Hi,
Just in the past two weeks I have contacted 3 ages about 3 different properties and each time they have all gone under offer the previous day. One agent said he has notice a shift in the market in just the last two weeks.
Has anyone else had any experiences like this? Maybe the market has bottomed out…in Perth anyway.Thanks,
Kate
Hi Kate,
Great question to ask. I am from Melbourne and i used to work in Werribee ( Melbourne) they said the last few months have been very quiet but they have said the same thing that in the last two weeks things have picked up.
Prices have still droped but they have seen a few buyers comming around.
I also asked him this question next have you been listing much houses and he said not much as before.
So i think the market is balancing out few homes comming on the market and a few homes being bought.But what you can do is buy the news paper on sunday. I think you call it "Perth know" it will show how many houses where acutally sold. Have a look at this over a 3 month period and you will be able to see some sort of pattern.
Know even though houses are under offer know they wont show sold for a couple of weeks so keep your eye out.
PS i think vendors are accpeting the market conditions.Very good questions though!!!
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Couple of similar experiences to yours Kate.
Too early to say yet – Taxi Drivers are still saying dump property so we're probably not there yet
My 2 cents – I think it’s dangerous to place too much emphasis on sound bites that try to sum up the current market in a single sentence.
Different types of properties in different locations will perform differently. Ie affordable inner city low rise seems to be performing ok whereas outer suburban houses seem to be performing less well.
The challenge is to do the research to work out where to invest to achieve good returns. This includes consideration of investments outside of property.
Hi Ashley,
Your are entirely correct – for those who are trying to time their entry (or re-entry) into the market it is too early to tell yet.
On the other hand those who have a more long term view, and can wear a flattish period, the time is probably pretty close to right.
PS like the comment about 'sound bites' – trouble is that is where our (& USA) whole political system is heading at the moment. 7 sec policies and rebuttals. Oh for the good old days when more detail was forthcoming.
I was at a mortgagee auction this morning. No bids, passed in.
Even a mortgagee vendor asking for stupid prices.
Correction, I dont think so.
The REIWA stats are suggesting supply is dropping in Perth. We have noticed in the tightly held suburbs (supply on market of >3%) that properties are going under offer comparatively fast to the rest of the market. Also, price has been fairly consistent in these suburbs over the last 3 years, were as the higher supplied suburbs have seen drops of 20%-25%.
There are quite a few forecasting bodies tipping Perth to be the outperformer over the coming few years.
Admittedly we only had our property for sale for just over a month but after 3 weeks consecutive of no one even going through the open inspections and 10 days of no contact from prospective buyers we decided to take it off the market. We did have one party want to make an offer that I find almost insulting and we advised our agent to tell them not to bother writing it up. That was three weeks ago! Maybe we should have given it another week!
I’m interested to know what areas in Perth you were looking at and wondering what type of properties you were looking at e.g units, townhouses, houses….
We have now decided to do a mostly cosmetic Reno to the house to make it look a little more attractive.
Hopefully by the time we finish that, the market will have picked up a little.Thanks for everyones comments. Our strategy was always to get another property before the end of the year, we have been looking at apartments in the inner city area, and yet again another one I wanted went under offer! I think the inner city areas are doing all right at the moment and I also think that sellers are accepting low (market price) offers.
We live in Guildford and the house next door is for sale they have had it up a couple of months now and just this last weekend have had quite a few people through, but that might be because the agent didnt open the house at the same time as the footy as he has been doing the last few weeks!
Would love to hear of anyone elses experiences over the next few weeksKate
this article agrees with what your REAs were saying…
Thanks for that article wisepearl there definatley is shift in Peth at the moment.
Mr Bourke is a client of the company I work for, so I might pick his brains next time he comes in….
Razzaberri wrote:We did have one party want to make an offer that I find almost insulting and we advised our agent to tell them not to bother writing it up.
what do you mean almost …did I come in too high ….
sorry could not help myself
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