The new REA Group’s monthly Insights Housing Market Indicators Report showed that the sales have increased and are third over the first 11 weeks of 2021, compared to the same period in 2020. Search volumes on realestate.com.au are now more than 50% higher than they were a year ago. Australians are searching for properties with a price above $1 million more often than the low-price ones.
The report analyzes consumer behavior in real-time by extracting property market insights from the 12 million Australians who visit realestate.com.au each month. Key metrics include search activity, email inquiry, views per listing, weekly sales on the platform, days on site of properties sold, filtered searches by price and by bedroom, and developer inquiry.
“With borrowing costs at historic lows, we would expect that transaction activity will remain strong over the coming weeks. The biggest challenge for the market remains the low volume of stock available for sale. However, new supply does appear to be increasing,” said Cameron Kusher, REA Group Director of Economic Research and REA Insights Housing Market Indicators Report author in an announcement.
The report showed that the first home buyer email inquiry has started to fade while investor inquiry has lifted. Also, demand, which is calculated by the number of views per listing on realestate.com.au, has reached historic highs over recent months.
“HomeBuilder has driven an increase in demand from first home buyers while tough rental market conditions due to the closure of international borders has led to relatively low growth in inquiry from investors. With HomeBuilder set to end at the end of March 2021, and investor inquiry rising, it will be interesting to see how these trends evolve over the remainder of this year,” concluded Kusher.