RE/MAX Western Australia managing director Geoff Baldwin has reminded WA agents to look to the post-GFC property market in the US for reassurance.
Mr Baldwin, who is in San Francisco on business, noted that while projectionists predicted Armageddon for the US property market that would last decades, recovery began within two years.
"The influences on the current lull in our WA market, mainly due to easing in the mining sector, are extremely mild by comparison to the US example,” he said.
“However, despite the collapse of the US economy and years of recession, people have returned to the real estate market in droves.”
Mr Baldwin noted that while WA’s prices were among Australia’s highest in 2010, booming markets in the eastern states now offer some of the best comparative value in the country.
“West Australians who are holding off for local prices to dip further are warned that market activity has increased significantly in recent weeks, and the window of opportunity to buy at current prices is beginning to close just as it has here in the US,” he said.