In this episode, Jon Williams gives us a market update.
From a real estate perspective what has come out of the pandemic is the understanding, that regardless of how connected we are globally, countries and even states within them will recover at their own pace. Here in WA the roll out of vaccinations, any variations in interest rates and consumer optimism will largely dictate the cadence of the property market for the rest of 2021.
And as you would expect with a multi speed recovery, locally we have seen markets within markets with a range of dynamics affecting residential property prices. On the back of strong performances in the first 2 quarters of 2021, the Perth market continues to show signs of moderate growth with robust buyer activity across the metro area.
Despite the usual slow down in the winter months, the states leading industry body REIWA is still predicting healthy growth in the property market.With around 8000 properties on the market and an average selling time of under 20 days, the demand from buyers is still strong in most areas.
And it’s the affordability of homes, especially in the first home buyer market that has largely fuelled growth in Perth until mid year and while that has slowed, we have recently seen the investor market starting to ramp up.
So with increased confidence and record low stock levels the supply and demand factors at play make for an exciting period ahead for Perth’s property market.
With a national footprint across most metropolitan markets in Australia, The Agency is the fastest growing fully integrated real estate services business in the country and is well resourced to assist you in any area of the market. So to get a better understanding of values in your area make sure you contact one of our expert team at The Agency or go to theagency.com.au.