or more below expectations.

To establish the expected selling price, a computer-generated estimate was created using an algorithm that mimics a valuer’s methods.

This estimate was then compared to the agent-advised sale price.

In each state, the proportion of properties sold at 10 per cent or more above expectations significantly surpassed those sold below expectations, signalling a turning point in market conditions.

Openn’s managing director Peter Gibbons asserts that digital sale processes can significantly assist agents and homeowners in tackling the pricing complexities of an evolving property market.

“Most states are now experiencing stabilised market conditions, which presents new opportunities for sellers to obtain optimal prices for their properties,” he said.

Mr Gibbons added that Openn’s platform is particularly effective in this regard, as it enables buyers to submit offers digitally and in real-time, offering a live snapshot of the property’s market valuation.

Agents can then take advantage of transparency settings to reveal the prices of competing offers to other participating buyers.

“In a rate-increasing environment, buyers are understandably approaching purchasing decisions with great caution and deliberation,” Mr Gibbons said.

“By offering more transparency in the sale process, agents can provide buyers with social proof and comfort in the demand for the property.

“This gives buyers confidence to present their highest offers, while helping sellers extract the best possible price from the market.”