We've found a few interesting insights from deep dive into the Q1 VIC market data. This heat map below captures suburbs with over 10% median price difference between auction sale price and quote range. Data behind the analysis: - Property type is standalone houses of any bedrooms - Not all transactions in Q1 were included. The minimum sample size per suburb is 10 sales. We have the market data for other VIC suburbs of any property types (e.g townhouse/land/unit). Feel free to let me know if there is any detailed market insights you're after.
Thanks @Ben JH. This is handy. It would be good to see the data about townhouses. I have a feeling that there may be more red zones across Melbourne for this type of properties.
The sales volume of townhouses is about 15% of houses so it's abit hard to derive meaningful insights at the suburb level. At the state level, the median variance between auction sale price and quote is 4.5%, meaning 50% of the townhouse auction sales were sold 4.5% over their quote range. Another interesting thing. 30% of townhouse auctions were sold before auction, compared to 20% for house auctions. Hope the above makes sense. Let me know if you have any questions.
I like your website. In relation to the difference between asking and selling price I just attended a auction in Fawkner!, The house was 600 sqm, it went for 960k asking price was upto $800k! 20%,+
Thanks Ben, this is really interesting. Why is it limited to auction sales only, and not any sale? Also surprised to see some of the fringe suburbs doing so well. Could we maybe get a ranking of the top 20 suburbs, and the % difference between quote range and sale price?
The Ringwood East market is crazy hot particularly for new builds at the moment it seems. 1/8 Langley Street, a 4 bedroom new build town house, 3 on the block went for $1,430,000 today. The quoted range prior to auction was $950k-$995k. Across from it a 3 bedroom old house on 894 square metres, 5 Langley Street went for $1,350,000 today. The quoted range was under 1 million.
The medium variance for private sales is much smaller than auction sale. For example: Auction Sale for House in VIC has medium variance of +8.7%, meaning 50% were sold 8.7% above quote range. 75% percentile is 16%. Private Sale for House in VIC has medium variance of 0%, meaning 50% were sold just around the listing price. 75% percentile is 2.8%. Maybe private sale vendors/agents just want a quick sale as long as asking price is met? Good suggestion about top 20 suburbs. Let us take a look and get back to you.
Hey @HonestShiba, see below for top 20 suburbs in terms of highest % difference between quote range and auction sale price. Data behind the analysis: - Property type is standalone houses of any bedrooms - The minimum sample size per suburb is 8 sales.
Given Belmont is number 1 suburb on the list you just generated, could you please shift the map to the West/ Geelong?
This is awesome, thanks for the insight Ben. Looks like the Doncaster/Donvale/Templestowe/Nunawading area has done really well here in VIC. Heidelberg too
Glad you find it insightful. It's an indicator of market hotness, assuming it's not due to underquoting. We will look at days on market and % sold before auction to see if there is any nuggets.
The suburb labels and red highlighted areas don't match. For e.g. Heidelberg heights red zone looks like it should be preston through to Rosanna
Thanks for pointing it out. It's because the visualisation tool can only display "Heidelberg Heights" without stacking other suburb names.