As the spring selling season is upon us, now is the time for buyers to take advantage of the warmer weather and all it has to offer. Budding blooms and greener gardens enhance curb appeal for sellers, whilst also coaxing potential buyers out of hibernation.
Despite smart buyers having their finance pre approved before they start their property search, the current market is seeing even the savviest of purchasers struggle to secure a property before their pre approval expires. Why? Because there is a difference between being finance ready and being buyer ready.
Often buyers are either not candid about their property criteria or their budget is misaligned to their expectations. Even the most pragmatic buyers are finding that the fear of overpaying is hindering their ability to act. And sometimes buyers are doing everything right and still missing out on properties in the current market.
Peter Gavalas, Director of Resolve Property Solutions said that buyers are often missing out on several properties before seeking their services. The tight current market has meant that properties are occasionally selling for more than their value, and not submitting the highest offer can end up being a better outcome for a buyer.
“Recently we submitted the second highest offer on a property, with the winning offer 25% higher than ours which is a huge gap, and far more than the property was actually worth”. Mr Gavalas went on to explain that providing buyers with accurate property values is a key aspect of the services that Resolve Property Solutions provides. “It’s not enough to just find the right property for a client, we have to get it at the right price as well.”
Perth Suburbs Moving Up
Despite Perth overall seeing a slight downturn in August, more than 50 suburbs experienced an increase in median house sale prices for the month. Maida Vale lead the way with a 3.1% price increase to $593,750.
Cooloongup took second place honours, with prices growing 2.6% to $370,000. Hillarys came in third, with the median house sale price now just over $1 million, a 2.5% jump.
Southern River experienced a 2.2% rise for the month to $625,000. Orelia rounded out the top five list with a 1.9% increase to $327,500, although it was also the fastest selling suburb in August, with properties being snapped up in just six days.
Stirling, Seville Grove and Woodvale also saw strong sale price growth for the month.
Our investment team has been busy throughout August. Here’s a small sample of the properties they secured during the month:
Outlook for Perth
According to CoreLogic, Perth’s home value index dropped 0.2% during August, bringing values to 0.2% below the record high reported in July 2022. Unlike most capitals though, Perth recorded an increase in dwelling values for the quarter of 0.4%.
Nevertheless, Perth is still well positioned to continue it’s current growth cycle thanks to it’s strong economy, the housing shortage and a growing population. Short term variations are to be expected as home buyers adapt to rising interest rates.
What’s Happening at Resolve?
At Resolve Property Solutions, our team is working harder than ever to source and inspect as many suitable properties as possible for our clients. As well as sourcing properties which meet our clients brief and budget, we also search for off-market opportunities where possible to provide more options, and always ensure they are buying the right property at the right price.
Now more then ever it is important to get an accurate and up to date appraisal for your property purchase and avoid over paying.
During the month of August we purchased eleven properties for our clients, with over 40% off market or pre market purchases.
If you would like to discuss your property requirements and strategy with our Buyers Agents, book your free consultation here.
We are here to help you on your property journey and ensure you are buying the right property, in the right location for the right price!
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help you search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.