The first month of 2023/24 is in the books, with Ray White Queensland closing the month of July with $1.305 billion in sales, up from $1.206 billion in June, and compared to $1.16 billion in July 2022 says Jason Andrew CEO Ray White Queensland.
Auction results continue to defy the pundits, with top line clearance numbers across Queensland making pleasant reading. Registered bidder numbers still eclipse 2022 at 4.9 for July against 3.6 last year. How long can this trend continue? The first month of 2023/24 is in the books, with Ray White Queensland closing the month of July with $1.305 billion in sales, up from $1.206 billion in June, and compared to $1.16 billion in July 2022.
Perhaps the answer lies in stock levels. New stock to market remains low, with days on market blowing out - albeit marginally. Stock is up year on year, demonstrating the importance of method and structure. We must continue to tread the fine line of stock in and stock out contemporaneously; a skill very few master.
Barely a day passes without media commentary speaking of the so-called mortgage cliff. There is no doubt that the econometrics point to consumers “tightening their belts”. Will a contraction in spending allow those facing the 95 billion dollar cliff to make it through? Will cost of living pressures see this much hyped story play out? Sadly, parts of this story seem inexorable, but a more mature and robust Queensland property market still sees many homeowners with not only equity but also competition. These facts are worth remembering and certainly are a different set of facts to what many faced during and post GFC.
Ultimately everyone has an opinion and will interpret data and analytics the way they want. Remember; none of us saw the last two years coming. The same must therefore be said for the next two years and beyond. The point? As a company we must play the hand in front of us with humility, grace and humanity. There are people going through hardship, yet there are many doing well at the same time. The contrasting fortunes of our customers require real estate leaders, agents and property managers who aren’t scripted or rehearsed; rather, they are inquisitive, empathetic and real.
Queensland market update by Jason Andrew CEO Ray White Queensland