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Records tumble in February

By Brooke Croft

Momentum continues to build across all Australasian property markets, as the collective efforts of our members delivered $6.1 billion in sales for February, up $2 billion or 49 per cent in February 2020. This is our best February result recorded, driven largely by a record result in NSW and very strong performances across all markets.

In Australia alone, we recorded $3.35 billion in total sales, up 42 per cent on the prior February. In New Zealand, we transacted $1.42 billion of property, up 84 per cent in 12 months. Every community is abuzz with stories of amazing local sales results.  Many people seem to think that these results are caused by a lack of stock available for sale. This is not the case. It is true that the total number of listings on the market across Australia and New Zealand is down 13 per cent on last year and 32 per cent on two years ago. But total listings aren’t that relevant as they include all kinds of old stock.  A more relevant question is: how many properties came to market in the past month?

In Australia, in February we listed 5,977 properties which was nearly 10 per cent more than we listed in February 2020 and 15 per cent more than 2019.  We sold 4,819 properties in the month.  So we are listing more property than we have for the past two years, and listing more than we are selling.  And there are some early signs in March that listing numbers are continuing to rise.  In New Zealand, we listed 1,942 properties,  which was marginally down from last year, and sold 1,878.

So these record sales results are driven by record levels of buyer interest that is fast outpacing increasing levels of stock:  Did you know that on average we will have 7 registered bidders at a Ray White auction, 2.5 more than we had a year ago? We have never seen national auction clearance rates so high at 83 per cent, with active bidding on 93 per cent of all auctions. Our members met more buyers at open homes that they ever have before, with more than 155,000 check-ins at our opens during February.

There’s not time like the present.

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