Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Speed of market clear in new online sales data

By Staff Reporter
03 November 2021 | 1 minute read
new online sales data

New figures from an online sales platform show why pricing property has become an increasing challenge for agents throughout the course of 2021.

Openn’s first quarterly agent performance report of the new financial year reveals a 71 per cent increase year-on-year in the number of bids/offers per property, with 24 per cent of properties selling for more than $50,000 above expectations.

These results came off the back of some extremely low days on market, with the report highlighting that Australia-wide, the overall median time spent on market was just 20 days. 

Advertisement
Advertisement

Despite spending so much of the quarter in lockdown, Victoria reported days on market average of just 13. Queensland was not far behind, with an average of 16 days on market, followed by South Australia, which reported a median of 18 days on market per property. 

The Northern Territory (19) slipped in just under the national median, while Western Australia (21) and NSW (23) weren’t far behind. 

“These results demonstrate why it is difficult for agents to accurately price properties right now; the market is simply moving so swiftly,” said Openn’s managing director Peter Gibbons.

Unsurprisingly, in light of those figures, clearance rates for properties sold through the platform remained strong this quarter, sitting at an average of 85.7 per cent for the quarter.

The ACT led from the front, reporting a clearance rate of 100 per cent, while South Australia was not far behind at 96.43 per cent. 

Openn has used the opportunity of their quarterly release to highlight the work of some of the top-performing agents on the platform.

Simon Watts of Real Estate Central was a big achiever this period, taking out the top spots for highest total value of property sold and highest number of listings. With 24 properties available over the quarter, he benefited from the growing market by selling a home for $9.5 million.

Mr Watts has been using Openn since August of this year when they launched in the Northern Territory. He feels the new technology has contributed to his strong results.

“Times are changing, and the world is getting more and more digital. We need to take a hold of these new processes to avoid being left behind. People are used to buying things online via eBay or Amazon, and real estate should be no different  you’re buying and selling; it’s a transaction. It should be transparent,” Mr Watts said.

The company currently reports 3,982 agents are using their product, with 77,000 registered users. The platform was listed on the Australian Securities Exchange in July.

Speed of market clear in new online sales data
young agent computer reb
lawyersweekly logo

Tags:

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.