Market Reports

Bruce’s Market Roundup – December 2016

What an interesting few weeks for the WA property market! 

There has definitely been a change in the air in our economic climate and multiple variables suggest that an upturn is on the horizon. The job market appears to be recovering with a 16.3% increase in Perth-based job advertisements in the past 12 months. It has also been suggested that we can expect an upturn in house and rent prices due to a stabilising supply of properties. A quickly growing population will also force property prices up in coming years due to increased demand and relatively falling supply.

Perth is set to overtake Brisbane as Australia’s 3rd most populated city by the mid 2020’s, growing by approximately 3% a year.

So, what does this mean for you? For first homebuyers or current homeowners in search of a bargain, NOW is the time to enter the market as you will expect to pay less as prices round the bottom of the cycle. This is also a good opportunity for property investors looking for a solid long-term investment.

And the question we’re all asking – how will the US election affect our property market? Although there was a sharp increase in searches for Australian property in the hours and days following the result, investors are likely to wait until the dust clears until any action is taken.

Whatever happens, it seems to all be looking up!

For any extra information if you’re thinking of selling, please feel free to call me on 9328 2345 or 0419 965 137 any time. I can help.

Bruce Reynolds

Bruce’s Tips

Summer is often considered the best time to sell your home. Why? Firstly, there are more people out and about at home opens as the weather brightens up and people have more spare time as we go into the holiday season. Secondly, houses always seem to present better on a summer day, which tends to positively influence the total volume of interest and calibre of offers.

Here are some tips to create a cool, welcoming space for prospective buyers – even in the height of summer!

Throw the doors open

Welcoming in the Perth sea breeze is a great way to create a cool space. Throw open the doors and windows to generate an inviting flow of air. Or, if it’s a real scorcher, be sure to dial up the air conditioning so that your prospective buyer feels comfortable whilst looking around your home ñ a tidy trick to also increase the time they spend looking around!

Change up your Decor

Although wintery colours such reds, dark blues and blacks create cosiness in winter, it is well worth switching in some neutrally-toned cushions, rugs and decorative objects for your home opens to create the atmosphere of a light, airy and cool space.

Create an experience

Remember, you are not only selling your home but also the positive experiences a buyer will have in your home once they move in. For this reason, it’s often nice to include summery touches such as a table set outside to demonstrate the fabulous entertaining spaces to your potential buyers.

Here at RE/MAX Central, we always aim to create a memorable experience in your home by offering chilled bottled water to all our home open visitors. We find that this offers a sense of comfort and refreshment to all guests and allows them to become more relaxed in your home.

Bruce’s Market Roundup – September 2015

There’s no doubt that property markets exposed to the mining and resources sectors have contracted. Having said that, the RBA interest rate cuts have seen the official cash rate at its lowest recorded level, providing a positive boost in an otherwise lackluster economic environment.

Strong population growth and improving employment rates is however supporting a property market that continues to move forward in our state.

I’ve been interested to watch what is happening in the apartment sector. There’s a lot of speculation in regards to the apartment mix in Perth – some suggest we have a glut whilst some evidence suggests that compared to other capital cities, the percentage of apartment dwellings in Perth is well behind the markets of Sydney, Melbourne and Brisbane. It’s noted that Western Australia’s unit approvals increased by 43 per cent in the 12 months to March 2015.

My thoughts are that we are in transition to a higher take-up of apartment living. The interest in apartment living has never been greater in Perth (According to Urbis, over 4,000 apartments were under construction as at April 2015 with close to 70 per cent already sold).

Could this mean that our beautiful city has finally awoken from its slumber? I’ve never been prouder to see Perth set against a global stage – public art and lush green parks are now a strong feature of our landscape, as are lively laneways, street cafes and small bars. We finally have a sense of urban cool!

Perth has embraced its magnetic global interest and evolved into an excellent quality destination to live, work and play. I believe that this has underpinned a very strong interest in apartment living, explaining why enquiries are actually very high. So now we are spoilt for choice – there is all of a sudden a lot of development scheduled to be available on a similar timeframe. Choice requires discernment.

How does this affect the apartment market?

Well, if you are buying and can’t wait then apartments that are ready to go should be on your shopping list.

If you are thinking of selling, I feel you really should get on the market now, before you are competing with an over supply of fresh-builds.

News just in: WA features in Australia’s Top 20 suburbs of highest median value

Across the nation, 437 suburbs have made it into the CoreLogic RP Data “Million Dollar Club*”, representing an increase of 23.1% from the previous year.

In their list of Australia’s Top 20 most expensive suburbs, CoreLogic RP Data results show that Sydney suburbs clearly dominate, accounting for 17 of the 20 most expensive suburbs. In WA, Peppermint Grove sits sixth on the list with a median house value of $3,504,996. Dalkeith is number twenty on the list with a median house value of $2,470,530.

* To qualify for ranking as a million-dollar-suburb, each suburb had to achieve a minimum of 10 sales over the past year.

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