New data from online sales platform Openn has revealed a 63 per cent increase in the number of offers received per listing during the December 2021 quarter over the same period the year before.
The substantial rise means that, on average, each property for sale during the quarter received 19 offers or bids. These came from an average of seven buyers per property, which is up 23 per cent over the final quarter of 2020.
Ultimately, this means that more bidders are making more offers to secure their next home or investment property.
“Queensland’s buyers were the most competitive across the nation,” Openn’s chief technology officer, Duncan Anderson, said. Buyers in the Sunshine State placed an average of 24 offers per property.
The state also recorded one of the shortest durations for time spent on market, with properties being sold in 16 days on average.
Openn’s sales data from the quarter also showed there was no end to the market volatility that defined the year, with 24 per cent of the properties sold through the platform going for at least $50,000 above expectations.
Mr Anderson credited the uncertain nature of the market for spurring more agents to use Openn’s tools.
“To avoid the prospect of underselling, agents are leveraging sales processes that enable their buyers and sellers to take price signals directly from a transparent and competitive market,” he said.
Of the properties that sold during the quarter, it was a 1,760-square metre lot in Melbourne’s outer northern suburb of Mickleham that attracted the most interest.
After a 19-day campaign and a total of 263 bids, Satterly Property Group’s Stevie Chau sold the lot for $1,344,000 – nearly 40 per cent above the reserve.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.