What’s Happening in Our Market?

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The Perth property market has remained relatively stable this year. Whilst the Melbourne and Sydney markets may have peaked, there is growing confidence that our property market might soon take a turn for the better.

According to the Chamber of Commerce and Industry of Western Australia (CCIWA), WA is at a turning point. In an article in the February edition of their OUTLOOK Publication, which is CCIWA’s biannual analysis of the Western Australian economy, they state that “business and consumer confidence are both at a four-year high, over 15,000 fulltime jobs have been created in the past twelve months, exports are growing at 5 per cent per year, business investment increased by 5 per cent in the year to September 2017, and wages are growing at 1.3 per cent”.

They go on to say that “As business investment and dwelling investment begin to recover over the forecast horizon and exports maintain at a strong level, we forecast the economy to grow by around 3 per cent in 2018-19 and 2.7 per cent in 2019-20”.

It is good to see some encouraging news for our great state, and it seems we may be in the very early stages of an improving economy.

In terms of the property market, let’s have a look back over the past 3 years statistical data for the March Quarter. Source: REIWA

March Quarter
Listings For Sale
Sales Completed
Average Days on Market
2016
15,277
5,852
65
2017
14,845
6,496
70
2018
14,413
5,865
67

Whilst we do have a relatively stable market at the moment, it is very much price sensitive.

Under those circumstances, and until clear signs emerge of a real recovery in the market place, Sellers need to adapt to market conditions quickly and place house listing prices at or around what the established sales evidence will support.

SO, IS NOW A GOOD TIME TO SELL?

Well priced and well presented properties continue to sell in almost any market, and its worth remembering that if you are an owner/occupier, and you’re buying and selling in the same market, it’s all relative. You’re likely to get a fair and reasonable price for your property whilst paying a fair and reasonable price for your next purchase.

Post by Jones Ballard 23 Jul 2018 0
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