Realestate.com.au Search Activity Increases
Despite COVID-19 shutdowns, Australians are maintaining a keen interest in property. New data shows search activity across the Buy and Rent sections of realestate.com.au has increased over the past week and is considerably higher than it was a year ago.
In promising news for vendors, search activity on realestate.com.au increased by 5.3 per cent over the past week and is now 37 per cent higher than it was at the same time last year.
Buyer search activity is now just -9.1 per cent lower than its 2020 peak recorded in mid-February.
Buyer search activity was higher week-on-week across all states and territories with the greatest increases recorded in Victoria and New South Wales, while the most moderate increases were in the Australian Capital Territory and Queensland.
Every state and territory has recorded a year-on-year increase in excess of 30 per cent with the greatest jumps experienced in the NT and ACT, while the most moderate annual jumps were in QLD and WA.
Search activity for rental properties on realestate.com.au lifted by 7.9 per cent and is now 14.6 per cent higher than this time last year. The 14.6 per cent year-on-year increase is the largest jump since early August of last year. The weekly increase marks the second successive week in which the year-on-year increase was higher than the previous year.
Despite the recent increase in rental search activity, we are still -19.3 per cent below the 2020 peak experienced in mid-January.
Across the states and territories, rental search activity was lower in NT over the past week but higher everywhere else. The largest weekly increases were recorded in VIC and NSW. Year-on-year data reflects the same pattern – down in NT but higher elsewhere. The largest year-on-year increases were recorded in ACT and WA.
What to make of the data?
Although fewer new properties continue to come to the market, Australians remain extremely interested in residential property throughout COVID-19. Search activity for properties up for sale and rent remains high and continues to trend higher.
From a vendor or rental property owners’ perspective, it’s good news that people are actively looking at properties, even though the activity may not necessarily translate into a sale or rental immediately.
Agents and vendors should note that although transactions will be lower throughout COVID-19, interest remains high and people appear to be planning their next move whether that be a purchase or rental.
