Research by CoreLogic RP Data through its Media Maximiser product recently confirmed that properties advertised in print and online mediums sell faster and for more money than properties offered in online media alone.
In an information release prepared and released by not-for-profit trade media publication Newspaper Works, the data shows that homes in Perth were on average 8.7% (almost $50,000) higher for properties advertised in print and online, compared with houses and units advertised on digital channels only. Sydney homes were sold for an average $50,000 more when advertised on both mediums.
Houses across the country advertised on both mediums sold on average seven days faster compared with those only advertised online.
Print advertising also boosts the success of a sale. In Melbourne, 84% of homes advertised in print and online sold within their campaign period, compared with 63% for homes advertised online only. In other capital cities the difference is similarly dramatic with Sydney +11%, Brisbane +8% and Adelaide +6%.
“It’s no secret that Australians love property. On top of this, we know that the 1.8 million Australians who are likely to buy a property this year are heavy consumers of online and print news media, so it makes sense that real estate agents advertise across both mediums to achieve the best results for their clients,” The Newspaper Works chief executive officer Mark Hollands said.
“We are grateful to CoreLogic RP Data for sharing these findings with the industry which show how agents can best structure a campaign to maximise a sale price for the vendor.”
CoreLogic RP Data studied the sales history of 850,000 houses. Over a two-year period its analysts investigated where each property was advertised, its time on the market, the offer price and the value of the final deal.
CoreLogic’s RP Data head of solutions Greg Dickason said: “Our research provides evidence that print advertising helps sell their asset faster and for more money.”
Data from emmaTM (Enhanced Media Metrics Australia) found that of the 1.8 million likely property buyers, more than one million people read property content in print or online formats, and all buyers are more likely to read print than online content.
“This supports our findings: sellers who list their property in a print newspaper sell faster or they sell with a lower discount,” said Dickason.
emmaTM also found that when it comes to house hunting, buyers with an income of more than $100,000 are 33% more likely to read newspapers than the general population, and 74% of them use property content from news publishers.
CoreLogic RP Data’s findings for mainland state capital cities are contained in the table below:
CoreLogic RP Data Australia – Media Maximiser January 2015. Based on sales of houses and units.
Media Maximiser is an independent data set that helps real estate agents identify the most effective way to advertise a property for sale in your market.
It will help you make an informed decision about vendor paid advertising by providing data that identifies:
- Best media option to achieve a successful sale
- Best media option to achieve a fast property sale
- Best media option to achieve the highest price
- The most popular advertising types by property type and price bracket
Reasons to use Media Maximiser Reports
- Sell more vendor paid advertising by showing your vendors data-based evidence about the value of the marketing campaign you are recommending
- Include Media Maximiser in the CMA reports you present to vendors as part of a qualified professional presentation
- Help vendors understand the impact their marketing preferences will have on their sale
- Help vendors identify which marketing method will result in the fastest sale or highest price
- Media Maximiser is an independent data set created by Australia’s largest property data provider. Our findings are based on statistically robust evidence, not media hype
Putting a media spin on property data
Eliza Goetze talks with Head of Solutions at CoreLogic RP Data, Greg Dickason.
For more information on Media Maximiser or any RP Data Professional product, call us on 1300 734 318 or email [email protected].