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Autumn is one of the best time to sell of the year. Most families have returned from holidays and the schools have started. We are expecting a stable market with average days of selling at around 80 days.
If you are thinking of selling in autumn, I have some tips for you:
1. Clean the windows. Time to do some work, wash the windows in and out as your window might be dusty from summer months.
2. Turn on the lights. Pull up the blinds, open the shutters, and turn on every light in the house. We need to brighten your home.
3. Clean up the gardens. Mow the lawn, add some autumn flowers, and remove all dead leaves and debris in your lawn. We need to create the autumn curb appeal to the buyers
4. Keep the house cozy. Touch-up the paint and filter the air conditioning, keep the house to the standard of home open for only one purpose, to capture the buyer’s interest.
So if you like to sell in this time of the year, please call Ernest at 0415 154 526.
Recent market statistics suggest that the property market is stabilising with the number of properties on the market for sale is steady at 15,000 mark.
The number of sales is clinging between 480 to 650 sales per week.
Properties available for rent is stable at 9,900 mark with most rentals within 5 km radius from Perth city.
So have we hit the bottom? I think it is still too early to call but yes the market is stable with less houses for sales, more sold and more buyers looking to buy.
Referring to REIWA's latest news on Perth property.
Sales activity in the Perth metro area increased significantly in February.
REIWA President Hayden Groves said the market had enjoyed a healthy rebound following the Christmas and New Year dip.
“reiwa.com data shows sales activity in Perth lifted 16 per cent over the month and five per cent when compared to November 2015.
“We’ve also seen that weekly sales over the last three weeks are higher than they were at the same time last year. While it’s too early to call this a trend it’s a good indicator that mobility in the market is beginning to improve,” Mr Groves said.
At a sub-regional level, the Central sub-region had the strongest increase in sales activity over the month lifting a healthy 37 per cent, followed by the North West sub-region with a 24 per cent lift.
“Baldivis in the South West sub-region and Canning Vale in the South East sub-region were the top selling suburbs in February, followed by Scarborough in the Central sub-region,” Mr Groves said.
Perth’s median house price etched back 1.1 per cent in the three months to February, coming in at $529,000.
ListingsMr Groves said there had been a three per cent increase in listings stock in February which wasn’t surprising as vendors traditionally returned to the market at the start of the year.
“This is a marginal increase given the time of year, but it’s significant to note that listings are now eight per cent lower than they were in November which suggests this could be the early stages of a correction in a market of prolonged higher than average stock levels,” Mr Groves said.
Rental marketPerth’s overall median rent price held firm at $400 per week in the three months to February 2016.
In terms of houses and units, Mr Groves said the median price for both was unchanged over the month at $400 and $380 per week respectively, but each had dipped $10 per week when compared to November 2015.
“While tenants are still in a good position to secure a competitively priced lease in Perth, it’s encouraging for investors that rent prices are appearing to steady in 2016,” Mr Groves said.
Rental listings in the Perth metro area declined three per cent in February but remain above the long term average.
Today, Reserve Bank of Australia has announced the cash rate to be kept at 2.0%. This is the lowest record in Australian monetary policy.
As a real estate agent, we are happy to the low interest rates as it keeps the homeowners happy and improve the investing activities in the property market. However, banks will not be too happy as their profit may be stagnant for the months to come.
So what is the impact of low interest rates to the property market? Here are three notable impacts:
Ernest Ng. WA's Licensed Real Estate Agent. MARA's Registered Migration Agent