Perth sellers set to benefit in February market: RE/MAX WA
February is historically the month of the seasonal rebound after the Christmas season’s lull however, despite an expected upsurge, it is expected that sellers will be those profiting from the Perth market next month.
RE/MAX WA's managing director, Geoff Baldwin, said that buyer demand is expected to go to a much higher level again, even with strong momentum being retained through the holiday period.
“Sellers who have been holding off would be well advised to take advantage of this predicted upswing in buyer demand as it historically creates more competition for available listings often resulting in better sale prices and a shorter time on the market,” said Baldwin.
He said that one of the problems the Perth market is facing is comparatively love listing stock levels, requiring buyers to choose from less and making it advantageous to those who are putting their properties up for sale.
“We have seen buyer demand increase significantly in the second half of January and this momentum is expected to grow as we move into February with the overall outlook for 2014 being very positive for sellers,” he said.
Meanwhile, he urged buyers to act soon to avoid paying more later.
This comes despite results towards the end of 2013 noting softness in the market, with prices and rents down in October. Following, in December, the Real Estate Institute of Western Australia (REIWA) recorded the prices picking up, pushing towards a new record high.
“The main reason for the big rise in sales was that Perth was coming out of a big slump in turnover in the September quarter and had returned to more normal conditions,” wrote David Airey of the market in December.
However, he also noted a recovery of the number of properties on the market from below average levels over 2012 to the highest point for 2013, with REIWA recording 8,656 dwellings and 1,199 lots for sale at the time.
jduke@propertyobserver.com.au
