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Quieter Perth housing market gives buyers time to look around
With more properties now readily available, buyers can afford to hesitate before making their biggest financial decision.As the market has slowed with recent interest rate rises and many buyers believing house prices might actually fall because of the number of listings available.
For the buyers currently in the market place they are genuine, serious and clearly focused on buying on the basis of value. No longer will they take a Real Estate Agents opinion because it is written in black and white, but are far more open in questioning the Real Estate Agent with simple anecdotes of. “How long has this property been on the market”? “Why are they selling”? “Do you know how long the current owners have lived here”? “What improvements have they made”?
As the market continues to be stretched there will be an elongation of property bands, which will bring with it greater scope to negotiate over prices. The homeowner who is motivated to sell will listen.
All things aside, the Real Estate market in Perth and regional Western Australia, is stronger than all other States because of our booming State economy and job market, which is attracting large numbers of Interstate and International Migrants and while the market has slowed the Real Estate market has settled into more normal patterns of house price growth for the year ahead consistent with longer-term trends.
There are many issues involved with buying and selling Real Estate in what is always a changing market place, so it is important that you get specific advice prior to making any decisions on your Real Estate transaction.