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Perth housing market recovering slowly…
The overall number of properties on the market dropped to 12,800 at the end of June this year, this, coupled with the expected surge of first homebuyers before the Commonwealth boost ends on September 30th means we should see the housing market move slowly towards a state of supply and demand.
Already we are seeing the number of selling days down to 70 on average for the metropolitan area. The return of investors to the market is also another factor in helping the market recovery as interest rates continue to remain low. Overall if you’re an investor, first home buyer or upgrading, there has never been a better time to take advantage of what will only be seen as a road to recovery as prices continue to steadily rise.
Sellers however should still remain realistic about the value of their home and not get over enthusiastic when getting their home appraised in preparation for sale. As the market continues to tighten with fewer properties available for sale, some agents will still practice the motto of ‘list it today at any cost and reduce the price tomorrow’.
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 there?” “What improvements have they made?”
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.