Hi Community,
December is traditionally the busiest time of year for our industry and though 2020 has been truly unique, a number of factors indicated that the traditional spike in volume was likely to be seen once again.
- Total visits on desktop and mobile web to the major property portals grew by approximately 16% between June 2020 and November 2020 and are substantially up from the same time last year.
- New listings in Australia's capitals grew by 53.8% in October to hit a calendar high. While they dipped in November, they were still 7.7% higher than the same month last year.
- Sales grew over 30% in October with a further slight increase in November to reach new calendar highs.
- Auction volumes also grew by 21% in November from October, the highest levels since March.
Our industry braced itself for significant volumes and that is exactly what we saw on Friday 18 December 2020, with the previous record for digital property transactions eclipsed.
With the holidays fast approaching and an unprecedented number of Australians seeking to buy or sell their home, it’s at this time consumers rely on our sector the most, for safe, secure and efficient property settlements.
The scale of work undertaken by all cannot be understated. Navigating a day of this magnitude would not be possible without a decade of collaboration and digital innovation.
We also saw our member banks go the extra mile, implementing the following measures in response to heightened volumes, in support of industry:
- Extended overtime.
- Proactive conversations to follow up on outstanding tasks.
- Community posts emphasising timeframes for settlement tasks.
- Follow-up with customers on loan documents to ensure timeliness.
And I’d like to take this opportunity to thank all members for your contributions both in recent weeks and throughout 2020. It’s by working together that we have helped so many Australian homebuyers and sellers settle their property safely.
This was a year like no other, but it’s been inspiring to see industry overcome these challenges collaboratively.
From the team at PEXA, we wish you and your families all the best these holidays and we look forward to breaking new ground together in 2021.
