ACTON has reported another strong month of sales, with the Western Australia-based group posting 69 per cent on-year growth in March.
“The market is performing extremely well and we have seen an incredible turnaround over the last 12 to 18 months,” said ACTON managing director, Graeme Baxter.
“Listings have fallen from nearly 14,000 at this time last year to under 8,000 now, properties are selling in a shorter timeframe, and demand remains strong.”
Sales for March 2013 were 69.31 per cent higher than sales at the same time last yea,r and the March quarter results were 47.99 per cent higher than those recorded for the March 2012 quarter. Sales also increased by 21.15 per cent over the very strong December 2012 quarter.
ACTON said strong first home buyer activity throughout 2012 is having a positive effect on other areas in the market in 2013.
“Demand from the first home buyer market still underpins the market, but we are seeing greater activity from upgraders, with sales of properties in the $600,000 to $1 million price range increasing,” Mr Baxter said.
“Sales over $1 million are also growing and we have seen outstanding sales in off-the-plan developments, which reflect a recovery in the market as a whole.”