In just the last four weeks there have been more visitor sessions to the major real estate websites in NZ than there are in inhabitants of our country – 4.41 million visitor sessions compared to 4.33 million people.
This total activity is measured across the major 8 websites as reported by Nielsen Online and measured as purely the number of NZ visitors.
The rate of growth over this year-to-date as can be seen from the graph below is the sharpest rise since early 2007 when the property market was in full swing with sales per month running at around an average of 7,800. Today that average is just 5,800 per month some 25% lower; yet interest in viewing property online is actually some 50% higher than that same period in 2007.
The scale of online property searching is staggering – an average day sees over 113,000 unique browsers researching at least one property website. During that time a total of over 4.7 million pages will be viewed and the total time consumer viewing those pages will exceed 122 million seconds – roughly 34,000 hours!
If the weekends Open Homes were anything to go by, the majority of customers indicated they still have property to sell. (34 out of 43 Open Home visitors from last weekend)
To me then, it would seem that between accidental landlords, and the standard home buyers, there is a wave of customers wanting to take advantage of lower interest rates, however they are being increasing exacting (“drilling down” I call it) in what they want, and many are still sitting on the fence. They still want that dream property but haven’t probably woken up to the fact that in difference to “last time” when they were the only ones there……this time when they arrive at the property there are already other agents showing it to other buyers.
Likewise when they show up to the Open Home, they are in competition on hot new listings like never before…..this proves that the Real Estate industry is embracing technology if you ask me.
In many cases through past experience buyers seem to be lacking a sense of urgency. What they need to be aware of more than ever is the polarisation, courtesy of the current banking / mortgage lending requirements / restrictions that in that most popular of price ranges, they are definitely in competition.
At the same time though I am sure that many are keeping a very very close eye on the situation……and wonder if this could account for a greater percentage of browsers than same time last year.
Overall, the “news” out there about property has probably never before been more accessible to customers……and there has never been more of it either.
You literally cannot pick up a newspaper without some type of housing / property article contained inside.