Whilst the evidence at this stage is mostly anecdotal, the local property market in the suburbs surrounding Beaufort Street appears to be changing for the better, particularly when it comes to character homes on full blocks or lots with development potential.
I often say to clients that September is my worst month of the year. This year so far it’s been one of my best. And in our office, sales transaction activity for the September quarter is up 50% on the previous year.
Buyer interest is predominantly in quality trade up or trade down housing stock and we’re also starting to see increased enquiry from developers in properties with subdivision potential.
Whether this is a blip or a trend remains to be seen, but we’re encouraged by reports of market changes in the prestige suburbs which historically have led Perth property market recoveries.
Those thinking of trading up to bigger homes or a higher priced suburb may find the window of opportunity closing.
All this said, the market remains price sensitive and property must still be priced & presented appropriately to attract buyer interest.
It’s also important to differentiate between houses and the grouped dwelling and multi residential market.
On the whole, the local multi residential market is still suffering from an over supply of dwellings which is dampening confidence in any short term growth expectations. That said, we think there’s some pretty good buying out there at the moment, especially in some of the established groups in good locations.
If you’re interested in a no obligation discussion and update as to where your property might sit in the current market please call me on 0405812 273 – I’d love to help.