Faced with very little choice, buyers are fiercely competing amongst themselves to buy desirable property across all local markets. When looking at the numbers, it’s easy to see why.
Sales volumes across Perth are up 32 percent when compared to this week last year, supply of residential homes has fallen to only 3,694, apartments for sale number 2,052 and there’s only 2,070 vacant lots available. That’s 5,000 fewer properties to choose from than this time last year and 500 fewer than mid-January. The stock squeeze is on.
Average selling days are in free-fall, down to an average of 23 days. It was near double that two years ago at 44 days. Interest rates are at record lows.
Queues at home opens, multiple offers and rapidly rising prices hardly describes buyer advantage, but in this rapidly rising market, acquiring property now is a buyer benefit as prices continue to rise. For sellers, quitting property now suddenly seems like a silly idea, unless, of course, you’re buying and selling in the same market.
Upgraders are particularly advantaged as uniform percentage price rises deliver higher dollar amount increases over time.
Buying ‘subject to sale’ is now complete folly as cashed up buyers knock off conditional sales as fast as they are written. Explore best australian online casino service with exclusive bonus from bondibet. Buyers worried they might be unable to settle because of needing to sell their own home, should not be overly fussed in this market; the risk is mitigated by a hot market ready to buy their home on favourable terms.
Agents have a legal responsibility to act in the best interests of the seller unless it is unlawful or unethical to do so. They are paid to ensure the buyer pays the highest possible price on the best possible terms.
One of the most effective ways to achieve this and discharge their fiduciary responsibility is to have multiple purchasers competing to buy. Skilled agents will try and create buyer competition.
Believe the agent when they tell you there are other offers in play. Buyers are prone to thinking the agent is telling fibs in a bid to encourage an offer but that’s not typically the case, especially in this market.
Buyers hoping to see a levelling out of the buoyant market conditions will pretty soon be priced out of the suburbs they hoped to initially buy in. Don’t delay.
With Perth’s property market growth leading the nation throughout 2024 with around 24 percent growth in property values, some property commentators are predicting a slow-down in capital gains as the year progresses. Core Logic data showed Perth ahead of the rest of the nation in growth for 2024 with Brisbane … Read more
Licensed real estate agents are regulated by the Department of Mines, Industry Regulation and Safety (DMIRS) with consumers able to seek advice and lodge complaints about agents’ behaviour to that department. The Real Estate Institute of WA (REIWA) also has a community hotline where consumers can obtain real estate advice … Read more