I really want to share with you what’s going on in the Perth Property Market right now (August 2020) because it’s absolutely bonkers. Watch the video below or get the detailed summary below.
Why is the Perth Property Market bonkers?
Properties in close proximity to the CBD, the river or the ocean are in hot demand. In the past couple of months we have experienced lots of enquiries and not many properties on the market. Usually the winter months are slow but this year has been anything but slow. Who would have thought??
Some suburbs have even experienced a slight increase in prices and there are also a few suburbs where properties are selling in less than 2 weeks including quite a few of our listings!
The recent lock-down has made many buyers realise that their current living arrangement is no longer suitable and everyone is out looking for something new. However, if you are looking at apartments and some units with long term leases in place, it is a different story as there are not that many investors out there looking to buy right now.
The Rental Market
There is a current freeze on rental prices which means that landlords can’t increase the existing rent to existing tenants. It is my understanding this is likely to come to an end in October. Speaking to property managers, they are all experiencing low vacancy rates and it is therefore likely that rental prices will increase quite significantly when the rental freeze expires which will be great news for landlords. It may even get to the point where more tenants choose to become home owners again which will have a flow on effect and I suspect that this is happening already.
What to expect?
My previous fear was that we were going to see a massive drop in activity and prices come October onwards when Job Keeper and the current mortgage relief was due to end. However, as the Covid 19 support situation has now been extended, it is more likely that this will be a smaller decline only.
However, many home owners are still holding off listing their property for sale which is usually the case in July and August. In the past we have seen a surge of new properties coming to market in late September and October which makes sense as properties and gardens present very well during this time. However, if there is not much competition with other similar properties for sale in your area then now is a great time to pull the trigger as more buyers will be competing for your home. If you have less competition, then you are more likely to get a premium price.
One such example is a property that was listed for sale only last week. This was a former investment property which we fully styled and staged for sale on a complimentary basis like we do for all of our clients.
On Saturday at the first home open, 20 groups came through with 5 offers now received and the property will undoubtedly sell this week during our online auction which will be held tomorrow night. If you would like to watch this from the comfort of your home, please click on the link here.
How is your property value tracking in this shifting market?
Why guess when you can just ask us for a Digital Appraisal of your home or investment property. If it’s been on your mind, but you haven’t had the chance to arrange an appraisal or you would prefer to let your tenants have their privacy, this is your chance to stay informed without the hassle.
Simply get in touch with the property address and a brief description so that I can send you an estimated value based on similar homes sale over the past 12 months.
This report costs nothing and is totally obligation-free, so why wait? Simply get in touch and I will send you the report including market research and comparative market sales within 24 hours.