Openn data highlights a market with sustained buyer competition

Online property sales platform, Openn has taken a deep dive into their data for the final months of 2021, noting although buyer demand eased slightly in the December quarter there was still sustained competition.

Their figures indicate both the average number of bids and buyers per property rose year-on-year in the December quarter, with each property listed on the platform averaging seven buyers, and 19 bids or offers.

They also reported a combined clearance rate of 82 per cent for Australia and New Zealand, with New South Wales leading the charge at 91.1 per cent, followed by Tasmania at 88.9 per cent, Victoria at 84.8 per cent and Queensland at 80.3 per cent.

The Northern Territory was the next best performer at 77.5 per cent, followed by South Australia at 76.3 per cent and Western Australia at 75.9 per cent.

New Zealand returned an Openn platform clearance rate of 61.9 per cent.

The median number of days on market for properties listed on the platform was 20 days, while 24 per cent of properties achieved prices that were more than $50,000 above reserve.

Source: Openn Agent Performance and Market Insights report.

Commenting on the data, Openn said the December results signalled a positive outlook for the year ahead.

“While buyer demand eased slightly, the continued strength in the property market was evident in the sustained levels of buyer competition, with Openn reporting an average of 19 offers per property – a 63 per cent increase from the same period the previous year,” they stated.

Meanwhile, Queensland emerged as a standout performer, with an average of 10 buyers per property, 24 bids or offers, and a median of just 16 days on the market.  

“Queensland’s buyers were the most competitive across the nation, placing an average of 24 offers per property,” Openn’s Chief Technology Officer, Duncan Anderson explained.

Mr Anderson also noted the demanding nature of multiple offer scenarios was the reason many agents were seeking solutions to streamline the offer process.

“Digital offer management tools like Openn allow agents to capture every buyer and give them multiple opportunities to improve their offer in a consistent and easy-to-manage process,” he said.

The December data also indicated market volatility remained a challenge for price setting, with 24 per cent of properties sold through the Openn platform selling for more than $50,000 above expectations.

“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,” Mr Anderson said.

While the report captured key data insights at a national and state level, it also highlighted sales results from top agents in the following categories: Campaign of the Quarter, Most Buyers on a Property, Highest Total Value of Property Sold, Lowest Median Days on Market, and Highest Number of Listings.

Satterly Property Group’s, Stevie Chau, took the top spot in Campaign of the Quarter for her sale of Lot 1445 Porcini Parade, Mickleham in Victoria.

After a 19-day campaign, the property attracted 39 buyers, a total of 263 bids and sold for $1,344,000 – nearly 40 per cent above the reserve.

Starr Partner’s Scott and Sara Edwards were the other standout performers – ranking first in both Highest Total Value of Property Sold (close to $31 million) and Highest Number of Listings (40 properties).

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Cassandra Charlesworth

Cassandra Charlesworth is a features writer for Elite Agent Magazine with over 15 years’ journalism experience in metropolitan and regional newsrooms. She has a specialist interest in real estate, tech disruption and a good old-fashioned “yarn”.

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