Domain’s latest weekly property report has revealed a rise in listing and auction volumes as Spring draws to a close.
In their most recent data for property markets in the capitals, Domain found Greater Brisbane was the capital leading the listing charge with a 16 per cent rise in volume for the week ending November 6.
This was the highest number of new residential listings for the River City since February 2020.
Greater Perth was a distant second with a 7 per cent rise in volume last week, while Greater Adelaide reported a 6 per cent increase, Greater Sydney saw a 2 per cent rise, and listings in Melbourne fell marginally by 1 per cent.
The clearance rate
Domain also tracked last week’s preliminary clearance rate, reporting it remained above 70 per cent in Sydney, Melbourne, Brisbane and Adelaide, indicating “it is still a seller’s market”.
However, they noted Sydney’s clearance rate on Saturday was 75 per cent and had now been below 80 per cent for three consecutive weeks due to higher auction volumes.
In Melbourne, the clearance rate was 71 per cent on Saturday.
“This is the seventh week in a row clearance rates have been 70 per cent or above, indicating a seller’s market, suggesting that prices will continue to rise,” Domain said.
Brisbane returned a clearance rate of 82 per cent on Saturday and also enjoyed the ninth highest volume of auctions ever to occur in the Queensland capital.
Meanwhile, Adelaide boasted the highest clearance rate in the country, with 89 per cent of auctions proving successful at the weekend.
“Sellers are utilising the strong market conditions to sell by auction as volumes continue to grow, with this coming Saturday set to become the busiest ever in Adelaide,” Domain stated.
Search term trends
Domain’s search term data offered interesting insight into trends emerging in each state and capital.
In Sydney, ‘pool’, ‘study’, ‘garage’ and ‘granny flat’ all made the top 10 search terms, with Domain explaining the need for greater space and lifestyle additions were driving the trend.
“Location is key as features such as ‘waterfront’ and ‘view’ remain top of mind for many buyers,” they added.
“The importance of a dedicated workspace also remains a priority for many, with the search for ‘study’ the second ranked keyword.”
In Melbourne, outdoor space proved a priority in addition to features such as ‘pool’, ‘study’ and ‘garage’.
“The need for outdoor space has never been more apparent with ‘garden & courtyard’, ‘balcony’ and ‘view’ rating high in popular search terms,” Domain said.
‘Study’ proved to be Melbourne’s fourth most popular keyword, while Melbourne was also the only city to have the word ‘warehouse’ rank in the top 10 most searched terms.
Like Sydney and Melbourne, Brisbane was also all about pools, studies and granny flats, but ‘shed’ was also popular.
‘Waterfront’ and ‘view’ also made the list of commonly searched keywords, but affordability was top of mind with ‘duplex’, ‘dual’ and ‘dual living proving common search terms.
In Adelaide, a rising investor appetite appears to be becoming apparent, with ‘rental’ the fourth most used keyword.
Domain noted Adelaide’s current rental market is “tight” and “prospects of capital growth seem to be appealing to many”.
Lifestyle was also on the agenda in Adelaide, with the usual suspects of ‘pool’, ‘study’ and ‘garage’ making the top 10 search terms list.
Potential Perth buyers had their eyes on extended features beyond the home, with ‘workshop’ and ‘shed’ among the keywords enjoying a rise in frequency.
‘Pool’, ‘granny flat’ and ‘garage’ also made the top 10 list, while ‘study’ ranked as the sixth most popular keyword.
