Perth Property Buyers – Hold on to your hats!
July 27th, 2017 by Geoff Baldwin
Perth Property Buyers – Hold on to your hats! There are some very positive signs pointing towards a strong resurgence in the Perth property market as we head towards Spring according to 30 year industry head, Geoff Baldwin who is the MD of RE/MAX WA.
Historically, when the Sydney and Melbourne markets begin to slow our local market strengthens and there are already signs of a repeat in this cycle. Home open numbers are already up significantly as are actual offers including multiple offers on some properties which we haven’t seen happening for the past few years. There is also a marked increase in investor activity and we are seeing more first home buyers in the market. Another positive sign is recent announcements regarding new projects in the WA resource sector along with a boost in employment in that space.
While prices are remaining steady stock on market is reducing and there is a tipping point where buyers start to miss out on properties and hence are motivated to make faster decisions. The result is that stock sells faster, there is less to choose from, prices begin to climb and a chain reaction is set in motion whereby we quite quickly move from a buyers’ to a sellers’ market. Also, people who are selling to upgrade should take action now before the price gap starts widening between their current home and the one they are looking to buy.
The overriding message to is, it’s time to act!
Geoff Baldwin – Managing Director – RE/MAX WA