Real Estate Market Update - Robina August 2019
With the financial year-end and elections behind us, it's a good time look back at the performance of the property market over the past year.
We have seen some significant changes in the market over the past month - see my "Summary" below for details.
Houses - Robina
As can be seen clearly from the graphs below, there has been a decrease in the median sales price for houses in Robina over the past year. Pricefinder showing this drop to be -3.6% and CoreLogic showing it to be -8.6%.
Days on market has also increased steadily since 2016, giving supporting evidence that the market has softened.
Percent stock on market shows a significant drop in recent months, after steadily rising since 2015.
Median value for houses in Robina over the past 10 years.
Median value for houses in Robina over the past year.
Units - Robina
As with houses, we have seen a decline in the median sales price for units in Robina over the past year. Pricefinder showing this drop to be -4.8% and CoreLogic showing it to be -3.6%.
Days on market has been increasing since 2017, giving supporting evidence that the market has softened.
Percent stock on market has been quite cyclical in the past, with each cycle lasting approximately 2 years, and is currently on a downward trend.
Median value for units in Robina over the past 10 years.
Median value for units in Robina over the past year.
Summary
It is quite clear now that we have been in a declining market since the start of 2018 with a few dips prior.
At the present time, the considerable decrease of stock on the market should help to support prices.
Prices could further be supported by the reduction in the assessment interest rates that the banks use to determine a clients borrowing capacity, this rate has been reduced by a significant 1.75%.
We have seen anecdotal evidence in our business over the past month to support that the lower stock levels and change in assessment rates have been contributing to stabilising prices. These include higher sales volumes and higher numbers through our open homes. Our average number of buyers through each open home has increased from 2.3 in May to 3.4 in July, this is a significant increase of approximately 50% in traffic at the open homes.