March continued the momentum of January & February with lower new listings to market and increased buyer demand, shown by open home attendance 10.65% higher than the same time last year.
Sellers in the market continued to be rewarded on sale day, no better highlighted than a record auction month for Queensland in March for Ray White with a total of 755 auctions. Impressive on many levels. Of the 755 auctions conducted, 2 in 3 sold under the hammer with an average of 5.4 registered bidders per auction.
Another continued show of confidence in the market is the new loan approvals up 70% on the same time last year. A percentage of these would be refinancing, buyers in the market are more engaged with their banks / brokers due to the new interest rate environment. Loan pre-approvals is a positive sign of future activity in the market
Average West End Sale Prices March 2024
1 bed apartment $450,000 (Low $330,000 High $625,000)
2 bed apartment$675,000 (Low $520,000 High $1,300,000)
3 bed apartment $1,250,000 (Low $970,000 High $2,100,00)
3 bed house $1,500,000
4 bed house $1,765,000
West End Apartment Price Data – REA 9/4/24
West End House Price Data – REA 9/4/24
Open For Inspection Data – RW 9/4/24
Loan Approval Data – RW 9/4/24
