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February 2023 was a record-breaking month for the ASX listed business’s Western Australian office.
A total of 321 properties were under offer over the 28-day month, worth a total of $201.3 million and an 11 per cent boost on January 2023, when a total of 289 properties were under offer.
It also eclipsed the office’s November 2022 record number of 308 properties under offer, which were valued at a slightly higher $217 million.
February was also a strong month for the brand when it came to new listings, of which it achieved 319, up from the 237 notched up through January 2023.
It also settled a total of 251 properties for a total value of $187.1 million over the short month.
The Agency Group’s general manager for Western Australia, Stuart Cox, said it showed “the market in WA is still strong.”
“Whilst listing numbers are down, there is still very strong demand from buyers. This is contrary to previous lows in listing numbers in the past, which are usually driven by a low demand in a quiet market; in a slow market, people fear not being able to sell,” he shared.
He also noted there has been “significant” enquiries from interstate investors, thanks to better rental yields and the relatively low capital outlay required to purchase in the state.
While Mr Cox does acknowledge there is an element of “the fear of selling and not being able to buy anywhere” that has crept into the market, he also believes “this is likely to ease over the next few months when people realise they can actually buy and sell in the same marketplace.”
The Agency has acknowledged a number of top performers across the record-breaking month, including Rash Dhanjal and his team, who achieved 23 properties under offer and 27 new listings.
Adam Naumovski (19 under offer, 17 new listings), Nikki De Rijcke (15 under offer, 19 new listings) and Tom Miszczak (14 under offer, 17 new listings) also received honourable mentions.
Jason Jowett was also recognised for achieving the office’s top property sale for February (3 Contacio Cove, Trigg), at a price of $2.7 million.
It’s those properties at the upper end of the market, such as those along the coastline and in the Perth Hills, that are expected to remain strong, given they “don’t appear to have been affected by the interest rate rises,” Mr Cox concluded.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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