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
Luke O’Kelly is a real estate agent and auction specialist at Ray White West End, focused on property sales in West End and Highgate Hill. Through Luke O’Kelly Ray White West End, he helps property owners achieve strong results using an auction-led strategy designed to create competition and maximise sale prices. With deep local market knowledge and a hands-on approach, Luke shares insights, sales strategies and suburb updates to help sellers make informed decisions and achieve the best possible outcome.