Spring Selling Season
Perth kicked off the Spring selling season with a 1.6% increase in home values according to CoreLogic’s Home Value Index.
Spring is one of the busiest periods for selling and the good news for homebuyers is that listings for sale on REIWA have been steadily increasing since the beginning of September,
Properties are still selling very quickly however, and buyers are needing to move quickly to not miss out. With demand remaining high, the Perth market looks set to continue on an upward trend.
The PropTrack Home Price Index for September showed Perth had recorded the fastest pace of growth over the past two years and although the growth has slowed slightly, as one of the most affordable cities, competition for properties remains high.
Buyers agent Peter Gavalas has cautioned buyers to do their due diligence to ensure they avoid buyers remorse. “Even though I understand a lot of buyers are experiencing FOMO right now, they’re likely to suffer a serious case of buyer’s remorse in the years ahead if they compromise on quality,” he said.
“Compromising on quality by settling for less desirable homes, such as ones with structural problems, or less desirable locations, such as on noisy main roads,” because they fear they’ll never enter the market any other way will not bring long term benefits.
Gavalas added that even if investors managed to sell a lower grade property during a future boom, they will have missed out on capital growth, due to these kinds of properties not accruing the same price appreciation as a higher price property.
“By contrast, good family homes in good streets are always in demand in any kind of market,” he said.
Source: CoreLogic
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Property Spotlight Our team has been busy helping our clients secure their dream homes during September. Here’s a small sample of the properties secured during the month: |
What’s Happening In The Perth Property Market?
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