The number 1 question that I’m always asked is “how is the market going?” Real estate has always be cyclic and I have no doubt that this won’t be changing any time soon. That being said, we have been in a sustained downturn since 2015 off the back of mining sector’s decline.
Whether or not we are actually at the bottom of the market is hard to determine, but with general economic conditions showing positive signs, I would like to think that we must be very close.
Sales activity increased 15 per cent in Perth during the first week of October with REIWA reporting 467 transactions. This increase can be attributed to a 12 per cent rise in house sales, a 15 percent rise in unit sales and a 44 per cent rise in vacant land sales over the week.
There are currently 14,558 properties for sale in Perth compared to over 15,000 in October 2015.
Taking a look at the Wembley market;
- There were 11 properties for sale as of the 18th October 2018 vs 28 properties in October 2015
- 11 properties have sold or gone Under Offer in the September Quarter vs 22 in 2015
- Average days on market for current listings is 34
- Mckenzie and Harborne Streets had the most sales in the September quarter – 2 each
- The average sales price this quarter was $936,000
The number one driver that we are experiencing is a real sense of urgency from buyers. There are many factors influencing this behaviour, however when it all balls down to it, it is the lack of supply and high demand for quality family homes in Wembley.
There is no doubt that as we move into this second quarter, the signs are extremely positive with October being an extraordinarily high turn over month compared to previous years and no doubt that will continue through November and December.
As a side note, we are extremely proud to be involved for the third time running as a gold sponsor of the Wembley Primary School fete. The fete is a major fundraiser for the school so make sure you come down and support the kids. We would love to see you at our stall, you can check out my facebook page for more detail and news on the event.