Regardless of your situation, we can take the stress out of the entire process.
Whether you are at the other end of the city, living in another state, or even living overseas – we can do the dirty work for you.
That’s right. We’ll take care of everything.
Before going to market
We will prepare your property for sale which could include organising trades such as:
We will prepare your property for sale which could include organising trades such as:
painter
plumber
electrician
handyman
cleaner
even FREE staging and styling of the property
Marketing your property and negotiating
When it comes to marketing the property for sale, we are experts in generating urgency and competition for your property to ensure that you get the best possible price.
Post Sale
Finally, post sale we will continue to sort out all the practical stuff including organising the settlement agent, final inspections so you won’t have to lift a finger.
Just sit back and relax while our experts do it all.
Watch this 1 minute video below where Rasmus from The Haus Exchange explains exactly how the process works.
Now that you’ve watched the video you may be wondering what’s next. Our team of experts will guide you on this journey. From staging to styling and everything in between. We can help sell your property remotely. Your first step is simple. Contact us today to get the ball rolling.
When you’re the executor of a deceased estate there are a couple of extra steps that you need to consider compared to when you are selling your own home.
First of all, if there is no will in place, you need to apply for a Letter of Administration, from the Supreme Court of WA. If this is the case, it is highly recommended that you seek advice from a local estate lawyer.
On the other hand, if there is a valid Will and you are listed as the executor in the Will, you can apply for a Grant of Probate, also referred to as Probate, via the Supreme Court of WA.
This process under deceased estate property can take months and it may be worthwhile to seek assistance from a wills and estate lawyer.
The next step is to apply to Landgate for the name of the title to be changed to your name as the executor. Once the title is updated, the property can then be sold.
When can you actually start listing the property for sale and start selling it?
If you are appointed as the executor, you can start the process straight away. However, the property cannot settle until you are listed as the executor on the title. If, for whatever reason, you cannot wait until the new titles are issued, it is possible to start the sales process earlier (for instance when Probate is granted but titles haven’t been updated). In that instance, a special condition should be included in the sales contract to make it clear that the sale is subject to the issue of the new titles from Landgate. The recommended approach is to wait until Landgate has finished with the changeover of the name.
At The Haus Exchange we are have acted as selling agent on a number of deceased estate in Perth as well as in wider Western Australia. We are experts when it comes to deceased estate properties.
We can help you removing the stress of being being an executor of a deceased estate and we have access to the right experts that can assist in making the difficult process easy.
Is it worth renovating a deceased estate in WA before selling?
It depends on the condition of the property and how much the renovation is going to cost. If the house hasn’t had any improvements for 30+ years it is generally best to leave it in an as is condition and let the buyer deal with it. A real estate agent would be able to give you specific advice.
How do I sell my parents house in a deceased estate in WA?
You need to be appointed the executor of the estate and you would have to apply for a grant of probate if there is a valid will before you submit your application to Landgate. The property can only settle when the name on the title is changed into the executors name. If in doubt, you should seek legal advice from an estate lawyer.
Can I sell a house without probate in WA?
In theory you can sign a contract without probate but the property cannot settle until the title records at Landgate are updated. It is recommended to wait until Landgate has issued a new title before accepting an offer and selling the property.
Who controls a deceased estate in WA?
The executor is solely responsible for the administration of the estate. The nominated executor may appoint a real estate agent to act on his or her behalf but the executor remains legally responsible and liable for the estate.
Can an executor sell property of the estate?
The appointed executor of the estate will need to have the property transferred into their name as the executor. If there is a Will in place the executor have to apply for a grant of probate before lodging the application to Landgate. The property can only sell when the name on the title is changed into the executors name as the executor of the estate. If in doubt you should seek legal advice from an estate lawyer.
Can I sell property without probate?
Technically you can sell without probate but you cannot settle the transaction before the property is transferred via Landgate. Before you can submit an application to Landgate you need a Grant of Probate. The Grant of Probate allows the executor authority to proceed with distributing and handling the assets within an estate, including property .
How soon can a property be sold after a death?
You won’t be able to sell the home until probate has been granted and the title is changed via Landgate. Although you may put the property on the market, contracts can’t be exchanged or settled – so your buyer will need to be prepared to wait. The timeframe can differ and it will therefore make the sale more complicated.
