Perth Property Market On A Steady Rise
The property market in Perth continued to experience steady growth throughout June. The city’s real estate sector saw an increase in both buyer and investor interest, driven by various factors such as a stable economy and attractive property prices.
Winter is traditionally a slower time for real estate. Despite the cold wet weather, the median number of days from listing a property to sale dropped to just ten days during June, a new record according to REIWA.
Nationally, the supply shortage continues to be a primary factor in pushing prices higher. CoreLogic’s research director, Tim Lawless noted that total inventory levels are more than a quarter below average. According to REIWA data, the amount of properties for sale in Perth is almost 38% lower than last year.
Demand will remain strong, as the state of the rental market pushes more people to purchase a home, and our population continues to grow. With new listing levels remaining low, house prices will maintain their upward trajectory in Perth throughout 2023.
Buyers have wised up, and are factoring in interest rate rises to their purchasing budget. However, affordability alone shouldn’t dictate a purchasing choice. Speak to one of our experienced buyers agents today to find out how to make the best use of your purchasing power.
Source: CoreLogic
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What’s Happening In The Perth Property Market?
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