REA Group has launched a new residential buyer demand index, to help consumers understand the ebbs and flows of the market, including when to buy and sell.
REA Insights Weekly Demand Index is part of the group’s dedicated data and insights function, and showcases the deep and unique insights potential buyers can expect on the property market.
The launch comes as realestate.com.au records all-time high audience metrics, with 11.2 million people visiting the site in April.
REA Group Chief Audience and Marketing Officer, Melina Cruickshank, said the vast onsite consumer activity allows REA Insights analysts to model behavioural demand and home in on the activity of serious buyers.
The characteristics of serious buyer activity include the number of visits to a listing, looking at the photos for a listing multiple times, saving the property, sharing the property and/or making an inquiry with agents.
REA Group Director of Economic Research Cameron Kusher said that as the recovery from the impacts of COVID-19 continue, the index shows the buyers are back but sellers are yet to follow.
“The current undersupply of properties has resulted in demand surging on realestate.com.au,” Mr Kucher said.
“Serious buyer activity has now increased for the past nine weeks and is up 100.8 per cent from its low.
“One of the likely drivers of such high volumes of serious buyer activity is the fact that there are so few properties listed for sale.
“With less stock, serious buyers narrow their focus much more and are likely to be more highly engaged with the listings onsite.”
For property owners considering selling, the index provides an indication of the level of buyer demand they can expect when they list.
For buyers, it serves as a gauge on the amount of competition they’re likely to face.