Can you sell a deceased estate in ‘as is’ condition?
Yes, you can sell a deceased estate in “as is” condition but if buyers cannot do their own due diligence as part of the contract, it may turn off a portion of the buyers and you are likely to sell for a reduced price.
How do I obtain a Grant of Probate in WA?
A Grant of Probate can be applied from the Supreme Court of WA and can take a while (months rather than days or weeks). It is not compulsory to use a specialist Estate Lawyer but it is recommended, as it is likely to speed up the process as an Estate Lawyer is an expert in this field.
Why do I need a Grant of Probate for a Perth property?
The Grant of Probate validates that the last Will and is the process of registering the last Will. Probate is required for changing the name of the title for any property in the estate.
Which method of sale is best for a deceased estate?
The executor can choose any method of sale, however, an auction or an online auction is a popular method to ensure a transparent sale.
Capital Gains Implications when selling a Perth Deceased Estate
Depending on when the property was originally purchased and if it was the primary residence or an investment property, there may be capital gains implications. It is best to seek advice from your accountant as well as an estate lawyer if you are unsure of your situation or check out the ATO website.
Note that generally speaking, the 2 year rule is calculated from the deceased’s death to settlement date (not contract date). For more details, please visit the ATO website
At The Haus Exchange we are have acted as selling agent on a number of deceased estates and we are experts when it comes to deceased estates. We can help you removing the stress of being being an executor of a deceased estate and we have access to the right experts that can assist in making the difficult process easy. Just Get in touch here….
One of our clients recently asked whether they should bother staging and styling their home for sale.
For us the answer to this is yes, yes and absolutely without a doubt YES! It also really doesn’t have to be all that hard and it makes a huge difference to the final sale price of your home.
In essence, it’s just about dressing your home up to look its best, so that it appeals to as many Perth property buyers as possible. In some properties, you can achieve this with just a little bit of decluttering and tidying. However, most of our client’s use our own in house and fully complimentary home staging service, the Haus Concierge to decorate the whole house with furniture and accessories, showing buyers just how easily they could live there in style.
Home styling is also perfect for empty or investment properties as some buyers can have a hard time visualising how they might live in a property without cues like furniture and accessories. Having a fully styled property means that they don’t have to think about this at all, as instead, they can immediately picture themselves moving right on in.
In the end, it is really all just about showcasing and targeting your property in its best light to all potential buyers. Professional home staging make the photos look fantastic, meaning that more buyers will want to come and view it in person. It could be the difference between a buyer choosing to put their time into visiting your home open over another Perth property listing, so why wouldn’t you.
The cost of home staging in Perth can differ greatly depending on what type of property it is. The good news is that it could be less than you think.
Home staging in Perth
While home staging and styling has been a popular concept internationally and on the East Coast for many years now, only in the past decade has it been something home sellers in Perth have asked about.
As an experienced Perth real estate agent, I am often asked how whether home staging and styling is necessary for selling a house in this market. My answer is simple: These days, the reality is that you can’t afford not to style and stage your property for sale! There is a definite correlation between staging your home and the end result — the sale price and time on market. But more on that later.
First…what is home staging and styling?
First of all, let’s start by talking about what home staging and styling actually is.
In essence, it’s just about dressing your home up to look its best, so that it appeals to as many Perth property buyers as possible.
In some properties, you can achieve this with just a little bit of decluttering and tidying. However, in many cases, vendors use a dedicated home staging service like the Haus Concierge to decorate the whole house with furniture and accessories, showing buyers just how easily they could live there in style.
Home staging & styling is also perfect for empty or investment properties as some buyers can have a hard time visualising how they might live in a property without cues like furniture and accessories. Having a fully styled property means that they don’t have to think about this at all, as instead, they can immediately picture themselves moving right on in.
In the end, it is really all just about showcasing and targeting your houses for sale Perth in its best light to potential buyers. Professional home staging makes the photos look fantastic, meaning that more buyers will want to come and view it in person. It could be the difference between a buyer choosing to put their time into visiting your home open over another Perth property listing!
The advantages of home staging & styling in Perth
The advantages of property styling or home staging is that a well presented and properly staged home:
Stands out from the competition as it always looks more appealing
Helps potential buyers visualise what they can do with different spaces in a home
Accentuates spaces, updates the look of a property, and warms up empty or cold-looking spaces
Makes the most of those all-important first impressions.
