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.<\/p>\n
New research from Openn, an online property sales platform, has identified a crucial shift in the Australian property market.<\/p>\n
By analysing April’s sale prices across all states and territories and comparing them to expected sale price ranges, Openn has uncovered noteworthy trends.<\/p>\n
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.<\/p>\n
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.<\/p>\n
To establish the expected selling price, a computer-generated estimate was created using an algorithm that mimics a valuer’s methods.<\/p>\n
This estimate was then compared to the agent-advised sale price.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cMost states are now experiencing stabilised market conditions, which presents new opportunities for sellers to obtain optimal prices for their properties,\u201d he said.<\/p>\n
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.<\/p>\n
Agents can then take advantage of transparency settings to reveal the prices of competing offers to other participating buyers.<\/p>\n
\u201cIn a rate-increasing environment, buyers are understandably approaching purchasing decisions with great caution and deliberation,\u201d Mr Gibbons said.<\/p>\n
\u201cBy offering more transparency in the sale process, agents can provide buyers with social proof and comfort in the demand for the property.<\/p>\n
\u201cThis gives buyers confidence to present their highest offers, while helping sellers extract the best possible price from the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n