Why now is the time to check out the Perth property market
“Spring is the time of plans and projects.”
― Leo Tolstoy, Anna Karenina
Spring is finally here (well it surely was last week, though this week is a bit of a mixed bag). When spring arrives, Perth comes out of its winter hibernation, which makes it the perfect time to get motivated and take on new projects.
It doesn’t matter whether it is getting rid of the cobwebs and starting the big spring clean-up or making the big decision that you need more space for the family or getting ready to downsize.
Spring, a time of new beginnings, is the time where we tend to go out and look at more houses and buy more properties. It starts in September and really takes off once the Grand Final is played. By mid-November, the panic starts to set in. By mid-December, house hunting is replaced with other priorities, like the ever-present stresses of the holidays.
Springtime and the time to get moving has already started. In the past couple of weeks, I have experienced more property-related inquiries, and it will only continue for the duration of September and October.
What is the market doing?
The rental market is not really providing any relief to landlords with the vacancy rate now up to 7.3% and the median rental price at $350 per week.
But looking at the real estate data, there are signs that the Perth property market is getting ready for a rebound.
- The number of properties listed for sale is down to 12,900, which is an improvement to the same time last year of 7%
- According to Christian Madsen of the Perth-based company 11 Recruitment, the number of adverts on Seek is up 13.2% compared to same time last year, which means that confidence is coming back to the WA economy.
Finally, National Property Valuer Herron Todd White has now moved Perth houses to 6 o’clock on the property clock and states that:
“The market appears to be at the stage of understanding that the window of opportunity to pick the bottom of the market is narrowing, with a level of optimism becoming apparent.”
To download the full property report please click here
Market conditions summarised: What to do now?
Recently, there have been a number of property analysts and media outlets announcing that we have reached the bottom of the property market and I tend to agree with them.
However, this is not the case for all areas. If you go to Baldivis, half of the suburb is still for sale, but if you go house hunting in East Victoria Park, North Perth, or any inner city suburb, you don’t have much to choose from, and getting a bargain is becoming more difficult.
Bottom line:
If you are an owner/occupier and are looking to get more room for your family, now is the time to make a purchasing decision so you can settle in before Christmas and the new school year.