So are there any downsides to home staging for vendors?
In my view, the only downside to staging is the cost, so let’s talk about that.
Much of the total property staging cost depends on how much furniture you need to hire and how many rooms you want to stage. Sometimes, the whole house needs to be staged. Others, it might just need a little bit of added flair here and there.
A full-service home stylist will usually charge for an initial consultation and you will also be up for the hire of furniture and accessories for the duration of the sales campaign (generally five to six weeks).
Current 2023 prices for property staging in Perth range from $2,000 to $10,000 depending on the size of the property, what you need and how long the sales campaign goes for.
To give you an idea of how much a full home staging package could cost you in Perth for a typical sale period of six weeks, expect to pay in the region of:
$1,995 for a one bedroom home
$2,500 for a two bedroom home
$4,500 for a three bedroom home
$6,500 for a four bedroom home
$10,000 or more for larger homes with five or more bedrooms
How to save on home staging & styling of your property
If this cost is too much, you could also engage the services of a virtual styling company. This is a company that will add digital furniture to your property photos so that those viewing the property online can still get some help visualising how the property would look if it was fully styled and furnished.
Virtual home styling can sometimes be a good option if the cost of full styling and staging is outside of your budget but, in my experience, buyers do still prefer to see real furniture and furnishings when they view the property in person. It is always the best way to generate an emotional buying response.
The most cost effective home staging solution in Perth
Alternatively, if your property is located in Perth, you could also take the very easy and the most cost effective approach of engaging our own styling and staging team at The Haus Exchange.
As part of our one stop shop property sales service, we offer free home styling and staging to all of our sales clients with our Haus Concierge service.
This service is always complimentary for our clients no matter how big or small your property is and no matter what your requirements are, you only pay a small fee for delivery!
Some examples of Perth properties that The Haus Exchange has fully styled and staged and, most importantly, SOLD are shown here.
We treat each property on an individual basis and select the best mix of furniture, plants and accessories to showcase it at its best. If you would like to request a complimentary home styling assessment and appraisal, just contact us or call 0466 725 866.
Does home staging affect your home’s sale price?
Over the past 10 years, home staging has become the norm in the Perth real estate market. Most local property experts agree that good property staging and styling canadd an extra 5 to 10 per cent to a property’s sale price.
So whether you are weighing up choosing a vendor with complimentary a home staging service like our Haus Concierge service, or investing in another professional home styling option, calculate the value of up to 10 per cent of your expected home sale price and see if you think it is worth the investment.
In my opinion, the real question is — can you afford not to stage your property?
If you would like to know more about how we can help you, just get in touch below or call 0466 725 866.
Request a home staging and property appraisal now!
Summary
The cost to home staging & style your Perth home for sale can differ greatly depending on what type of property it is. The real question is can you afford not to stage your property as it could cost you thousands of dollars? The good news is that the investment could be less than you think.
Despite all the media speculation, the Perth property market continues to hold steady. Indeed, the REIWA CEO Cath Hart has recently said that
“Our market remains resilient and stable, particularly when compared to the east coast. Perth and WA are still in an excellent position to weather future rate rises, with our strong economy, growing population, limited stock levels and affordable housing.”
If the activity level for 2023 so far is to go by, we will certainly see the market continuing to be a sellers market and a good indication is the strong interest from interstate investors.
Over the summer I’ve been speaking with many homeowners like yourself that are curious about our property value predictions for the year ahead. Many of them have been pleasantly surprised at how the market is going and the value of their home.
You may also be very pleasantly surprised to know just how much your Perth property is actually worth at today’s local prices.
If you would like to discuss or would like an update on the 2023 value of your home or investment, please get in touch. It doesn’t matter if you are looking to make a move in 2023 or you are just curious as to how much your property is worth. I would be happy to provide a fully complimentary and with no obligation written report on the current estimated value of your property.
We are coming towards the end of the year. So, what is happening right now and what can you expect for the next couple of months and into 2023?
The question that keeps popping up is the effect of the interest rate rises that we have experienced over the last couple of months. I believe we are going to receive another interest rate rise, but I actually don’t think, it’s going to make much of a difference. This is why.
