Perth's property market goes from strength to strength after one WA group reported another month of record sales.
Managing director of the ACTON group, Graeme Baxter, said the company recorded sales that were 22.71 per cent higher than those from the same time last year, and 21.26 per cent higher than January 2013.
“Traditionally more sales are made in the second half of the year; January is normally quiet, and then February and March build towards Easter,” he said.
“This year, the market didn’t take a break over Christmas with both December and January recording exceptional sales, while sales for February, the shortest month of the year, were at unprecedented highs.”
Certain areas have been performing well for some time, according to Mr Baxter, who added that good sales results are now being seen across various buyer groups and property types.
“Strong first homebuyer markets and areas, such as Mandurah, that offer properties for sale across a range of price brackets, from properties for first homebuyers to prestigious canal homes, were among the first to recover,” said Mr Baxter.
“Now we are seeing more sales in the south west, western suburbs and along the northern coastal region, and there have also been strong results in off the plan sales, all of which indicate a more complete market recovery.”
Mr Baxter said the factors behind the continuing strong growth are low interest rates, strong population growth, low unemployment, more upgraders in the market, a strong economy, and high confidence.
“This is exciting news, but does not mean that we are in a boom. Now is not the time for buyers to panic and sellers to lift their price expectations.
“The market is performing very well, but buyers still expect good value for money and price is important. If they feel a property is overpriced they can, and will look elsewhere."