Popularity Contest

As Victorians hit the polls this week the property market presses on in the final run in to Christmas.

Like politics, real estate is a bit of a popularity contest.

Each sales campaign is, in effect, its own poll, with buyers either voting yea or nay.

Buyers first vote with their eyeballs.

Attractive, well-priced properties see strong engagement online with a high number of views. For a house in Stonnington, 10,000 views for a campaign is exceptional. 5,000 is average.

Buyers then vote with their feet.

Attractive, well-priced properties see strong inspection numbers. For the seven open inspections prior to auction, a total of 80 groups is exceptional. 30 is average.

Buyers then vote with their hands.

Attractive, well-priced properties see competitive bidding. Three or more bidders is exceptional in the current market. 1.2 is average, according to Mal James (James Buy Sell Market News).

We sold 90 Sutherland Road, Armadale on Saturday with four bidders. It was the only auction in Stonnington covered by Mal James (out of nine) that sold under the hammer. Mind you, two of the nine sold before auction.

This was an attractive freestanding Hawthorn brick Victorian in a great street, premium location, well presented, well priced, and astutely managed by our very own Carla Fetter.

And while I haven’t called many four bidder auctions lately, the adage rings true – good properties, priced correctly (not too high, not too low) sell well in any market.

For our team, there won’t be any new campaigns starting until Australia Day, except for some off market opportunities for those vendors still keen to transact now but having missed the boat for a formal campaign in 2022.

Our conversations with potential sellers have moved to 2023.

February, regardless of macro market trends, is consistently a good time to sell with renewed energy after the summer break and a replenished buyer pool of new and enthused buyers who have been starved of new listings for many weeks. Stock is also restricted earlier in the year, with volume taking a while to build into the autumn market.

We always see strong inspection numbers, bidder numbers and clearance in February.