WA buyers and vendors remain optimistic

WA buyers and vendors remain optimistic

26 September 2011 by Staff Reporter 0 comments

Staff Reporter

Buyers and vendors in Western Australia remain optimistic about property prices despite widespread concern for the state's property market, new research has found.

In a recent survey by Harcourts WA, 67 per cent of respondents believe that property prices will stay the same, while almost 34 per cent of respondents believe that property prices will increase over the next 12 months.

The survey was completed externally by respondents who had either bought or sold property through Harcourts over the past 12 months.

Andrew Moore, Chief Executive Officer of Harcourts Western Australia, says that the results are surprising yet encouraging.

“The survey results are slightly surprising given the challenges facing the state’s property market but it is fantastic to see that there is still a good level of consumer confidence out there.

“I believe that this level of confidence will continue to grow over the coming months as interest rates remain stable and housing affordability improves somewhat,” said Mr Moore.

Late last week, CB Richard Ellis' Q3 Residential MarketView report found that while the longer-term growth prospects for WA are among the best in the nation, the property market is suffering from a segmented economy, where growth is patchy and confidence is limited to the mining industry.

“With buyer activity continuing to fall and reduced confidence in the market, there has been significant pressure on sales volumes,” said CBRE manager global research and consulting, Sam Reilly.

“Although Western Australia remains well placed to experience strong levels of economic growth over the longer term, largely due to the expanding mining industry, a number of key areas such as tourism, viticulture and construction are under downward pressure and this is impacting on the strength of the overall residential market.”

Staff Reporter

Buyers and vendors in Western Australia remain optimistic about property prices despite widespread concern for the state's property market, new research has found.

In a recent survey by Harcourts WA, 67 per cent of respondents believe that property prices will stay the same, while almost 34 per cent of respondents believe that property prices will increase over the next 12 months.

The survey was completed externally by respondents who had either bought or sold property through Harcourts over the past 12 months.

Andrew Moore, Chief Executive Officer of Harcourts Western Australia, says that the results are surprising yet encouraging.

“The survey results are slightly surprising given the challenges facing the state’s property market but it is fantastic to see that there is still a good level of consumer confidence out there.

“I believe that this level of confidence will continue to grow over the coming months as interest rates remain stable and housing affordability improves somewhat,” said Mr Moore.

Late last week, CB Richard Ellis' Q3 Residential MarketView report found that while the longer-term growth prospects for WA are among the best in the nation, the property market is suffering from a segmented economy, where growth is patchy and confidence is limited to the mining industry.

“With buyer activity continuing to fall and reduced confidence in the market, there has been significant pressure on sales volumes,” said CBRE manager global research and consulting, Sam Reilly.

“Although Western Australia remains well placed to experience strong levels of economic growth over the longer term, largely due to the expanding mining industry, a number of key areas such as tourism, viticulture and construction are under downward pressure and this is impacting on the strength of the overall residential market.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

Get up close and personal with the best real estate sales agents in Australia in Secrets of the Top 100 Agents. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?