Login
iscover
As spring approaches, some positive signs are beginning to surface that point towards a resurgence in the Perth property market, one 30-year industry veteran has said.
MD of RE/MAX WA Geoff Baldwin said that historically when the Sydney and Melbourne markets begin to slow, the WA market begins to firm.
“There are already signs of a repeat in this cycle,” he said.
“Home open numbers are already up significantly as are actual offers, including multiple offers on some properties.”
He said this is already something Perth hasn’t seen in the recent past.
“There is also a marked increase in investor activity and we are seeing more first home buyers in the market.
“Another positive sign is recent announcements regarding new projects in the WA resource sector along with a boost in employment in that space.”
Mr Baldwin also said that a tipping point is approaching, where prices hold steady but stock on market begins to fall and buyers become motivated through FOMO into making faster decisions.
“The result is that stock sells faster, there is less to choose from, prices begin to climb and a chain reaction is set in motion whereby we quite quickly move from a buyers’ to a sellers’ market.”
Earlier this week, the Real Estate Institute of Western Australia said that Perth’s property market showed signs that it had stabilised in the June quarter, with its latest data revealing there was little change recorded to key market indicators over the period.
REIWA president Hayden Groves said there were some positive indications that the market had finally begun to settle.
“We’re certainly not experiencing the steep declines across the board we once were,” Mr Groves said.
“Although no one can accurately ascertain the future of the property market, the signs are there that we have finally found, or be very close to finding, the floor of the market.”
Newsletter