The property prices has gone up since January and though they have taken a small step backwards in the past quarter but less than a percent.
What I am experiencing when selling homes and talking to buyers is that they’re still out there in force. They are still heaps of people looking to buy, but when there used to be maybe six offers on a property you might only looking at four or five now. So, it’s still a sellers market. Interesting enough, there’s a lot of investors buying, and some of them are interstate or overseas. And in the last couple of months, we’ve received a number of offers on properties from interstate and overseas purchases. They love Perth because the rental return is really strong and the median house price is the lowest of any of the capital cities.
2) The first home buyers who are also very active in the market, are now getting competition from the investors. The first home buyers are active because they can’t find a rental. And if they find a rental, the rent is pretty high. In some cases, getting a mortgage is actually cheaper than renting. So, the market is strong from a seller’s point of view, and we are 30% under a balanced market.
So, who’s selling now?
There are a lot of investors who are starting to sell their investment properties. They’re cashing in on their asset. They’re doing that because even though the rental market is good, the selling market is even better, because there’s hardly anything for sale. And quite often we receive multiple offers on properties. Another reason why a lot of investors are coming to me to sell their properties is because their fixed interest rate is about to go up. So, in some cases, they’re looking at having to pay the double the amount. The other market that is still very strong is your family homes. People trade up, people are downsizing, and that’s never gonna change. Some people, unfortunately are getting divorced.
The market right now is as strong as it was earlier the year. We have seen, price increases throughout the year. So, early 2023 looks like a good time to list your property for sale and cash in. As always, the value of your home depends on a number of factors, What the condition it is in, the location, the size.
If you’d like to know what your property might be worth in the current market or even your investment property is worth in the current market, do get in touch.
What is your home worth?
Would you like to know what your Perth property (home or investment) is worth?
Whether for planning, financial management, an additional mortgage or just peace of mind, decisions made with anything less than the facts can lead you to make choices that may not be in your best interests.
We can provide you with the facts to calculate an accurate assessment of equity available in your property for a new purchase, upgrade, downsize or investment.
We are coming towards the end of the year. So, what is happening right now and what can you expect for the next couple of months and into 2023?
The question that keeps popping up is the effect of the interest rate rises that we have experienced over the last couple of months. I believe we are going to receive another interest rate rise, but I actually don’t think, it’s going to make much of a difference. This is why.
The property prices has gone up since January and though they have taken a small step backwards in the past quarter but less than a percent.
What I am experiencing when selling homes and talking to buyers is that they’re still out there in force. They are still heaps of people looking to buy, but when there used to be maybe six offers on a property you might only looking at four or five now. So, it’s still a sellers market. Interesting enough, there’s a lot of investors buying, and some of them are interstate or overseas. And in the last couple of months, we’ve received a number of offers on properties from interstate and overseas purchases. They love Perth because the rental return is really strong and the median house price is the lowest of any of the capital cities.
2) The first home buyers who are also very active in the market, are now getting competition from the investors. The first home buyers are active because they can’t find a rental. And if they find a rental, the rent is pretty high. In some cases, getting a mortgage is actually cheaper than renting. So, the market is strong from a seller’s point of view, and we are 30% under a balanced market.
So, who’s selling now?
There are a lot of investors who are starting to sell their investment properties. They’re cashing in on their asset. They’re doing that because even though the rental market is good, the selling market is even better, because there’s hardly anything for sale. And quite often we receive multiple offers on properties. Another reason why a lot of investors are coming to me to sell their properties is because their fixed interest rate is about to go up. So, in some cases, they’re looking at having to pay the double the amount. The other market that is still very strong is your family homes. People trade up, people are downsizing, and that’s never gonna change. Some people, unfortunately are getting divorced.
The market right now is as strong as it was earlier the year. We have seen, price increases throughout the year. So, early 2023 looks like a good time to list your property for sale and cash in. As always, the value of your home depends on a number of factors, What the condition it is in, the location, the size.
If you’d like to know what your property might be worth in the current market or even your investment property is worth in the current market, do get in touch.
What is your home worth?
Would you like to know what your Perth property (home or investment) is worth?
Whether for planning, financial management, an additional mortgage or just peace of mind, decisions made with anything less than the facts can lead you to make choices that may not be in your best interests.
