The spring property market has continued at a similar pace to September, with the Jason Andrew Group reporting an October clearance rate of 52 per cent - slightly higher than the year-to-date (YTD) result of 50 per cent.
But while buyer demand settled down over the month to the long-term average, results from the last week of October showed vendors who were committed to higher than average marketing campaigns also experienced a higher clearance rate, at 75 per cent.
Director of Jason Andrew Goup, Jason Andrew, said during the last week of October vendors showed on average a greater commitment to the sales process, achieving significantly better clearance rates.
“Average buyer numbers remained level throughout the month and were consistent with the YTD figures,” Mr Andrew says.
“But during the last week of the month, the number of vendors describing themselves as highly committed rose from 52 per cent YTD to 70 per cent, while the average marketing campaign budget almost doubled to $7,787.
“Many of those vendors achieved a price above their reserve, and the overall clearance rate was 25 points higher than the YTD result.”
While the congruence of so many sellers committing to higher marketing campaigns during the one week may well be a market anomaly, it was evidence of the importance of the seller’s commitment to the process, Mr Andrew said.
“Thorough marketing campaigns have the benefit of alerting every possible buyer in the marketplace to the property’s listing, increasing the level of competition and the likelihood of a sale,” he said.
“While clearly no seller wants to waste money on unnecessary marketing, it’s also critical to ensure good coverage. Sellers should consider the potential impact of print and direct marketing, as well as internet and signboards.
“Regardless of hype, the market is far from booming and sellers and their agents need to employ every possible tool to assist in securing a sale.”