People are often surprised to hear that August can be one of the strongest selling months of the year. In the last few years it’s ranked either 3rd or 4th for the number of monthly sales transactions.
If you’re thinking of selling, you may be making a mistake waiting until the better weather in October because typically that’s the time that a lot of other sellers wait to hit the market too, thereby increasing the amount of competition that you may experience when selling.
If you’re a buyer, be aware that the market is changing. Economically, there’s a sense that consumer and business confidence is increasing with investment in mining appearing to be returning. Whilst overall the Perth market is still patchy, there’s an expectation that prices will inevitably increase at some point and in some areas that’s already occurring.
Locally we’ve been seeing strong interest in quality trade up properties, particularly character homes, with appropriately priced and presented properties selling in well under the Perth average days on market, often with multiple offers. The comment we’re hearing from buyers is that there’s a shortage of these types of properties and that seems to be driving the interest and results we’re achieving.
The picture is different however for the multi-residential market, being units, villas, apartments & townhouses, where we’re still seeing an oversupply of stock relative to buyer demand with buyers able to cherry pick the best and/or cheapest properties available.
In their monthly review, Herron Todd White say that now is the time to look at buying or investing in established inner city areas, and specifically mention Maylands and Bayswater as suburbs to look out for, because of the low median prices, relatively high yields and long term capital growth prospects given their proximity to the city. They note that you can now buy houses, albeit ones needing some improvement, in those suburbs at or close to land value.
The market has never been, and will never be homogeneous. Whether your buying or selling it pays to speak to a local real estate professional to better understand what’s happening in your local suburb for your specific property type. No online report can replace the expertise of an active local agent who is at the coal face dealing with buyers on a daily basis.
If you’re curious as to what your property might be worth in the current market, give me a call!
Photo by @stalburg design