We can provide you with the facts to calculate an accurate assessment of equity available in your property for a new purchase, upgrade, downsize or investment.
If you are are thinking of selling your home or investment property, there are a lot of questions that may come to mind and it can all be very daunting. The good news is that you are not alone. Below we have shared our most frequently asked questions.
Why videos can be a powerful marketing tool
Videos are a really powerful marketing tool when done properly. A proper marketing video, gives added value, not just a slideshow of existing photos. For instance, videos are great way to showcase to buyers what the house looks like in 3D. It gives an extra dimension. It shows features and benefits that you may otherwise not be able to pick up from the ad copy or the images. If you’d like to know more about how to do videos that enhances the buyer experience so they are going to enquire, and they’re going to put an offer in, do get in touch.
What type of lights are best when selling?
They are really easy to fix, but yet, they are really, really important.
The thing to keep in mind is that you want your home to be as light and bright as possible, and that’s why I recommend using cool lights.
Easy to fix. Just a trip to the shops and get some new light bulbs.
3 easy ways you can increase the appeal of your home when selling.
Here are 3 easy ways you can increase the appeal of your home when selling. 1) The first one is to declutter. You don’t want a house that’s messy, but you also want to make sure that your home is light and bright. You want to remove items from the benches, especially in the kitchen to make the bench space look bigger. You also want to remove your fridge magnets and you want to depersonalise your home. Another thing that is also worthwhile, is taking the personal images, pictures, etc, off the walls and replacing it with something that’s a bit more generic or vanilla, if you like. 2) The second thing is light, no one likes a dark home. So, an easy way to get around that is quite often just simply change the light bulbs to something that is a cold light, preferably, rather than a warm light and something that’s got a bit of a punch. 3) The third one takes a bit more effort but it’s definitely something that can make a huge difference. Painting is very effective. You can obviously do it yourself if you want to save money, you’re good at it and you have the time. Or alternatively get a painter in. It could cost less than you think, and it’s definitely worthwhile doing.
What can be excluded from the contract of sale?
In short, everything, but keep in mind that if the contract of sale has no special conditions, the property is actually sold in ‘as is’ condition. An example of something that quite often is excluded is the reticulation, simply because it is very fickle and it can very easily break down. So the seller may may want to exclude the reticulation to avoid the extra work just before moving out. However, you’ve got to be careful of not excluding too many things because it will otherwise put off prospective buyers.
What is the difference between a property appraisal and a property valuation?
A property valuation is carried out by a licensed valuer and it is something that’s going to be used if you are refinancing, or you’re purchasing a property, where you need to get bank involved.
It is something that will cost money.
A property appraisal is provided by a real estate agent and they are free. They both establish a value or approximate value of the property with the possibility of listing the property for sale.
How much time do you need to settle a property?
Assuming that finance is already approved, you would want to allow a minimum of 21 days for the bank to prepare the mortgage documents for the purchaser, and to prepare the discharge documents for the seller. However, if both parties are using cash, you could settle within a couple of days.
If you’re unsure it’s best to seek advice from your real estate agent or your settlement agent, because if you do not allow enough time, you could incur penalty interest.
What stays when you’re selling your home?
Things like air conditioning units, ovens, fixtures that are bolted to the home will stay. If you have pot plants, you can take them with you. If it’s a tree, it’s in the ground. It therefore stays with the home. Another way to think about it is if you take your home, you turn it upside down what will still be in there? The personal belongings will be gone but what is left stays with the home.
Is it possible to sell a property in “as is” condition?
The short answer is yes.
It could even mean that the buyer takes responsibility of the rubbish, the chattels, furniture, etc that normally will be removed at seller’s expense at settlement.
However, this makes it less attractive to a prospective buyer.
Especially, if the buyer is not able to have it subject to building and pest inspection. So to get around that, it might be worthwhile spending a couple hundred dollars getting building and pest inspection done up front and provide that to the buyer.
This scenario, can become quite relevant especially if you’re looking at a deceased estate, where the beneficiaries/ don’t have the capacity one way or the other to actually get the house ready for sale.
Why should the seller provide a building and pest inspection report up front?
Why should the seller provide a building and pest inspection report to the purchaser rather than just having the purchaser making the offer subject to one?
