The time of the year that developers fear the most, the Christmas shutdown, is just around the corner.
In the age of connectivity, it’s time we asked ourselves – is this fear still justified?
Although the property market relaxes over the summer holiday period, there are still plenty of eager buyers searching the market.
Using exclusive buyer insights, Domain has studied onsite trends to understand the impact that the Christmas period has on the new development market. It was found that the number of buyers searching on site generally remains consistent with search activity seen throughout the year.
The average time spent on site searching for property throughout December and January 2017-18 dropped by only 3 seconds compared with the average annual dwell time (September 2017 - September 2018).
Digital audience reach for Domain remained consistent throughout the summer period of 2017, with audience size actually increasing from Spring to Summer.
Domain uncovered that house hunters are "always on" and constantly connected to their device. During the festive season of 2017-18, mobile sessions spiked – accounting for 60 per cent of all sessions on site.
A buyer can now search for property wherever they may be located in the world.
A research piece released by Domain earlier this year explored the path to purchase for a new development buyer.
It was uncovered that throughout the whole buyer journey, from the imagine stage through to financial commitment, online property listings remained the most consistent and prominent media influence.
Domain strategy director Jonathan Style explains that choosing to remain active over the festive season is not only a strong marketing decision, it is also a strategic move for competitive advantage.
“Each year, there is a drop in listings on site throughout December. This is contrary to the consistent amount of time that buyers spend on-site searching for property in the same period,” Style said.
“This contrast gives developers who choose to advertise over this time an automatic competitive advantage over those who do not.”
Colliers director of residential project marketing Selda MacDonald says that the Christmas period is a very important time for generating enquiry.
“We believe that advertising over the festive season is extremely beneficial in order to keep top of mind,” MacDonald said.
“During this time we find that prospective purchasers actually have the time to inspect properties; this is also a time where we find a lot of buyers start their property search.”
MacDonald explains that over the years Colliers has found that by advertising their properties over the festive period they have been able to generate strong enquiry from both locals and a large number of expats who come home to be with their families who are in the market to purchase.
If you would like to ensure that your project is front of mind throughout the festive season email developers@domain.com.au or visit the website.
Main image: Akoya, North Sydney - Colliers
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