The real estate market can be a fickle environment, it has LOTS of opinions and predictions, but what are they based on?
The best way to know how the market is tracking is for you to research on sites such as reiwa.com.au or realestate.com.au, sites such as these shown a true indication of how the market is going due to the fact they have the properties uploaded onto their platforms.
Let’s have a look at the information you can get from these sites which will be helpful for your real estate knowledge. In 2011 to 2013 we saw the price of housing quickly increase, encouraging home owners to sell to capitalise on the “Boom”. However in 2014 to mid-2015 you can see the market stabilised and kept housing prices steady.
From June 2015 the housing prices dropped slightly, causing some home owners to have doubts around selling. This is not new, in June 2013 to September 2013 (June to Sept 2012 and June to Sept 2011) we saw the same “Dip” in the housing prices before the prices bounced back to where they are now sitting.
The pattern is what the Experts use to “predict” the market and encourage buyers to buy now and homeowners to wait to sell. If the pattern continues we will see an increase in the housing market very soon. This will bring more sellers to the market but with the same amount of buyers. However it isn’t always the increase in market value that makes home owners sell.
Working in real estate you come across a variety of factors from homeowners as to why they want to sell; such as upgrading the family home, marriage break downs, relocation and down grading. If they are serious about selling they will sell no matter what the market is like, because there will always be buyers! Even more so with the low interest rates we are seeing at the moment.
SO what’s been happening in real estate sales this week?
The Perth Market Snapshot from reiwa.com.au gives us an insight to the property sales for the metro area and a comparison to last year too. For the week ending 1st of March 2016 we saw 703 property sales compared to 569 for the same week last year and there were 15,170 properties listed for sale while last year we only saw 13,451 listed for sale in the same week.
The top selling suburbs South of the River were South Perth, Rockingham, Gosnells and Baldivis while North of the River were Scarborough, Cottesloe, Dianella and Ellenbrook.
We encourage home owners to talk to our professional Sales people, who will diligently research your property when performing a market opinion. They take in to account all aspect of the market to give you the best advice and a true estimate of your home.
To have an update market opinion contact us today on 9258 2700.