The recent lack of activity in the property market is the result of a seasonal slump, rather than economic conditions, according to one real estate network.
RE/MAX Western Australia managing director Geoff Baldwin said that while a booming market tends to stay strong through the holiday period under normal conditions, buyers and sellers often take a break during this time.
“After a slower December and early January, we are already beginning to see a fresh influx of buyer activity, and expect February to be a bumper month for our sellers,” he said.
“We can confidently expect the remainder of summer through spring to be buoyant and for buyer competition to return in strength, and quickly.”
Mr Baldwin said price remains a relevant factor in WA, and only properties that are marketed with an effective pricing strategy will capture buyer attention.
“The age-old approach of deciding on a dream price [and] then adding five or 10 per cent to allow for negotiation is simply no longer effective; [it's] a sure way to keep buyers away, and inevitably results in a lower-end sale price,” he said.
“The bottom line is that the market is a long way from bust. It will continue to fire up as the year progresses. However, only those properties that are competitively priced will attract viewings and offers.”