There’s a couple of reasons behind it.
From a purchaser’s point of view, it actually gives you transparency and more confidence in putting in an offer on the property.
But for the seller, there are some really great advantages as well.
1) The first one is that it’s kind of like insurance policy because if something pops up you can deal with it and be ready for it in advance.
For instance, the roof is sagging, the floor is sloping, if it’s an old weatherboard like this one in here, you can actually show to the purchaser that it is okay, or it is not okay but then at least they know.
2) It also means that if it is something that could be potentially a deal breaker, you can exclude it from the contract because you now know about it.
So if you’re looking at selling your home, it might be worthwhile providing a building and pest inspection up front.
How to add colour to your home when selling.
It is easy to add colour to your home, simply get some paintings or some pictures that are full of colour, not ones of you and your family but something more generic. And that way your home presents like a blank canvas.
What is the purpose of the final inspection?
The purpose of the final inspection is for the buyer to make sure that the seller has met their obligations under the contract. For instance, to ensure that things are in working order, if there are special conditions for that. Usually the buyer also measures up, checks things are in preparation for moving in, but that is not the purpose of the final inspection. The final inspection usually takes place within one week prior to settlement.
Why a Floor plan is a must have
There are so many buyers, who tell me that they get frustrated with properties advertised for sale and there’s no floor plan because they can’t understand how the home is flowing. And it doesn’t matter if it’s a small home or a big home, it’s the same principle. Floor plans are really easy to create. If you don’t have a floor plan, don’t worry about it. That can be done and they don’t cost a lot. If you have a builder’s plan, it can be redrawn really, easily. It is a must in your marketing package when you’re selling.
Which website one should you market your home on?
You should be on realestate.com.au, because that has dominant market share, here in WA. You should also have your home for sale on Domain, because a lot of buyers here in WA are using it, and it has dominant market share in some of the Eastern States. And then there’s Reiwa, and it’s definitely worthwhile being on Reiwa as well. So, there are some other websites as well, but they’re less important, and most of them actually just feed from one of the three main websites.
Another thing to consider is that you want to make sure that you get maximum exposure on these websites, which means you need to get the premium or highlight, or whatever they call, package, because there’s no point having your home advertised for sale if it’s sitting on page three. It’s like looking at Google, very rarely do you go past page two.
When to use staging vs virtual staging
Presentation is so important when selling a property. Ideally, a property gets staged. If the no one’s living there, it can be staged so it looks like a complete home. It can be partially staged. Sometimes that’s not possible and that could be a cost factor. If the house is empty, the photographer can take the photos of the empty house, and then apply virtual staging. It’s never the recommended version but it’s the next best option especially if you have an investment property. If you like to know more about how to present your property for maximum exposure, do get in touch.
What type of photos to use when selling.
Photos are one of the most crucial parts of your marketing campaign. If your photos are not properly done, you will have buyers running away. You can have photos taken during the day or you can have photos taken at night which is what we call twilight. The twilight ones are definitely the ones to go for if you’ve got a very well presented home, you’ve got great views or you’ve got fantastic lighting. It really comes down to the property but, do yourself a huge favour and get a professional photographer in regardless.
Why should you include drone when you’re selling your property?
Using drone photography or video is a fantastic way to showcase the location of your home. It could be that you are close to the beach or the city or you are close to some amazing cafes or another great location. It could also be about certain features of the property. It is definitely something you want to consider when you’re selling your property, because it engages with the buyer, and that’s what you want.
Advertising your property on social media, is that a good idea?
Realestate and Domain have some really powerful retargeting tools that can be applied to your property when selling. And what they do is they look at what the people on their platforms, what they’re searching for, and then they can serve the advert for your property as well. The great thing is that you don’t have to activate this straight away. You can do it as part of your campaign.
You could do it in week one, two, three, four, five, and hopefully you don’t need to be on the market for that long. If you’d like to know more about how to advertise your property effectively on social media, do get in touch.
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Find out what motivates a buyer to pay more than market price for your property. This approach can be applied to most types of properties.
When you’re selling your property, you want the premium price, of course. But that’s not always the outcome. So why is that?
To explain this a little bit more, we’ll look at the Olympics and your hundred metre final as an example. The reason why we’re getting world records (at the Olympics) is because the runners have transparency, they have competition. They’re pushing each other and it’s no different when selling a property or your home.
