In the Australian real estate market, there are various factors that can affect the price of a property. Two of the most significant indicators are days on market (DOM) and online search interest. These two factors can give valuable insights into the current state of the market, and how properties are performing.
Days on market refer to the number of days a property has been listed for sale before it is sold or taken off the market. The longer the DOM, the less desirable the property may appear to potential buyers. In contrast, a property that sells quickly is likely to have multiple interested buyers and may sell for a higher price.
Online search interest is another crucial factor in determining property prices. When people are interested in buying a property, they will typically search for it online. The more online searches for a specific area, the higher the demand for properties in that area. This high demand may lead to increased competition, resulting in higher prices.
Both DOM and online search interest can be used to predict the likely price of a property. If a property has a high level of online search interest, it is likely to sell quickly, and at a higher price. Conversely, if a property has been on the market for a long time with little interest, it may sell for a lower price.
These factors are particularly relevant in the current Australian property market, where we have seen significant price increases in recent years. The COVID-19 pandemic has also affected the market, with changes in demand for properties in different areas and increased use of online platforms for property searches.
For example, in Sydney, one of the most expensive cities in Australia, properties are typically listed for a shorter time than in other areas, indicating high demand. On the other hand, some regional areas have seen an increase in interest due to people moving away from the city and seeking a more relaxed lifestyle. This has led to an increase in prices in some regional areas.
In conclusion, days on market and online search interest are critical indicators of the state of the Australian property market. They can be used to predict the likely price of a property and provide insights into the demand for properties in different areas. As the market continues to evolve, these indicators will remain essential in helping buyers and sellers understand the market's dynamics and make informed decisions.
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