01 Dec 2019

Property Turnover Up 216% From 2017!

by Naked Edge Writers

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Guid,Tips,Selling,Auction real estate agents

Perth Real Estate Market Update: November, 2019

Property Turnover Up 216% From 2017! Hear from Brendan Leahy…

As we said earlier in the year, we are seeing steady improvement in the market. Even though the media are saying median home prices have declined a further 1 per cent in the last quarter, this marks the smallest rate of decline in 14 months, so in real terms the market has stopped falling. And according to REIWA Perth Suburbs Price Data for the last 12 months we are even seeing some small increases in selected suburbs, including Mount Nasura, Roleystone and Darling Downs.

We are now entering what is known in the real estate cycle as a steady market.

At Naked Edge we have had a very busy few months and it was pleasing to see us in the top 10 sales by number and value in the state for last month. This shows our SELECT DATE SALE® system for getting your home sold in any market are working.

Buyer activity in all price points and suburbs…

What is encouraging to see is that buyer activity is across the board in all price points and suburbs. And it’s reflecting in the statistics. Looking at the numbers year on year from REIWA you can see turnover is up a whopping 134 per cent (from 2018) and 216 per cent (from 2017).

The current figures from 2019 show 649 property transactions a week compared to 485 a year ago and just 300 a week two years ago. Also the number of properties on the market is steadily dropping with 14,224 listings now as opposed to nearly 17,000 a year ago and 19,000 two years ago. That’s a decline of 19 per cent (from 2018) and 33 per cent (from 2017). And if we break it down there are only 8,368 actual homes on the market now (excluding land and units).

What does this mean for sellers?

So what does this mean if you’re thinking of selling? Well, you still need to be very realistic with your price as a few good months won’t wipe out a 20 per cent drop across the market overnight. But, we are now getting multiple offers on properties and a few homes have sold prior to going on the open market as we work with buyers to help them find a home.

Some advice for buyers…

For buyers, unfortunately some of you are finding out the hard way that if you want to play the “I’m the best negotiator in the world” game then more and more you will be missing out on homes. History is now showing that the bottom of the market was back in February and March.

And as a great mentor of mine - Richard Branson - says:

“Trying to pick the exact bottom or top of any market is what those trying to be rich do, it’s not what the wealthy do. There’s a big difference!”

To all our wonderful sellers and buyers past and present have a super Christmas and New Year’s spending time with your family and loved ones. If you’re travelling remember to stay safe, especially on the roads.

As always we’re here to help over the holiday period so if there’s anything you or your family need feel free to call on 0439 998 867. Enjoy the wonderful weather!