If a buyer submits an offer and they know that they are the only buyer, they’re not going to pay any more than they absolutely have to and that is the problem with using private treaty as your sales method which is the most common method of sale here in Perth.
The Agent is not allowed to disclose what to the other buyer’s offer price is. The Agent can disclose that here is another offer but as a buyer, you don’t know for sure if the Agent is telling the truth or not.
However, if the buyer knows that there are other offers on the table and they know how their offer ranks among the other offers, the lower priced buyer would be more inclined to offer more. With the transparency and the urgency, the fear of missing out kicks in.
To get competition for your home, you need the urgency and that is why that my clients, over the last couple of years when the market’s been down and the market’s been up, have been getting premium prices for their properties because we’ve been able to create urgency and competition using transparency.
If you’d like to know more about how that can happen for your property, do get in touch Perth real estate for sale expert.
Sales Methods that are transparent.
As a vendor, you want to sell for a premium price.
The best way (regardless of market conditions) to achieve that goal is through competition. To ensure that you get the best possible chance of generating competition, you need urgency and transparency. Click below to learn more about the different sales methods.
In this month’s update, I discuss why the Perth Property Market may not really be all doom and gloom.
In fact, Perth’s property market is abuzz with owner occupiers and investors.
Due to the low rental vacancy rate of 1.1 per cent and the low unemployment rate, the Perth market should remain strong for the foreseeable future.
As 2022 approaches its midway point, uncertainty persists as politicians and regulators face an economic future that is intimidating – at best. Further, rising inflation is looming as a threat and fast becoming the hallmark of household and business decision-making.
To combat spiralling inflation, the RBA signalled its intention to keep raising interest rates in 2022. Annual inflation reached 6.1% in the June quarter.
However, in a recent presentation, RBA Deputy Governor Michele Bullock urged borrowers not to panic. According to Ms. Bullock, savings would protect many households from short-term rate increases.
Not too stressed in the West
Western Australia has experienced unprecedented migration in recent months and remains one of the most affordable places in the country to buy a home. According to the ABS, over 13,000 people migrated west in the final months of 2021, making it the largest migration in Western Australian history.
Why? Because of lower median house prices and the strength of the property market.
According to Real Estate Institute Australia (REIA), Perth had the most affordable housing sale price of $525,750 out of all capital cities in the March 2022 quarter.
Even as interest rates rise, many investors and homebuyers seem to be looking for property in the Perth area. Well-priced inner city properties will continue to sell quickly, but we’ll see the first shift in the mortgage belt areas, typically on the outskirts of Perth.
First-time purchasers made up 38.5% of the WA owner-occupier market. This is the highest percentage of any state in the nation, according to REIA.
State of the market
Perth house prices increased by 0.4 per cent in June, marking it the second month that the rate of capital gain has decreased.
The Housing Affordability Report from REIA has indicated that WA remains the 2nd most affordable state in Australia to buy property, just behind the Northern Territory.
The slowdown comes after a brief rebound in Perth’s growth rate, which coincided with the reopening of state borders. However, it appears that the Perth market is losing steam along with the national trend.
With buying activity appearing to be high and advertised property stock remaining exceptionally low, selling conditions appear to be steady across the Perth market.
Houses typically sell in 18 days, which supports this; yet, such a quick turnaround has happened because discounting rates have risen.
Perth property predictions for August 2022
With further interest rate hikes expected after the RBA increased the cash rate by half a percentage point to 1.85%, things could get slightly worse before they get better.
The ANZ predicts an interest rate as high as 3.35 per cent by the end of 2022. Their Head of Economics, David Plank, is optimistic that this won’t mean a hard landing for the economy because of the continuing low unemployment rate and increased wages.
Closing Thoughts
There you have it! Perth’s property market is sound even with more predicted interest rate hikes.
However, due to the widespread popularity of fixed-interest mortgages post-pandemic, continued rate increases pose a significant risk for the real estate industry. We will have to wait and see how this affects fixed-interest borrowers currently protected from rate increases.
The best way to navigate these uncertain times is to speak to an independent professional who understands their location.
The Haus Exchange will continue to monitor the economy’s state and provide timely updates on how it affects the Perth real estate market.
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